Speaking of Regulation. . . The FPA Raises Its Voice

October 2002
Journal of Financial Planning;Oct2002, Vol. 15 Issue 10, p18
Academic Journal
This article focuses on "Merrill Lynch exemption" rule. The congressional daily, asks new SEC commissioners to "do the right thing for investors: withdraw the rule."The ad's copy is pretty blunt:" financial planners are proud to be part of a little-known success story-practicing under a law that has worked extremely well to protect investors for the past 62 years. Yet the 1940 Act, too, is under assault by the same Wall Street firms that are under investigation by the agency for failure to address their own conflicts. They would do away with the strict disclosure and fiduciary standards that protect investors under the 1940 Act by exempting themselves from it when offering financial planning to their brokerage clients.


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