Bill targeting independent contractors could pit unions against advisers
Sen. John Kerry of Massachusetts will look at whether financial advisers should continue to be classified as independent contractors.
Bill would pave the way for mutual funds to invest in commodities
Mutual funds could invest directly in commodities under legislation introduced Wednesday by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., and Select Revenue Measures Subcommittee Chairman Richard Neal, D-Mass.
SEC wilts on surprise adviser audits
The SEC is backpedaling on a proposal that would require advisory firms that deducted fees from client accounts to undergo costly surprise audits.
Industry groups feeling the pinch from the economy
The economic downturn is hurting the associations that represent financial planners, investment advisers and big brokerages.
Power play: Advisory industry pressing to halt expansion of Finra’s oversight
Opposition is mounting to proposed legislation — which is scheduled for a vote in the House tomorrow — that would harmonize regulations governing broker-dealers and investment advisers.
FSI supports self-regulator for advisers
The Financial Services Institute Inc. is now clamoring for a self-regulatory organization to oversee investment advisers.
SEC reopens comment period on board nomination proposal
The Securities and Exchange Commission will reopen the comment period for its shareholder director nomination proposal.
Chief lobbyist leaving SIFMA for restaurant association
Scott DeFife, senior managing director of government affairs at the Securities Industry and Financial Markets Association, is leaving to take a job at the National Restaurant Association.
No limelight, just labor
House Financial Services Committee Chairman Barney Frank, D-Mass., gets most of the attention on banking and securities issues, but the committee's second-ranking Democrat, Rep. Paul Kanjorski, is the one handling the issues most important to financial advisers.
Proposal would mean less oversight for some B-D auditors
An amendment to legislation to be considered today by the House Rules Committee could exempt accounting firms that audit certain broker-dealers from having to register with the Public Company Accounting Oversight Board.