Subject: File No. DSP-3
From: Julie Jason, JD, LLM

What's missing? Investor education. We know that investors are still unclear on the differences between financial professionals. Should the SEC update the RAND study, now that we have had a few years of experience with Form CRS and ADV Part 2B? Should investors be aware of the difference in duty when a financial professional switches from a fiduciary adviser role (1940 Advisers Act) to a best interest role (1934 Act). Is there any benefit to investors for the SEC to use current ADV data to report on who is a "dual registrant"?