Finra hires big gun to lobby for advisor biz SRO

Michael Oxley of 'Sarbanes-Oxley' fame will push for self-regulation of investment advisers

Mar 21, 2011 @ 1:08 pm

Michael Oxley, the former congressman who co-wrote the Sarbanes-Oxley Act of 2002, has registered as a lobbyist for the Financial Industry Regulatory Authority to promote self-regulation of investment advisers.

Oxley, a partner at Baker Hostetler LLP in Washington, registered this week as a Finra lobbyist, saying he would work on securities regulation and the “harmonization of regulation of broker-dealers and investment advisers,” according to his registration form. Finra oversees about 4,560 brokerage firms and is interested in expanding to investment advisers.

Finra contends the U.S. Securities and Exchange Commission should use a self-regulatory organization, or SRO, to take over examinations of investment advisers from the agency.

A January SEC study -- mandated by the Dodd-Frank Act's regulatory overhaul -- suggested using SROs as an option to increase adviser oversight. Congress hasn't yet authorized the SEC to make a rule.

Oxley, 67, an Ohio Republican who was chairman of the House Financial Services Committee and is also a senior board adviser at NASDAQ OMX Group Inc., didn't immediately respond to a request for comment. His March 15 lobbyist registration included his former communications director on Capitol Hill, Peggy Peterson, who also works at Baker.

Nancy Condon, a Finra spokeswoman, said the regulator had no comment on Oxley's hire.

The Sarbanes-Oxley Act, passed in the wake of the Enron accounting scandal, was designed to protect investors from fraudulent corporate accounting.

--Bloomberg News--

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

WisdomTree's Maute: Developing elegant tech-enabled solutions

Advisers need unique technology-enabled solutions in order to have more time to expand their practice, according to WisdomTree's Alisa Maute. What can be done today to create a more thriving business of tomorrow.

Latest news & opinion

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print