BISA Magazine - Quarter 3, 2017 - 26

COMPLIANCE & REGULATORY WATCH

several core fundamental questions
such as who should be considered a
"retail investor" and how "investment
advice" should be defined. Other
notable topics on which comment is
specifically requested include:
* The extent to which the confusion
retail investors have expressed
about the different standards
of conduct has been addressed;
whether the remaining meaningful
confusion is harming retail investors
or resulting in other costs; and, if
so, the steps which should be taken
to address and remedy the situation
(e.g., disclosure requirements).
* Whether potential conflicts of
interest related to the provision of
investment advice to retail investors

have been appropriately identified
and addressed; the extent to which
retail investors are being harmed by
these conflicts; and how such harm
could be mitigated.
* How retail investors perceive the
duties that apply when investment
advice is provided in new ways, or
by new market entrants (e.g., roboadvisers, fintech); and the steps the
Commission should take to address
potential confusion or lack of information in these emerging areas.
* Whether there is a trend in the
provision of retail investment advice
toward a fee-based advisory model
and away from a commission-based
brokerage model and, if so, the drivers for a shift (e.g., retail investor

Chairman Clayton noted that the
DOL Rule might have significant
effects on retail investors and entities
regulated by the SEC.

demand, dependability of fee-based
income streams, regulations) and
whether any such trends raise new
risks for retail investors.
* What has been the experience of
retail investors and market participants thus far in connection
with the implementation of the
DOL Rule, and how these experiences should inform the Commission's analysis.
* The benefits and costs of having
multiple standards of conduct applicable to broker-dealers (under both
the DOL rule and under existing
rules applicable to non-retirement
assets) and investment advisers
when providing investment advice.
* Whether the SEC should take action, what action should it take,
and should private remedies be
available for violations of any new
requirements.7
* What are the expected benefits,
costs or other economic effects,
whether direct or indirect, of the
potential approaches that the Commission could consider in this area,
on retail investors, market participants and on the market for investment advice more generally, and
whether the investment opportuni-

7. See Public Comments from Retail Investors and Other Interested Parties on Standards of Conduct for Investment Advisers and Broker-Dealers, supra note 2.

26
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Table of Contents for the Digital Edition of BISA Magazine - Quarter 3, 2017

Table of Contents
BISA Magazine - Quarter 3, 2017 - Cover1
BISA Magazine - Quarter 3, 2017 - Cover2
BISA Magazine - Quarter 3, 2017 - Table of Contents
BISA Magazine - Quarter 3, 2017 - 2
BISA Magazine - Quarter 3, 2017 - 3
BISA Magazine - Quarter 3, 2017 - 4
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BISA Magazine - Quarter 3, 2017 - 26
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BISA Magazine - Quarter 3, 2017 - 32
BISA Magazine - Quarter 3, 2017 - Cover3
BISA Magazine - Quarter 3, 2017 - Cover4
https://www.nxtbook.com/nxtbooks/bisa/2017q4
https://www.nxtbook.com/nxtbooks/bisa/2017q3
https://www.nxtbook.com/nxtbooks/bisa/2017q2
https://www.nxtbook.com/nxtbooks/bisa/2017q1
https://www.nxtbook.com/nxtbooks/bisa/2016q4
https://www.nxtbook.com/nxtbooks/bisa/2016q3
https://www.nxtbook.com/nxtbooks/bisa/2016q2
https://www.nxtbook.com/nxtbooks/bisa/2016q1
https://www.nxtbook.com/nxtbooks/bisa/2015q4
https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
https://www.nxtbookmedia.com