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Content | 23PIABA’s further argument that the disclosure “does not communicate” (PIABA Br. 7-9 & n.12) is based in large part on speculation and criticisms of disclosure that the Commission proposed but did not adopt. 51 It was not the purpose of this Rule to resolve all concerns about investor confusion. See supra pp. 13-14 & n.5. Rather, the Commission reasonably focused on addressing confusion that might attend the fee-based accounts excepted by the Rule. Alternatively, perhaps the amici believe (see NASAA Br. 22-24; PIABA Br. 4-5, 10-14) that the absence of a marketing restraint in the Rule will exacerbate confusion and limit the efficacy of the required disclosure. But questions about whether and23 how to limit marketing are not susceptible to simplistic solutions. For example, the Commission declined repeated calls to place limits on titles used by broker-dealer representatives, such as “financial advisor” and “financial consultant,” because such titles are descriptive of permissible services provided by excepted broker-dealers. JA17. And, to the extent marketing is misleading or untruthful, investors are not left without recourse—Section 10(b) of the Exchange Act, 15 U.S.C. 78j(b), and other antifraud provisions can provide meaningful remedies. See, e.g., JA36 n.19 (citing In re Haight & Co., Release No. 34-9082 (February 19, 1971)). Nonetheless, the Commission noted its concerns about broker-dealer marketing and investor confusion, including that such marketing might exacerbate confusion. E.g., JA2. Given the nature of these concerns and the fact that they extend beyond the programs addressed in the Rule, however, the Commission determined that they were |
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