D-Day: Hearing for controversial SRO plan set for June 6

Bachus bill to be discussed in front of house panel; sides already lining up

May 23, 2012 @ 2:00 pm

By Liz Skinner

Official debate on the controversial proposal to shift oversight of investment advisers from the Securities and Exchange Commission to a self-regulatory-organization will begin June 6 at a House Financial Services Committee hearing announced Wednesday.

The Financial Services Institute, which supports the bill, said it expects to testify at the 10 am hearing in Washington. The Investment Adviser Association, which opposes the measure, said it hasn't yet been asked to appear, but hopes to be invited.

In recent weeks, both advocates and opponents of the Investment Adviser Oversight Act of 2012 have boosted their lobbying efforts with congressmen. The IAA said Wednesday that it will go ahead with a planned June 7 Capitol Hill Day to send members to congressional offices to argue that a SRO would add a costly new layer of regulation for advisory firms.

The bill to be examined on June 6 was introduced last month by House Financial Services Committee Chairman Spencer Bachus, R-Ala., and Rep. Carolyn McCarthy, D-N.Y. It would authorize one or more SROs for investment advisers that would report to the SEC. All advisers with retail clients would have to join one of the SROs and pay membership dues.

(With reporting by Mark Schoeff Jr.)

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Why some retirement plan advisers think Fidelity is invading their turf

InvestmentNews editor Frederick P. Gabriel Jr. and reporter Greg Iacurci talk about this week's cover story that looks at whether Fidelity Investments is stepping on the toes of retirement plan advisers.

Latest news & opinion

Is Fidelity competing with retirement plan advisers?

As the Boston-based mutual fund giant expands the products and services it brings to the retirement market, some financial advisers say the firm is encroaching on their turf.

Gun violence hits investment strategies, sparks political debates with advisers

Screening out weapons companies has limited downside.

Whistleblower said to collect $30 million in JPMorgan case

The bank did not properly disclose that it was steering asset-management customers into investments that would be profitable for JPMorgan Chase.

Social Security underpaid 82% of dually entitled widows and widowers

Agency failed to tell survivors that they could switch to a higher retirement benefit later.

Galvin charges Scottrade with DOL fiduciary rule violations

Action of Massachusetts' top regulator shows states can put teeth into a rule under review by the Trump administration.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print