The Fiduciary Duty of Securities Brokers and Investment Advisers: Sole Interest or Best Interest? An Analysis of the Administration's Proposal

50 Pages Posted: 24 Jul 2010 Last revised: 4 Aug 2010

Date Written: August 28, 2009

Abstract

An analysis of the fiduciary duty standard for securities brokers as proposed by the Obama Administration. The paper compares the "sole interest" standard applicable to trustees with the "best interest" standard generally applicable to other fiduciaries. The paper recommends that the Securities and Exchange Commission be given flexibility to determine the fiduciary standard applicable to brokers.

Keywords: fiduciary duty, securities broker, broker-dealer, fiduciary duty, investment adviser fiduciary duty, broker-dealer, investment adviser, federal securities regulation

Suggested Citation

Fein, Melanie L., The Fiduciary Duty of Securities Brokers and Investment Advisers: Sole Interest or Best Interest? An Analysis of the Administration's Proposal (August 28, 2009). Available at SSRN: https://ssrn.com/abstract=1646938 or http://dx.doi.org/10.2139/ssrn.1646938

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