Investment Advisers Plan Lobbying Efforts Against SRO

I have previously blogged on proposed legislation that would establish a SRO to regulate investment advisers, an initiative that had traction but has stalled in recent months.  Investment advisers generally are opposed to the idea of an SRO and the proposal that FINRA take over the responsibility for examining investment advisers.  The Investment Advisers Association is planning a "lobbying day" for June 7 and encouraging financial advisers to meet with members of Congress to discuss their concerns with the draft SRO bill.  IAA officials are concerned that Senator Bachus may soon issue a revised draft or introduce a formal bill soon.  InvNews, IAA, Finra rivalry hotting up as SRO bill nears