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

The man who put the 'Ox' into 'SarbOx' (Bloomberg News)
+ Zoom
The man who put the 'Ox' into 'SarbOx' (Bloomberg News)

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

Sponsored financial news

Featured video

Events

Why are most advisers stuck in the trenches?

What are top advisers doing to stand out? Scott Conroy of Carson Group offers some strategies for success.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

How adviser salaries stack up to other jobs

Median compensation hovers just under $100,000 on the low end and reaches nearly $300,000 for bosses.

How to save retirement planning from tax reform

Losing big deductions, even in lieu of a larger standard deduction, may cause taxes to rise in retirement.

Advice firms in a tricky financial position

As revenue growth dips and salaries rise, nearly 90% of firms are at or near capacity.

In a turnaround, Wells Fargo Advisors sees slight bump in headcount

Racked by a scandal in its retail banking unit, Wells still managed to add 37 new advisers in the third quarter, a small number but an improvement nonetheless.

Social Security benefits to increase by 2% in 2018

Largest cost-of-living adjustment since 2012 may be offset for some by higher Medicare premiums.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print