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December 11, 2009 |
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FINRA WON'T OVERSEE B/D RIAs
A provision that would have given FINRA the authority to inspect and regulate any investment advisor associated with a broker/dealer was deleted from the huge financial services reform bill being shepherded by Rep. Barney Frank in the House.
To read the complete story, please click here.
See these articles for more issues of interest to advisors and their clients in Washington:
House to Vote on Financial Services Reform Bill Today
The House of Representatives is set to vote on a giant financial services reform package, H. R. 4173, the Wall Street Reform and Consumer Protection Act, reports WealthManagerWeb.com Editor-in-Chief Kate McBride. The bill contains everything from proposed controls on banking and systemic risk oversight, to consumer protections for dealing with lenders, to the Investor Protection Act.
To read the complete story, please click here.
IAA APPLAUDS REMOVAL OF FINRA PROVISION ON B/Ds AND RIAs FROM REFORM BILL
In response to the voice vote in the House of Representatives on December 11 during debate on the financial services reform bill which struck down the provision that would have allowed the SEC to give FINRA inspection and rulemaking authority over a large segment of investment advisory firms, Investment Adviser Association Executive Director David Tittsworth issued a statement of approbation.
To read the complete story, please click here.
Legislative Financial Services Reform: The Context
In her December Washington Watch column, Investment Advisor Washington Bureau Chief Melanie Waddell provides a comprehensive overview of reform efforts under way in the Congress, including the bill in the Senate offered by Sen. Chris Dodd.
To read the complete story, please click here.
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