WASHINGTON -- As regulators, trade groups and investor advocates continue to spar over what rules should apply to brokers and advisors serving retail investors, the shorthand for that debate -- the uniform fiduciary standard -- might miss the point, a former top SEC official argues.

In a panel discussion at TD Ameritrade Institutional's Fiduciary Leadership Summit, Robert Plaze, a partner at Stroock & Stroock & Lavan who previously served as deputy director of the SEC's Division of Investment Management, called for a reframing of the debate, suggesting that the commission abandon the prospect of writing an identical regulatory framework for broker-dealers and RIAs.

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