The U.S. is one step closer to a fiduciary standard for financial advisors.

SEC chair Elisse Walter testified before before the U.S. Senate Banking Committee yesterday, saying, “We are giving serious consideration” to a staff study regarding the obligations of advisors and broker-dealers when providing securities advice to clients.

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“The study noted retail investors are generally not aware of the differences between the regulation of investment advisors and broker-dealers, or the legal implications of those differences,” she said.

“The study also noted that many investors are confused by the different standards of care that apply to investment advisors and broker-dealers.”

Read: Defining fiduciary duty

To that end, SEC staff is drafting a public request for comment.

Section 913 of the Dodd-Frank Act gives the SEC discretionary rule-making authority to implement a uniform fiduciary standard.

Read Walter’s full testimony here.

Here at home, the CSA has requested comment regarding a fiduciary standard. The deadline is February 22.