Study Regarding Obligations of Brokers, Dealers, and Investment Advisers, 44996-44998 [2010-18753]
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44996
Federal Register / Vol. 75, No. 146 / Friday, July 30, 2010 / Notices
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
[FR Doc. 2010–18724 Filed 7–29–10; 8:45 am]
Electronic Comments
BILLING CODE 8010–01–P
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2010–76 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
srobinson on DSKHWCL6B1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62577; IA–3058; File No.
4–606]
Study Regarding Obligations of
Brokers, Dealers, and Investment
Advisers
Securities and Exchange
Commission.
ACTION: Request for comment.
AGENCY:
The Securities and Exchange
Commission is requesting public
All submissions should refer to File
comment for a study to evaluate: The
Number SR–ISE–2010–76. This file
effectiveness of existing legal or
number should be included on the
regulatory standards of care for brokers,
subject line if e-mail is used. To help the dealers, investment advisers, and
Commission process and review your
persons associated with them when
comments more efficiently, please use
providing personalized investment
only one method. The Commission will advice and recommendations about
post all comments on the Commission’s securities to retail investors; and
Internet Web site (https://www.sec.gov/
whether there are gaps, shortcomings, or
rules/sro.shtml). Copies of the
overlaps in legal or regulatory standards
in the protection of retail customers
submission, all subsequent
relating to the standards of care for these
amendments, all written statements
intermediaries.
with respect to the proposed rule
DATES: The Commission will accept
change that are filed with the
comments regarding issues related to
Commission, and all written
the study on or before August 30, 2010.
communications relating to the
proposed rule change between the
ADDRESSES: Comments may be
Commission and any person, other than submitted by any of the following
methods:
those that may be withheld from the
public in accordance with the
Electronic Comments
provisions of 5 U.S.C. 552, will be
• Use the Commission’s Internet
available for Web site viewing and
comment form (https://www.sec.gov/
printing in the Commission’s Public
rules/other.shtml); or
Reference Room, 100 F Street, NE.,
• Send an e-mail to ruleWashington, DC 20549, on official
comments@sec.gov. Please include File
business days between the hours of 10
Number 4–606 on the subject line.
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and Paper Comments
copying at the principal office of the
• Send paper comments in triplicate
Exchange. All comments received will
to Elizabeth M. Murphy, Secretary,
be posted without change; the
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
Commission does not edit personal
20549–1090. All submissions should
identifying information from
refer to File Number 4–606. This file
submissions. You should submit only
number should be included on the
information that you wish to make
subject line if e-mail is used. To help us
available publicly. All submissions
process and review your comments
should refer to File Number SR–ISE–
2010–76 and should be submitted on or more efficiently, please use only one
method. The Commission will post all
before August 20, 2010.
comments on the Commission’s Internet
Web site (https://www.sec.gov).
Comments are also available for Web
site viewing and printing in the
7 17 CFR 200.30–3(a)(12).
Commission’s Public Reference Room,
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16:29 Jul 29, 2010
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SUMMARY:
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100 F Street, NE., Washington, DC
20549, on official business days
between the hours of 10 a.m. and 3 p.m.
All comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
FOR FURTHER INFORMATION CONTACT:
Holly Hunter-Ceci, Division of
Investment Management, at (202) 551–
6825 or Emily Russell, Division of
Trading and Markets, at (202) 551–5550,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–7010.
Discussion
On July 21, 2010, President Obama
signed the Dodd-Frank Wall Street
Reform and Consumer Protection Act of
2010. Under section 913 of that Act, the
Commission is required to conduct a
study regarding the obligations of
brokers, dealers, and investment
advisers.
The study will evaluate the
effectiveness of existing legal or
regulatory standards of care for brokers,
dealers, investment advisers, persons
associated with brokers or dealers, and
persons associated with investment
advisers for providing personalized
investment advice and
recommendations about securities to
retail customers imposed by the
Commission and a national securities
association, and other Federal and State
legal or regulatory standards. In
addition, the study will evaluate
whether there are legal or regulatory
gaps, shortcomings, or overlaps in legal
or regulatory standards in the protection
of retail customers relating to the
standards of care for brokers, dealers,
investment advisers, persons associated
with brokers or dealers, and persons
associated with investment advisers for
providing personalized investment
advice about securities to retail
customers that should be addressed by
rule or statute.
