The Securities and Exchange Commission ("SEC") study, prepared pursuant to Section 913 of the Dodd-Frank Act, investigates the effectiveness of the standard of care required of broker-dealers and investment advisers that provide personalized investment advice regarding securities to retail customers.  The study also considered the existence of regulatory gaps, shortcomings or overlaps that should be addressed by rulemaking. The study recommends that the SEC establish a uniform fiduciary standard for Covered Broker-Dealers and Investment Advisers that is at least as stringent as the fiduciary standard under Sections 206(1) and (2) of the Investment Advisers Act of 1940.  The SEC staff stated that under this standard, Covered Broker-Dealers and Investment Advisers must “act in the best interest of the customer without regard to the financial or other interest of the broker, dealer, or investment adviser providing the advice.” To implement the uniform fiduciary standard, the study recommends that the SEC adopt rules to address: disclosure requirements; principal trading; and customer recommendations. The study further recommends that the SEC harmonize other areas of broker-dealer and investment adviser regulation, such as regulations pertaining to advertising and communication, the use of finders and solicitors, supervision and regulatory reviews, licensing and registration of firms, licensing and registration of associated persons, and maintenance of books and records.