On October 23rd, SEC Commissioner Daniel M. Gallagher discussed harmonizing the fiduciary duty standard owed by investment advisers and broker-dealers. After summarizing the history behind the regulation of investment advisers and broker-dealers, Gallagher noted that the Dodd-Frank Act does not require the Commission to harmonize the standards; it simply authorizes the SEC to act. He therefore concludes that before the agency adopts any new standard it must find that it is necessary and supportable to do so. On the other hand, Gallagher notes that the Securities and Exchange Act and Investment Advisers Act are in accord with respect to a broker-dealer's and investment adviser's supervisory duties and emphasizes the importance of addressing supervisory liability. Gallagher Remarks.