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The Market for Retirement Financial Advice$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2013

Print ISBN-13: 9780199683772

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199683772.001.0001

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Harmonizing the Regulation of Financial Advisers

Harmonizing the Regulation of Financial Advisers

Chapter:
(p.275) Chapter 13 Harmonizing the Regulation of Financial Advisers
Source:
The Market for Retirement Financial Advice
Author(s):

Arthur B. Laby

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683772.003.0013

When buying stocks, bonds, mutual funds, and other securities, individuals seeking advice typically turn to broker-dealers or investment advisers before they invest. In many cases, brokers and advisers perform similar functions but they are regulated differently under laws enacted during the Great Depression. Regulators are considering ways to harmonize the regulation of these professionals, but harmonization is fraught with difficulties. This chapter discusses the debate over harmonization and explains how the U.S. Securities and Exchange Commission, the courts, and Congress have responded. The chapter concludes with insights into considerations that will likely determine how the harmonization debate will be resolved.

Keywords:   broker-dealer, investment adviser, securities regulation, financial regulation, fiduciary duty, Dodd-Frank Act, financial regulatory reform, U.S. Securities and Exchange Commission

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