While the vote is a vital step in advancing new standards and disclosures that would impact all broker-dealers and investment advisers, it still marks the early stages of what is setting up to be a contentious debate over what a final rule should look like. (Photo: AP)

The Securities and Exchange Commission voted today to release a three-pronged proposed rule for public comment that would change the standard of care broker-dealers owe retail investors, require new client disclosures for all investment providers, and reinterpret the requirements of fiduciary advice.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.