For purposes of the study, the term
‘‘retail customer’’ means a natural person
(or the legal representative of such
natural person) who receives
personalized investment advice about
securities from a broker or dealer or
investment adviser and uses such
advice primarily for personal, family, or
household purposes.
The Commission is required to submit
a study report to the Committee on
Banking, Housing, and Urban Affairs of
the Senate and the Committee on
Financial Services of the House of
Representatives no later than 6 months
after enactment of the Dodd-Frank Act.
E:\FR\FM\30JYN1.SGM
30JYN1
srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 146 / Friday, July 30, 2010 / Notices
In order to prepare the study report, the
Commission is required to seek and
consider public input, comments, and
data.
Accordingly, we request comment on
the following:
(1) The effectiveness of existing legal
or regulatory standards of care for
brokers, dealers, investment advisers,
persons associated with brokers or
dealers, and persons associated with
investment advisers for providing
personalized investment advice and
recommendations about securities to
retail customers imposed by the
Commission and a national securities
association, and other Federal and State
legal or regulatory standards;
(2) Whether there are legal or
regulatory gaps, shortcomings, or
overlaps in legal or regulatory standards
in the protection of retail customers
relating to the standards of care for
brokers, dealers, investment advisers,
persons associated with brokers or
dealers, and persons associated with
investment advisers for providing
personalized investment advice about
securities to retail customers that should
be addressed by rule or statute;
(3) Whether retail customers
understand that there are different
standards of care applicable to brokers,
dealers, investment advisers, persons
associated with brokers or dealers, and
persons associated with investment
advisers in the provision of
personalized investment advice about
securities to retail customers;
(4) Whether the existence of different
standards of care applicable to brokers,
dealers, investment advisers, persons
associated with brokers or dealers, and
persons associated with investment
advisers is a source of confusion for
retail customers regarding the quality of
personalized investment advice that
retail customers receive;
(5) The regulatory, examination, and
enforcement resources devoted to, and
activities of, the Commission, the States,
and a national securities association to
enforce the standards of care for brokers,
dealers, investment advisers, persons
associated with brokers or dealers, and
persons associated with investment
advisers when providing personalized
investment advice and
recommendations about securities to
retail customers, including—
(A) The effectiveness of the
examinations of brokers, dealers, and
investment advisers in determining
compliance with regulations;
(B) The frequency of the
examinations; and
(C) The length of time of the
examinations;
VerDate Mar<15>2010
16:29 Jul 29, 2010
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(6) The substantive differences in the
regulation of brokers, dealers, and
investment advisers, when providing
personalized investment advice and
recommendations about securities to
retail customers;
(7) The specific instances related to
the provision of personalized
investment advice about securities in
which—
(A) The regulation and oversight of
investment advisers provide greater
protection to retail customers than the
regulation and oversight of brokers and
dealers; and
(B) The regulation and oversight of
brokers and dealers provide greater
protection to retail customers than the
regulation and oversight of investment
advisers;
(8) The existing legal or regulatory
standards of State securities regulators
and other regulators intended to protect
retail customers;
(9) The potential impact on retail
customers, including the potential
impact on access of retail customers to
the range of products and services
offered by brokers and dealers, of
imposing upon brokers, dealers, and
persons associated with brokers or
dealers—
(A) The standard of care applied
under the Investment Advisers Act of
1940 for providing personalized
investment advice about securities to
retail customers of investment advisers,
as interpreted by the Commission and
the courts; and
(B) Other requirements of the
Investment Advisers Act of 1940;
(10) The potential impact of
eliminating the broker and dealer
exclusion from the definition of
‘‘investment adviser’’ under section
202(a)(11)(C) of the Investment Advisers
Act of 1940, in terms of—
(A) The impact and potential benefits
and harm to retail customers that could
result from such a change, including
