One Step Forward, Two Steps Back: Arguing for a Transatlantic Investor Protection Regime

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Section 913 of the Dodd-Frank Wall Street and Consumer Protection Act authorized the Securities and Exchange Commission (SEC or Commission) to promulgate a rule creating a uniform fiduciary standard for all financial intermediaries. This rule would harmonize regulatory standards for financial intermediaries in the United States but would further distance the American system from the European Union’s (EU) Markets in Financial Instruments Directive (MiFID) regime. This Note argues against the uniform fiduciary standard. Instead, the Author argues that the United States and the EU should harmonize their regulation of financial intermediaries to create a transatlantic investor protection regime.