"In a fee-based arrangement, the investor's and the broker's interests are closer aligned," says SIA spokesman Dan Michaelis.

   The SIA argues in its letter to the SEC that brokers, while not exposed to the Advisers Act, are still subject to regulation and oversight under other laws.

   "I think the regulations covering the brokerage industry are second to none in their completeness and level of oversight," Michaelis says.

 

 

    

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