any potential impact on access to
personalized investment advice and
recommendations about securities to
retail customers or the availability of
such advice and recommendations;
(B) The number of additional entities
and individuals that would be required
to register under, or become subject to,
the Investment Advisers Act of 1940,
and the additional requirements to
which brokers, dealers, and persons
associated with brokers and dealers
would become subject, including—
(i) Any potential additional associated
person licensing, registration, and
examination requirements; and
(ii) The additional costs, if any, to the
additional entities and individuals; and
PO 00000
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Fmt 4703
Sfmt 4703
44997
(C) The impact on Commission and
State resources to—
(i) Conduct examinations of registered
investment advisers and the
representatives of registered investment
advisers, including the impact on the
examination cycle; and
(ii) Enforce the standard of care and
other applicable requirements imposed
under the Investment Advisers Act of
1940;
(11) The varying level of services
provided by brokers, dealers,
investment advisers, persons associated
with brokers or dealers, and persons
associated with investment advisers to
retail customers and the varying scope
and terms of retail customer
relationships of brokers, dealers,
investment advisers, persons associated
with brokers or dealers, and persons
associated with investment advisers
with such retail customers;
(12) The potential impact upon retail
customers that could result from
potential changes in the regulatory
requirements or legal standards of care
affecting brokers, dealers, investment
advisers, persons associated with
brokers or dealers, and persons
associated with investment advisers
relating to their obligations to retail
customers regarding the provision of
investment advice, including any
potential impact on—
(A) Protection from fraud;
(B) Access to personalized investment
advice, and recommendations about
securities to retail customers; or
(C) The availability of such advice
and recommendations;
(13) The potential additional costs
and expenses to—
(A) Retail customers regarding, and
the potential impact on the profitability
of, their investment decisions; and
(B) Brokers, dealers, and investment
advisers resulting from potential
changes in the regulatory requirements
or legal standards affecting brokers,
dealers, investment advisers, persons
associated with brokers or dealers, and
persons associated with investment
advisers relating to their obligations,
including duty of care, to retail
customers; and
(14) Any other considerations
commenters would like to comment on
to assist the Commission in determining
whether to conduct a rulemaking,
following the study, to address the legal
or regulatory standards of care for
brokers, dealers, investment advisers,
persons associated with brokers or
dealers, and persons associated with
investment advisers for providing
personalized investment advice and
recommendations about securities to
retail customers.
E:\FR\FM\30JYN1.SGM
30JYN1
44998
Federal Register / Vol. 75, No. 146 / Friday, July 30, 2010 / Notices
By the Commission.
Dated: July 27, 2010.
Elizabeth M. Murphy,
Secretary.
Aviation Safety Subcommittee, the term
‘‘Aviation Safety’’ should be listed in the
subject line of the message. To ensure
such comments can be considered by
the subcommittee before its August 24,
2010, meeting, public comments must
be filed by close of business on Monday,
August 16, 2010.
Issued in Washington, DC, on July 27,
2010.
Pamela Hamilton-Powell,
Designated Federal Official, Future of
Aviation Advisory Committee.
DEPARTMENT OF TRANSPORTATION
SUPPLEMENTARY INFORMATION:
DEPARTMENT OF TRANSPORTATION
Office of the Secretary of
Transportation
Background
[Docket: DOT–OST–2010–0124]
Under section 10(a)(2) of the Federal
Advisory Committee Act (5 U.S.C. App.
2), we are giving notice of an FAAC
Aviation Safety Subcommittee meeting
taking place on August 24, 2010, at 1
p.m. Central Daylight Time, at The
Boeing Company, 100 North Riverside
Plaza, Chicago, Illinois 60606. The
subcommittee will—
1. Receive a briefing from the FAA on
existing safety activities associated with
the list of priority safety issues
developed during the previous meeting.
2. Discuss any necessary revisions to
the priority list.
3. Develop a work plan for future
meetings.
Office of the Secretary: Notice of Order
Soliciting Community Proposals
[FR Doc. 2010–18753 Filed 7–29–10; 8:45 am]
BILLING CODE 8010–01–P
[DOT Docket No. DOT–OST–2010–0074]
The Future of Aviation Advisory
Committee (FAAC) Aviation Safety
Subcommittee; Notice of Meeting
U.S. Department of
Transportation, Office of the Secretary
of Transportation.
