Saturday, April 4, 2009

Should FINRA or any SRO Have Jurisdiction Over Investment Advisers?

In recent testimony to the Senate Banking Committee, the Executive Director of the Investment Advisor Association argued against so-called "harmonization" of broker-dealers and investment advisers laws and rules. Specifically, he strongly opposed the idea of FINRA or any other SRO acquiring regulatory jurisdiction over IAs. Washington's top two securities cops making no bones about their desire to create a consistent regulatory scheme for both BDs and IAs. Schapiro comments echo those made by Ketchum, her successor as FINRA chief. More from Investment News» Follow or join in a Discussion with thoughtful commentary at the Broker-Dealer, Investment Advisor Compliance Officers Group at LinkedIn. Pictured Mary Schapiro and Sen Chris Dodd from 3/26/09 hearing "Enhancing Investor Protection and the Regulation of Securities Markets – Part II" Click for 3 Panel,4 hour+ video.

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