On January 21st, the SEC released its Study on Investment Advisers and Broker-Dealers. The SEC Staff recommends establishing a uniform fiduciary standard for investment advisers and broker-dealers when providing investment advice about securities to retail customers consistent with the standard that currently applies to investment advisers. The Staff also recommends the harmonization of the regulatory regimes for broker-dealers and investment advisers. SEC Press Release. Commissioners Kathleen L. Casey and Troy A. Paredes issued a joint statement noting their disappointment with the study. See also Bloomberg; Reuters.