ACTION: The Future of Aviation
Advisory Committee (FAAC): Aviation
Safety Subcommittee; Notice of meeting.
AGENCY:
The Department of
Transportation (DOT), Office of the
Secretary of Transportation, announces
a meeting of the FAAC Aviation Safety
Subcommittee, which will be held
August 24, 2010, in Chicago, Illinois.
This notice announces the date, time,
and location of the meeting, which will
be open to the public. The purpose of
the FAAC is to provide advice and
recommendations to the Secretary of
Transportation to ensure the
competitiveness of the U.S. aviation
industry and its capability to manage
effectively the evolving transportation
needs, challenges, and opportunities of
the global economy. The Aviation Safety
Subcommittee will receive a briefing
from Federal Aviation Administration
(FAA) officials on the agency’s activities
associated with the list of priority safety
issues developed during the first
meeting. The subcommittee will also
develop a work plan for future meetings.
DATES: The meeting will be held on
August 24, 2010, at 1 p.m. Central
Daylight Time.
ADDRESSES: The meeting will be held at
The Boeing Company, 100 North
Riverside Plaza, Chicago, Illinois 60606.
Public Access: The meeting is open to
the public. (See below for registration
instructions.)
Public Comments: Persons wishing to
offer written comments and suggestions
concerning the activities of the advisory
committee or subcommittee should file
comments in the Public Docket (Docket
Number DOT–OST–2010–0074 at
www.regulations.gov) or alternatively
through the FAAC@dot.gov e-mail
address. If comments and suggestions
are intended specifically for the
srobinson on DSKHWCL6B1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
16:29 Jul 29, 2010
Jkt 220001
Registration
Because of space constraints and
planning considerations, persons
desiring to attend must pre-register
through e-mail to FAAC@dot.gov. The
term ‘‘Registration: Safety
Subcommittee’’ must be listed in the
subject line of the message, and
admission will be limited to the first 25
persons to pre-register and receive a
confirmation of their pre-registration.
No arrangements are being made for
audio or video transmission, or for oral
statements or questions from the public
at the meeting. Minutes of the meeting
will be posted on the FAAC Web site at
https://www.dot.gov/FAAC.
Request for Special Accommodation
[FR Doc. 2010–18722 Filed 7–29–10; 8:45 am]
BILLING CODE P
Department of Transportation.
Notice of Order Soliciting
Community Proposals (Order 2010–7–
16, Docket: DOT–OST–2010–0124).
AGENCY:
ACTION:
The Department of
Transportation is soliciting proposals
from communities or consortia of
communities interested in receiving a
grant under the Small Community Air
Service Development Program. The full
text of the Department’s order is
attached to this document. There are
two mandatory requirements for filing
of applications, both of which must be
completed for a community’s
application to be deemed timely and
considered by the Department. The first
requirement is the submission of the
community’s proposal, as described
below; the second requirement is the
filing of SF424 through https://
www.grants.gov.
SUMMARY:
Grant Proposals as well as the
SF424 should be submitted no later than
August 27, 2010.
ADDRESSES: Interested parties can
submit applications and the SF424
electronically through https://
www.grants.gov.
DATES:
FOR FURTHER INFORMATION CONTACT:
Aloha Ley, Office of Aviation Analysis,
1200 New Jersey Ave., SE., W86–310,
Washington, DC 20590, (202) 366–2347.
Dated: July 23, 2010.
The DOT is committed to providing
equal access to this meeting for all
participants. If you need alternative
formats or services because of a
disability, please send a request to
FAAC@dot.gov with the term ‘‘Special
Accommodations’’ listed in the subject
line of the message by close of business
on August 13, 2010.
Notice of Order Soliciting Community
Proposals
FOR FURTHER INFORMATION CONTACT:
By this order, the Department invites
proposals from communities and/or
consortia of communities interested in
obtaining a federal grant under the
Small Community Air Service
Development Program (Small
Community Program) to address air
Tony Fazio, Deputy Director, Office of
Accident Investigation and Prevention,
Federal Aviation Administration, 800
Independence Avenue, SW.,
Washington, DC; telephone (202) 267–
9612; Tony.Fazio@FAA.gov.
