When it comes to the type of advice investment advisers and broker-dealers give, the SEC wants to know if new rules are needed to ensure that the information they're sharing fits with their clients' needs.
To that end, the agency is asking investors for data and other information to assist it in considering whether to make new rules about the standards of conduct and regulatory obligations for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customers.
"Studies have shown that few investors realize that the standard of care they receive depends on the type of investment professional they use. And often, investors do not know which type of financial professional they are relying on," said SEC Chairman Elisse Walter.
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