Securities Law Prof Blog

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

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Friday, December 11, 2009

House Defeats Amendment Subjecting B-D Investment Advisers to FINRA Regulation

An amendment to the House financial regulation legislation that would have subjected investment advisers associated with broker-dealers to FINRA regulation was defeated by voice vote.  This is a battle of the titans among influential lobbyists, as the broker-dealer groups go against the investment advisory groups.  The broker-dealers might have expected more support since FINRA's former CEO, Mary Schapiro, is now SEC Chair, but that isn't how it played out.  InvNews,House scraps plan to place B-D advisers under Finra (UPDATED).  (hat tip:  Jill Gross)

http://lawprofessors.typepad.com/securities/2009/12/house-defeats-amendment-subjecting-bd-investment-advisers-to-finra-regulation.html

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