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Department of Transportation,
Office of the Secretary.
ACTION: Notice of Order Soliciting
Community Proposals (Order 2010–7–
16).
AGENCY:
Overview
E:\FR\FM\30JYN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 146 (Friday, July 30, 2010)]
[Notices]
[Pages 44996-44998]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-18753]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62577; IA-3058; File No. 4-606]
Study Regarding Obligations of Brokers, Dealers, and Investment
Advisers
AGENCY: Securities and Exchange Commission.
ACTION: Request for comment.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission is requesting public
comment for a study to evaluate: The effectiveness of existing legal or
regulatory standards of care for brokers, dealers, investment advisers,
and persons associated with them when providing personalized investment
advice and recommendations about securities to retail investors; and
whether there are gaps, shortcomings, or overlaps in legal or
regulatory standards in the protection of retail customers relating to
the standards of care for these intermediaries.
DATES: The Commission will accept comments regarding issues related to
the study on or before August 30, 2010.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/other.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number 4-606 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090. All submissions should refer to File Number
4-606. This file number should be included on the subject line if e-
mail is used. To help us process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov).
Comments are also available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. All comments received will be posted without change; we do not
edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Holly Hunter-Ceci, Division of
Investment Management, at (202) 551-6825 or Emily Russell, Division of
Trading and Markets, at (202) 551-5550, Securities and Exchange
Commission, 100 F Street, NE., Washington, DC 20549-7010.
Discussion
On July 21, 2010, President Obama signed the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010. Under section 913 of that
Act, the Commission is required to conduct a study regarding the
obligations of brokers, dealers, and investment advisers.
The study will evaluate the effectiveness of existing legal or
regulatory standards of care for brokers, dealers, investment advisers,
persons associated with brokers or dealers, and persons associated with
investment advisers for providing personalized investment advice and
recommendations about securities to retail customers imposed by the
Commission and a national securities association, and other Federal and
State legal or regulatory standards. In addition, the study will
evaluate whether there are legal or regulatory gaps, shortcomings, or
overlaps in legal or regulatory standards in the protection of retail
customers relating to the standards of care for brokers, dealers,
investment advisers, persons associated with brokers or dealers, and
persons associated with investment advisers for providing personalized
investment advice about securities to retail customers that should be
addressed by rule or statute.
For purposes of the study, the term ``retail customer'' means a
natural person (or the legal representative of such natural person) who
receives personalized investment advice about securities from a broker
or dealer or investment adviser and uses such advice primarily for
personal, family, or household purposes.
The Commission is required to submit a study report to the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives no
later than 6 months after enactment of the Dodd-Frank Act.
[[Page 44997]]
In order to prepare the study report, the Commission is required to
seek and consider public input, comments, and data.
