Blame Frank Gruttadauria. A little over one year after NASD's new supervisory control rules (3012 and 3013) took effect, broker/dealers are tightening the screws on the way they supervise their brokers and advisors...
Nothing was settled, really, when the SEC rubberstamped the revised so-called Merrill Lynch rule. That rule took effect last year and provided an exemption for broker/dealers from the Investment Advisers Act of 1940...
