The results of the SEC's study released in January 2011 recommended that the SEC proceed with rulemaking to adopt a uniform fiduciary standard for brokers and investment advisers when providing personalized investment advice to retail consumers.
22.
Fiduciary standards have been compromised because of " politically expedient " trade-offs in which resources have been channeled to popular programs, the report said, while responsibilities fall within 16 separate organizations and are carried out by more than 100 field offices.
23.
If the appeals court's strict fiduciary standards, and broad definition of corporate benefit, are applied, Lockheed says, it also could bar companies from many other common practices, such as deferring compensation for tax purposes, or increasing benefits in exchange for union wage concessions.
24.
AIFA designees have the knowledge necessary to understand and implement a prudent investment process for investment advisers, investment managers, and investment stewards and can perform a fiduciary assessment to verify or certify an entity's conformity to a " global fiduciary standard of excellence ."
25.
When these services are provided by an RIA, they are subject to a fiduciary standard of care laid out in the US Investment Advisers Act of 1940, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank Act ), and related rules issued by the Securities and Exchange Commission.
26.
To " promote compliance with fiduciary standards by advisers and their personnel, " on August 31, 2004, the SEC adopted Rule 204A-1 under the Investment Advisers Act of 1940 requiring investment advisers to adopt a code of ethics setting forth " standards of conduct expected of advisory personnel and to address conflicts that arise from personal trading by advisory personnel.
27.
Prior to 2016, fiduciary standards only applied to Registered Investment Advisers ( RIAs ), and did not impact brokers, who previously operated under a less strict suitability standard that provided leeway to provide education without advice . The new ruling includes brokers with RIA, which requires all financial advisers to act as fiduciaries and meet the fiduciary standard.
28.
Prior to 2016, fiduciary standards only applied to Registered Investment Advisers ( RIAs ), and did not impact brokers, who previously operated under a less strict suitability standard that provided leeway to provide education without advice . The new ruling includes brokers with RIA, which requires all financial advisers to act as fiduciaries and meet the fiduciary standard.
29.
In Release 34-51523; the Financial Industry Regulatory Authority ( FINRA ), the US Securities Self Regulatory Organization ( SRO ) having authority over Brokers and Dealers, determined that Broker-Dealers ( BD ) are " not to be deemed investment advisors " and therefore are not subject to the same fiduciary standards as IAs when recommending investments to clients, as are Registered Investment Advisers ( RIA ).
30.
Section 202 ( a ) ( 11 ) ( C ) of the Investment Advisers Act of 1940 exempts from the definition of an Investment Adviser ( and therefore the associated fiduciary standard ) " any broker or dealer whose performance of such services is solely incidental to the conduct of his business as a broker or dealer and who receives no special compensation therefor ."
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