Brokers Can Stomach Cost Of SEC Adviser Rule, Group Says

Law360, New York (July 8, 2013, 3:42 PM EDT) -- A top Wall Street lobbying group said Friday the broker-dealer industry was “generally willing to bear” the cost of implementing a uniform fiduciary standard for retail investment advice but warned that conflicting U.S. Securities and Exchange Commission and U.S. Department of Labor regulations could wreak havoc.

In a letter to top SEC officials, the Securities Industry and Financial Markets Association said it broadly supported a uniform fiduciary standard for professionals who provide personalized investment advice about securities to individual retail clients. The letter came in response...
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