The US Securities and Exchange Commission on Friday published a draft contract proposal in preparation for a major study, comparing how the different regulatory systems that apply to broker-dealers and investment advisers affect individual investors.
“Our goal is to improve investor protection by updating our regulation to deal with the realities of today’s marketplace,” Chairman Christopher Cox explained, continuing:
“We will develop the best available information, from inside and outside of the Commission, to inform this important process. We welcome public input on the proposal.”
Currently, broker-dealers are regulated under the Securities Exchange Act of 1934, whilst investment advisers are regulated under the Investment Advisers Act of 1940.
The study was first suggested in connection with a rule adopted by the Commission in April 2005. That rule allowed broker-dealers to offer fee-based brokerage accounts without being required to comply with the Advisers Act.
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