“Any pronouncement from the agency’s director has the appearance of being the agency’s official position. By contrast, an offhand comment by the chairman of a commission-led agency looks less like a regulatory pronouncement, since official agency positions are established through commission votes,” she said.

When asked by Financial Advisor magazine if a fiduciary duty should be imposed on broker-dealers, Piece said she has given some thought to the issue. She said she wants to read the SIFMA white paper on the matter.
 

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