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2010 Colum. Bus. L. Rev. 710 (2010)
Are Existing Stock Broker Standards Sufficient - Principles, Rules, and Fiduciary Duties

handle is hein.journals/colb2010 and id is 716 raw text is: ARE EXISTING STOCK BROKER STANDARDS SUFFICIENT? PRINCIPLES, RULES, AND FIDUCIARY DUTIES Thomas Lee Hazen* I. Introduction-The Problem at Hand ...... ..... 711 II. The New Congressional Mandate ....... ....... 714 III. Rules, Principles, and Standards ....... ....... 718 IV. Overview of Fiduciary Duty..... .. .............. 722 V. Broker-Dealer Regulation Under the Current Regime ...................................... 727 A. Overview of Broker-Dealer Regulation in the United States .................. ....... 729 B. Broker-Dealers' Obligations-SEC and FINRA Regulation and Common Law.... ......... 733 C. Broker-Dealers' Fiduciary Duties Under Current Securities Law ......... ........... 737 D. The Shingle Theory ................ ..... 749 E. Public Offering Sales Practices ....... ....... 756 VI. Assessment of Broker-Dealer Regulation ... ..... 760 VII. Conclusion .......................... .... 762 In recent years there has been concern as to the adequacy of broker-dealer regulation. SEC and self-regulatory organization rulemaking address specific types of broker- dealer conduct, but by and large the regulation has been based on principles and standards rather than voluminous detailed rules specifying prohibited conduct. In particular, a good deal of broker-dealer conduct is addressed under the umbrella of regulating according to fair and just principles of trade. Similarly, much of the SEC's rulemaking authority is * Cary C. Boshamer Distinguished Professor of Law, University of North Carolina School of Law. B.A. 1969, Columbia University; J.D. 1972, Columbia University School of Law.

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