Tuesday, May 24, 2011

Commissioner-Designate Gallagher Did Not Endorse Uniform Fiduciary Standard for Brokers and Advisers at 2009 PLI Seminar

The remarks of SEC Commissioner-designate Daniel M. Gallagher at a 2009 PLI seminar should not be construed as either supporting or endorsing the creation of a uniform federal fiduciary standard for brokers and investment advisers. As a senior SEC staffer at the time, he was noting the view of SEC Chair Mary Schapiro’s view that when investors receive similar services from similar financial service providers they should receive the same level of protection regardless of the label applied to that financial service provider.

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