SEC To Seek More Data Before Proposing Fiduciary Rule

Law360, New York (January 13, 2012, 8:57 PM EST) -- The U.S. Securities and Exchange Commission will make a public request for more data before unveiling a rule expected to establish a uniform fiduciary standard of conduct for broker-dealers and investment advisers, according to a letter Tuesday from Chairman Mary Schapiro.

SEC staff members are now drafting that request for data concerning retail financial advice and regulatory alternatives, Schapiro said in the letter to U.S. Rep. Scott Garrett, R-N.J. Garrett is a member of the House Financial Services Committee and chair of its Subcommittee on Capital...
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