In an unusual step, SEC Commissioner Luis Aguilar issued a "Statement in Support of Extending a Fiduciary Duty to Broker-Dealers who Provide Investment Advice," on May 11. "I support legislation to protect investors and support extending the fiduciary duty to broker-dealers who provide investment advice," he stated.
"I unequivocally support the extension of a fiduciary duty to broker-dealers who provide investment advice. It has come to my attention that an excerpt from one of my speeches has been taken out of context to indicate otherwise," Aguilar said in the statement.
"I am issuing this statement to be clear as to my position — it is in the best interests of investors and our markets for broker-dealers who provide investment advice to be held to the fiduciary standard that is currently applied to investment advisers. I have consistently advocated this view."
