Investment Advisers Warm To Idea Of FINRA Oversight

Law360, New York (May 29, 2012, 8:42 PM EDT) -- Investment advisers reluctantly support a controversial proposal to appoint the Financial Industry Regulatory Authority as their new regulator rather than having Congress give the U.S. Securities and Exchange Commission the extra resources needed to oversee them, an industry leader said Tuesday.

In April, House Financial Services Chairman Spencer Bachus, R-Ala., and Rep. Carolyn McCarthy, D-N.Y., introduced a bill that would establish at least one self-regulatory body like FINRA to oversee investment advisers. The move is meant to shift the regulatory burden away from the SEC, which...
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