Nov. 10 (Bloomberg) — Securities and Exchange Commission Chair Mary Jo White said Monday she will announce her position soon on whether to equalize duties for brokers and investment advisers in dealing with retail clients.
"It's something I think is enormously important to do, but the commission has not made a decision about whether to do something or what to do," White said at a Sifma conference in New York.
"In the short term, there will be more clarity on that, certainly in terms of my own position," she said.
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The SEC gained authority under the Dodd-Frank Act to impose fiduciary standard on brokers providing investment advice.
Under current law, brokers have responsibility to sell investments that are suitable for investors, but don't have the legal duty to put clients' interests first.
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