On January 3, the Securities and Exchange Commission published the text of the RAND Corporation’s final report on customer relationships with financial services providers. The RAND report was commissioned following Financial Planning Association v. SEC, in which the District of Columbia Court of Appeals overturned an SEC rule allowing non-adviser broker-dealers to provided fee-based brokerage services.

The RAND report is the culmination of a year-long empirical study on the ways in which broker-dealers and investment advisers market, sell, and deliver financial products, accounts, programs and services to individual investors and an evaluation of investors’ understanding of the differences between investment advisers’ and broker-dealers’ financial products and services, duties, and obligations. The SEC staff is reviewing the report for future rulemaking purposes.