On Tuesday night, the Senate offered a counter-proposal to the House on the issue of fiduciary duty (click here to download). That proposal would combine the Senate and House versions of the bill on the subject, requiring the SEC to conduct a one-year study of the effects of regulatory harmonization for investment advisers and brokers on the industry, and giving the SEC the authority it needs to conduct rulemaking that would extend the fiduciary duty to brokers. The House is expected to respond to the Senate offer some time today.
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