The effort by the Securities and Exchange Commission to write a uniform fiduciary regulation for the brokerage industry could be limited by language in the Dodd-Frank Act and potentially dilute the existing fiduciary standard, according to Investor Advocate Rick Fleming at the SEC.
Fleming, who is the first to occupy the investor advocate post, which was created by Dodd-Frank, made the remarks in his annual report to Congress.
That landmark bill, which President Obama signed into law in July 2010, brought sweeping reforms to the nation's bank and financial institutions in the wake of the financial crisis.
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