WASHINGTON -- The SEC's work on creating a uniform standard of care for brokers and investment advisors serving retail investors remains the subject of considerable discord within the commission, according to a top official.

Steve Luparello, director of the SEC's Division of Trading and Markets, said that the contentious issue of harmonizing fiduciary responsibilities remains high on the agency's to-do list, though a timeframe for when a proposal might materialize is far from certain.

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