Advisor SRO Debate

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  SEC Funding Boost ‘Not Going to Happen’: SRO Bill Co-Sponsor

  By Melanie Waddell, AdvisorOne  |  June 6, 2012

  Opponents of Rep. Spencer Bachus’ bill calling for a SRO to oversee advisors had their hopes that the SEC would receive a boost in funding in order to thwart an SRO quashed on Wednesday.

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  In FSI Testimony Before Congress on SRO, a Call for a Level Regulatory Field

  By Dale Brown, Financial Services Institute  |  June 6, 2012

  In voicing support for HR 4624, FSI believes an advisor SRO will close an unacceptable regulatory gap that leaves investors exposed to potential fraud and abuse at the hands of unscrupulous investment advisors.

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  Are Ketchum’s Arguments for SRO the Best FINRA Can Come Up With?

  By Bob Clark, AdvisorOne  |  June 6, 2012

  My response to reading the FINRA chief’s testimony before Congress on advisor SRO: Really, dude?

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  Combatants Gear Up for SRO Hearing

  By Melanie Waddell, AdvisorOne  |  June 1, 2012

  Their collective rallying cry: an SRO isn’t needed—particularly if that SRO is FINRA. What to do instead? Fund the SEC so that it can conduct more frequent advisor exams.

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  GAO Criticizes FINRA, SEC on Oversight

  By Arthur D. Postal  |  June 1, 2012

  Serious questions are being raised about the effectiveness of FINRA and whether the SEC spends enough time overseeing this self-regulatory agency.

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  Why Bachus’ SRO Bill Misses the Target

  By Jack Herstein, NASAA  |  June 1, 2012

  Bachus’ SRO bill would impose rigid exam standards on state regulators without corresponding standards on either the SEC or SROs.

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  Bachus’ SRO Bill Blasted by Government Watchdog

  By Melanie Waddell, AdvisorOne  |  May 29, 2012

  The nonpartisan Project on Government Oversight told Reps. Spencer Bachus and Barney Frank in a letter on Tuesday that it opposes Bachus’ bill to create an advisor SRO.

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  FINRA Hits Back in Battle Over Advisor SRO

  By Melanie Waddell, AdvisorOne  |  May 29, 2012

  FINRA is now refuting a review, done by Boston Consulting on behalf of several investment advisory trade groups, that challenged FINRA’s cost estimates in assuming an SRO role.

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  Why FINRA Is the Right SRO for RIAs

  By Joseph R. Russo, FSI  |  May 29, 2012

  FSI Chairman Joe Russo lays out the FSI’s arguments for FINRA as the best SRO for RIAs, and says 75% of FSI advisor members concur with the group's position.

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  Some Questions—and Answers—on the Spencer Bachus SRO Bill

  By David Tittsworth, IAA  |  May 14, 2012

  Some of the answers: FINRA is the only viable option that has been identified as an SRO and, as Mercer Bullard commented, "the bill would impose a tax on small advisory businesses...and mainstream investors they represent."