10.17.18
SEC Commissioner Stein Suggests Congress Address Differing Broker, Advisor Standards
by: Mark Jr. Schoeff
SEC Commissioner Kara Stein (D) said Tuesday that Congress may have to get involved in raising investment advice standards. Stein suggested amending securities laws that allow brokers to provide advice without registering as investment advisors as long as the advice is "solely incidental" to their sales recommendations. "The commission must address the differing standards of conduct applicable to investment professionals and do so in a way that protects investors," she said in a speech at the Brookings Institution. "This is our mission. This may require action from Congress, but the consequences are too large for us not to get this right."
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