A recent SEC action could significantly change the way advisors do business. The commission formed a new Investor Advisory Committee whose assignment is to advise the commission on regulatory priorities and provide information to retail investors on issues that the SEC deems important. The committee, which is a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act, replaces a former advisory committee that was disbanded after Dodd-Frank became law, according to the SEC.

The committee's mandate is broad, but broker-dealers may be particularly interested in efforts to strengthen investor protection and heighten attention on the standard-of-care issue.

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