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- Title
The Best of Both Worlds: A Fact-Based Analysis of the Legal Obligations of Investment Advisers and Broker-Dealers and a Framework for Enhanced Investor Protection.
- Authors
Wrona, James S.
- Abstract
A crucial debate on financial regulatory reform, affecting virtually every investor in the United States, is now taking place. The debate centers on the standards of care required of financial professionals when they provide investment advice. Two separate and markedly different regulatory regimes apply to these financial professionals: one for investment advisers and one for broker-dealers. This article discusses recent congressional initiatives related to advisers and broker-dealers, reviews existing obligations when advisers and broker-dealers provide advice to customers, and identifies regulatory gaps that need to be bridged. The level of regulatory oversight that both models receive also is explored. Finally, the article offers a framework to ensure robust investor protection and, as part of that framework, recommends that policymakers impose additional obligations on both broker-dealers and advisers to achieve truly universal standards of conduct that are in investors' best interests.
- Subjects
UNITED States; LEGAL status of investment advisors; FINANCIAL services industry laws; REGULATORY reform; INVESTORS; INVESTMENT advisor-client relationships; LEGAL status of stockbrokers; LEGAL status of capitalists &; financiers
- Publication
Business Lawyer, 2012, Vol 68, Issue 1, p1
- ISSN
0007-6899
- Publication type
Article