The U.S. Securities and Exchange Commission will be hiring researchers to study how the different regulatory structures for investment advisors and broker-dealers affect investors.
The SEC has issued a request for study contract proposals.
Officials came up with the idea of conducting the study after noting the response to a 2005 SEC rule. The 2005 rule allows broker-dealers to offer fee-based accounts without having to comply with the Investment Advisors Act of 1940.
Broker-dealers are regulated under the 1934 Securities and Exchange Act.