Lobbying costs at Finra down from last year

Pullback on push for adviser SRO is one big reason

Jul 21, 2013 @ 12:01 am

By Mark Schoeff Jr.

The Wall Street regulator of broker-dealers has decreased its spending on lobbying federal lawmakers substantially over the past year, in part because it isn't pushing for legislation that would allow it to expand its reach to investment advisers.

The Financial Industry Regulatory Authority Inc. recorded $220,000 in lobbying expenses for the second quarter, according to a report filed with the Clerk of the House of Representatives, bringing its total expenditures for Capitol Hill advocacy to $450,000 so far this year.

At the halfway point of 2012, Finra had spent $550,000. Last year, Finra was spearheading support for a measure that would establish a self-regulatory organization for investment advisers.

Adviser SRO

Although that bill, written by Rep. Spencer Bachus, R-Ala., then chairman of the House Financial Services Committee, didn't mention Finra by name, the organization argued that it was best positioned to become the adviser SRO — the role it fills for brokers.

Mr. Bachus' bill died without a committee hearing. He is no longer chairman of the panel and neither he nor any other legislator has reintroduced an SRO bill this year.

Last year, Finra listed Mr. Bachus' bill as one of its issues on its lobbying disclosure form. This year, Finra's description is generic: “regulation of broker-dealers, securities industry and markets ... investor protection and education.”

Finra's lobbying costs still surpass investment adviser groups'.

The Investment Adviser Association spent $90,000 in the first half, down from $130,000 a year earlier.

The Financial Planning Association spent $75,000 on lobbying through July 1, according to the Center for Responsive Politics.

The Financial Services Institute Inc. spent $399,000 in the first half, up from $180,000 a year earlier.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Schwab's Tabor: Top 3 takeaways from the women's think tank

Leslie Tabor is a firm believer that women bring tremendous value to the industry, but there's still work to be done to attract them to financial services.

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