Industry trade groups, consumer advocates and advisor partners are gearing up for the House Financial Services Committee's hearing Wednesday on Rep. Spencer Bachus' bill calling for a self-regulatory organization to oversee advisors.
Their collective rallying cry: an SRO isn't needed—particularly if that SRO is the Financial Industry Regulatory Authority. What to do instead? Fund the Securities and Exchange Commission so that it can conduct more frequent advisor exams.
But FINRA will have a chance to defend itself as a FINRA official is slated to testify. Others testifying include David Tittsworth, executive director of the Investment Adviser Association, as well as officials from the Financial Services Institute, the Securities Industry and Financial Markets Association , the North American Securities Administrators Association, and the National Association of Insurance and Financial Advisors.
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