Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, October 30, 2009

Continued Fight over Regulation of Investment Advisers by FINRA

Investment advisers, state regulators and consumer advocates were critical of the adoption of an amendment to the Investor Protection Act that would give Finra power to oversee any adviser associated with a registered broker-dealer, including about 500 dually registered Finra members.
That amendment, which the House Financial Services Committee approved Wednesday by a voice vote, would give the SEC the authority to allow the Financial Industry Regulatory Authority Inc. to expand its oversight of brokers' registered investment advisers.  InvNews, Industry blasts move that would expand Finra's authority over advisers.

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