FINRA Offers To Take Investment Advisers Off SEC's Hands

Law360, New York (June 6, 2012, 7:37 PM EDT) -- The head of the Financial Industry Regulatory Authority told lawmakers Wednesday that his group was willing and able to assume oversight of investment advisers since the U.S. Securities and Exchange Commission apparently lacks the resources needed to properly police the industry.

During a House Financial Services Committee hearing, FINRA CEO and Chairman Richard G. Ketchum said he supports legislation that would force the SEC to relinquish regulatory responsibility for investment advisers to a private industry body with more resources to spare.

The SEC examined only 8...
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