Investor and industry perspectives on investment advisers and broker-dealers / / Angela K. Hung ... [et al.].

• Superior document: Technical report ; TR-556-SEC
• Author: LRN-RAND Center for Corporate Ethics, Law, and Governance.
• TeilnehmendeR: Hung, Angela A.; LRN-RAND Center for Corporate Ethics, Law, and Governance.
• Year of Publication: 2008
• Edition: 1st ed.
• Language: English
• Series: Technical report (Rand Corporation) ; TR-556-SEC.
• Physical Description: 1 online resource (229 p.)
• Notes: "RAND Institute for Civil Justice, LRN-RAND Center for Corporate Ethics, Law, and Governance."

In theory, financial professionals are relatively distinct: A broker conducts transactions in securities on behalf of others; a dealer buys and sells securities for his or her own accounts; and an investment adviser provides advice to others regarding securities. Broker-dealers and investment advisers are subject to different regulatory structures. But trends in the financial services market since the early 1990's have blurred the boundaries between them. Regulatory reform requires a clearer understanding of the industry's complexities. The U.S. Securities and Exchange Commission asked RAND

Table of Contents

Regulatory and legal background -- View of the industry from published sources -- Insights from industry data -- Documentation and information provided by firms -- Investors' level of understanding.