Securities Law Prof Blog

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

Tuesday, June 5, 2012

Ketchum on SRO for Investment Advisers

Richard G. Ketchum, Chairman and Chief Executive Officer, FINRA, testified today before the House Committee on Financial Services on  H.R. 4624, the Investment Adviser Oversight Act of 2012.

Bottom line:

H.R. 4624 represents a direct, bipartisan response to the SEC's study and recommendations, and is an important and thoughtful effort to help fill the gap in the protection of investment advisory clients. Specifically, the legislation addresses the current lack of Commission resources and allows self-regulatory organizations registered with and subject to strict SEC oversight to assist government regulators in providing closer and more regular oversight of investment advisers who serve predominantly retail investors. The legislation also would free up resources for the SEC to examine investment advisers who primarily serve institutional clients.

 Testimony of other witnesses is available at the Committee's website.

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