The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Wed, 10 Jun 2026 11:32:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png SEC Study on the Fiduciary Duty of Investment Advisers and Broker-Dealers – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 SEC Study on the Fiduciary Duty of Investment Advisers and Broker-Dealers https://corpgov.law.harvard.edu/2011/02/01/sec-study-on-the-fiduciary-duty-of-investment-advisers-and-broker-dealers/?utm_source=rss&utm_medium=rss&utm_campaign=sec-study-on-the-fiduciary-duty-of-investment-advisers-and-broker-dealers https://corpgov.law.harvard.edu/2011/02/01/sec-study-on-the-fiduciary-duty-of-investment-advisers-and-broker-dealers/#comments Tue, 01 Feb 2011 14:36:00 +0000 http://blogs.law.harvard.edu/corpgov/?p=15234?d=20150120094722EST Posted by Annette L. Nazareth, Davis Polk & Wardwell LLP, on Tuesday, February 1, 2011
Editor's Note:

Annette Nazareth is a partner in the Financial Institutions Group at Davis Polk & Wardwell LLP. This post is based on a Davis Polk client memorandum by Ms. Nazareth, Gerard Citera, Robert L.D. Colby, Lanny A. Schwartz and David L. Portilla.

General Observations

Background. On January 21, 2011, the Securities and Exchange Commission (the “SEC” or “Commission”) released its much anticipated staff study on the effectiveness of the standards of care required of broker-dealers and investment advisers providing personalized investment advice about securities to retail customers (the “Study”). As required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the Study also considered whether there are regulatory gaps, shortcomings or overlaps that should be addressed by rulemaking.

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