"Backers of a tough fiduciary standard for brokers remain skeptical that the [SEC] can deliver such a rule, as comments made by former and current SEC officials appear to signal a forthcoming watered-down disclosure-based standard that tolerates conflicts.... [Knut Rostad, president of the Institute for the Fiduciary Standard, said,] 'Recent SEC decisions, statements from senior staff and commissioners and statements from former SEC staff and commissioners provide bold lines of a clear picture as to the SEC's view of the duty of loyalty,' [which] 'depict a new and benign view of conflicts,' one that believes 'conflicts are routine and acceptable -- not inherently inconsistent with providing objective advice.' "  MORE >>