Outlook 2012: Washington — Final Outcomes on Fiduciary, SRO?
The regulatory/legislative front will heat up in the New Year for advisors, with four issues taking center stage—the SEC and DOL's fiduciary rules, an SRO for advisors and the 'switching' of advisors.
SEC to Get $136M Increase Under New Spending Bill for 2012
Bipartisan deal to avert government shutdown includes $1.3 billion in funding for the SEC in 2012, but $25 million cut from Dodd-Frank reserve fund; extension of payroll tax cut still up in the air.
Unfinished Business: Advisors Debate Fiduciary Standard, SRO
As we near the end of 2011, two of the top issues for the advisory industry remain unresolved: a fiduciary mandate for brokers and a SRO for advisors.
Harmonizing Advisor, BD Rules Back Burner Issue for SEC: fi360's Thompson Says
Harmonization of advisor and broker rules is an issue that’s “lower on the totem pole” for the SEC now, Duane Thompson, senior policy analyst with fi360, said on Thursday. However, there are clearly areas where harmonization needs to occur.
Separate but Equal?
To hear Duane Thompson tell it, now that the Republicans have control of the House of Representatives, a bill authorizing a self-regulatory organization for investment advisors any time soon is unlikely.
SRO Bill May Arrive This Fall
Lawmakers and industry officials debated the merits in mid-September of whether there should be a self-regulatory organization (SRO) for advisors, and at least one industry official says to expect SRO legislation from the House this fall.
Congress Urged to Preserve States' Authority in Any SRO for Advisors
Just as the Pennsylvania Securities Commissioner was warning members of a House subcommittee on Tuesday to not trump states’ authority in potentially requiring an SRO for advisors, the newly christened NASAA president was beating the same drum miles away.
From D.C. Insider Duane Thompson, Some Optimism for Independent Advisors
A conversation with FPA's former chief lobbyist gives me some hope that independent advisors will stay independent of Wall Street and FINRA.
Former FPA Lobbyist Thompson Joins Fiduciary360
Thompson "has demonstrated over the years an ability to successfully advocate on complicated fiduciary and regulatory issues impacting advisors and investors."
At FPA Annual Gathering, Celebration and Resolve
At its annual gathering, the Financial Planning Association celebrated the 40th anniversary of the founding of the profession, complete with a new history of the...