Bob Lawson Publishes Article on The Broker-Dealer Exclusion

Member Highlight — SER member Robert “Bob” Lawson recently published an article titled “The Broker-Dealer Exclusion and the Fiduciary Question: An Analytical Framework for Arbitrators” in Volume 33, No. 1 of the 2026 PIABA Bar Journal. The article presents a neutral, conduct-based framework for evaluating the “solely incidental” component of the broker-dealer exclusion under the Investment Advisers Act of 1940. It examines the distinction between episodic brokerage services and ongoing advisory relationships, explains how the SEC’s 2019 Interpretations IA-5248 and IA-5249 operate in separate analytical lanes, and distinguishes the broker-dealer exclusion inquiry from Regulation Best Interest’s recommendation-specific obligations. The article also identifies communications, account-review records, supervisory materials, and other evidence that may help arbitrators assess the actual scope and character of the services provided.

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