WASHINGTON (June 24, 2010) — The following is a statement from North American Securities Administrators Association President and Texas Securities Commissioner Denise Voigt Crawford on today’s decision by the House-Senate Conference Committee on financial regulation regarding fiduciary duty.
“Main Street investors should be disappointed that Congress decided not to provide them with the much-needed immediate benefit of the fiduciary standard of the Investment Advisers Act, which would ensure that their interests come first when receiving investment advice from their broker or insurance agent about securities.
“Today’s decision would empower the SEC with the authority it has sought to extend the fiduciary standard beyond investment advisers. We expect the agency to stand up for Main Street investors by promptly promulgating a rulemaking imposing the strong fiduciary standard of the Investment Advisers Act to all who provide personalized investment advice about securities.”
For more information:
Bob Webster, NASAA Director of Communications