Finra hires big gun to lobby for adviser SRO

Michael Oxley, the former congressman who co-wrote the Sarbanes-Oxley Act of 2002, has registered as a lobbyist for Finra to promote its campaign to become the self-regulator of investment advisers
JUN 15, 2011
By  Bloomberg
Michael Oxley, the former congressman who co-wrote the Sarbanes-Oxley Act of 2002, has registered as a lobbyist for Finra to promote its campaign to become the self-regulator of investment advisers. Mr. Oxley, a partner at Baker Hostetler LLP, registered this month as a lobbyist for the Financial Industry Regulatory Authority Inc., saying that he will 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 that the Securities and Exchange Commission should appoint a self-regulatory organization to take over examinations of investment advisers. A January SEC study mandated by the Dodd-Frank Act suggested using SROs as an option to increase adviser oversight. Congress hasn't yet authorized the SEC to make a rule. Mr. Oxley, 67, an Ohio Republican who was chairman of the House Financial Services Committee and also is a senior board adviser at Nasdaq OMX Group Inc., didn't respond to a request for comment. When he registered March 5 as a lobbyist, he included as an associate Peggy Peterson, his former communications director on Capitol Hill, who also now works at Baker Hostetler. Nancy Condon, a Finra spokeswoman, declined to comment about Mr. Oxley's hiring. The Sarbanes-Oxley Act, passed in the wake of the Enron Corp. accounting scandal, was designed to protect investors from fraudulent corporate accounting.

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave