PALM DESERT, Calif. -- The establishment of a fiduciary standard that applies to how broker-dealers should care for their customers is not likely to come until after the one-year anniversary date of passage of the 2010 Dodd-Frank Wall Street Reform Act that required it.

The setting of a standard that applies to broker-dealers as well as investment advisers could take months to resolve because of competing versions of the standard coming out of federal agencies. SEC staff has been meeting with stakeholders outside the agency to solicit their views before proceeding with rulemaking, Jennifer B. McHugh, senior advisor to Securities and Exchange Commission chairman Mary L. Schapiro, said Monday. She said staff is focused on the “practical, real world implications” of adopting a universal standard of care.

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