Accordingly, we request comment on the following:
(1) The effectiveness of existing legal or regulatory standards of
care for brokers, dealers, investment advisers, persons associated with
brokers or dealers, and persons associated with investment advisers for
providing personalized investment advice and recommendations about
securities to retail customers imposed by the Commission and a national
securities association, and other Federal and State legal or regulatory
standards;
(2) Whether there are legal or regulatory gaps, shortcomings, or
overlaps in legal or regulatory standards in the protection of retail
customers relating to the standards of care for brokers, dealers,
investment advisers, persons associated with brokers or dealers, and
persons associated with investment advisers for providing personalized
investment advice about securities to retail customers that should be
addressed by rule or statute;
(3) Whether retail customers understand that there are different
standards of care applicable to brokers, dealers, investment advisers,
persons associated with brokers or dealers, and persons associated with
investment advisers in the provision of personalized investment advice
about securities to retail customers;
(4) Whether the existence of different standards of care applicable
to brokers, dealers, investment advisers, persons associated with
brokers or dealers, and persons associated with investment advisers is
a source of confusion for retail customers regarding the quality of
personalized investment advice that retail customers receive;
(5) The regulatory, examination, and enforcement resources devoted
to, and activities of, the Commission, the States, and a national
securities association to enforce the standards of care for brokers,
dealers, investment advisers, persons associated with brokers or
dealers, and persons associated with investment advisers when providing
personalized investment advice and recommendations about securities to
retail customers, including--
(A) The effectiveness of the examinations of brokers, dealers, and
investment advisers in determining compliance with regulations;
(B) The frequency of the examinations; and
(C) The length of time of the examinations;
(6) The substantive differences in the regulation of brokers,
dealers, and investment advisers, when providing personalized
investment advice and recommendations about securities to retail
customers;
(7) The specific instances related to the provision of personalized
investment advice about securities in which--
(A) The regulation and oversight of investment advisers provide
greater protection to retail customers than the regulation and
oversight of brokers and dealers; and
(B) The regulation and oversight of brokers and dealers provide
greater protection to retail customers than the regulation and
oversight of investment advisers;
(8) The existing legal or regulatory standards of State securities
regulators and other regulators intended to protect retail customers;
(9) The potential impact on retail customers, including the
potential impact on access of retail customers to the range of products
and services offered by brokers and dealers, of imposing upon brokers,
dealers, and persons associated with brokers or dealers--
(A) The standard of care applied under the Investment Advisers Act
of 1940 for providing personalized investment advice about securities
to retail customers of investment advisers, as interpreted by the
Commission and the courts; and
(B) Other requirements of the Investment Advisers Act of 1940;
(10) The potential impact of eliminating the broker and dealer
exclusion from the definition of ``investment adviser'' under section
202(a)(11)(C) of the Investment Advisers Act of 1940, in terms of--
(A) The impact and potential benefits and harm to retail customers
that could result from such a change, including any potential impact on
access to personalized investment advice and recommendations about
securities to retail customers or the availability of such advice and
recommendations;
(B) The number of additional entities and individuals that would be
required to register under, or become subject to, the Investment
Advisers Act of 1940, and the additional requirements to which brokers,
dealers, and persons associated with brokers and dealers would become
subject, including--
(i) Any potential additional associated person licensing,
registration, and examination requirements; and
(ii) The additional costs, if any, to the additional entities and
individuals; and
(C) The impact on Commission and State resources to--
(i) Conduct examinations of registered investment advisers and the
representatives of registered investment advisers, including the impact
on the examination cycle; and
(ii) Enforce the standard of care and other applicable requirements
imposed under the Investment Advisers Act of 1940;
(11) The varying level of services provided by brokers, dealers,
investment advisers, persons associated with brokers or dealers, and
persons associated with investment advisers to retail customers and the
varying scope and terms of retail customer relationships of brokers,
dealers, investment advisers, persons associated with brokers or
dealers, and persons associated with investment advisers with such
retail customers;
(12) The potential impact upon retail customers that could result
from potential changes in the regulatory requirements or legal
standards of care affecting brokers, dealers, investment advisers,
persons associated with brokers or dealers, and persons associated with
investment advisers relating to their obligations to retail customers
regarding the provision of investment advice, including any potential
impact on--
(A) Protection from fraud;
(B) Access to personalized investment advice, and recommendations
about securities to retail customers; or
(C) The availability of such advice and recommendations;
(13) The potential additional costs and expenses to--
(A) Retail customers regarding, and the potential impact on the
profitability of, their investment decisions; and
(B) Brokers, dealers, and investment advisers resulting from
potential changes in the regulatory requirements or legal standards
affecting brokers, dealers, investment advisers, persons associated
with brokers or dealers, and persons associated with investment
advisers relating to their obligations, including duty of care, to
retail customers; and
(14) Any other considerations commenters would like to comment on
to assist the Commission in determining whether to conduct a
rulemaking, following the study, to address the legal or regulatory
standards of care for brokers, dealers, investment advisers, persons
associated with brokers or dealers, and persons associated with
investment advisers for providing personalized investment advice and
recommendations about securities to retail customers.
[[Page 44998]]
By the Commission.
Dated: July 27, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-18753 Filed 7-29-10; 8:45 am]
BILLING CODE 8010-01-P
