Harmonization Headache: Thornier Than Fiduciary?
The debate over the outcome of the SEC's fiduciary rule is bringing to light what could turn out to be an even more contentious issue: whether such a rule will include harmonizing advisor and broker rules.
Schwab’s Clark to SEC: Don’t Link Fiduciary and Harmonization
As the SEC continues to gather data for a fiduciary rule, Bernie Clark of Schwab Advisor Services says Schwab’s mission is to ensure that a fiduciary rule is not coupled with harmonization of broker and advisor rules.
Brokers Manage Products; Investment Advisors Manage Process
The absurdity of suggesting that investment advisors and broker-dealers often provide “indistinguishable services” demonstrates a stunning depth of misunderstanding regarding the two industries.
The Heat Rises on FINRA as Advisor SRO
Just as a government watchdog is pressuring the Securities and Exchange Commission (SEC) to beef up its oversight of the Financial Industry Regulatory Authority (FINRA), Congress is mulling whether to give FINRA the power to oversee advisors.
SRO Bill May See July Vote; SEC Gets Glint of Hope for Extra Funds
Despite the fact that a late June markup of Rep. Spencer Bachus’ SRO bill was delayed, he still “intends to move the bill forward through committee,” says Dan Barry of FPA.
NAPFA: 8 Ways FINRA Oversight Will Hurt Indie Advisors
NAPFA has sounded the alarm against House Financial Services Chairman Spencer Bachus’ bill calling for a SRO to oversee advisors.
Bachus’ SRO Bill Blasted by Government Watchdog
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.
Bachus Reintroduces SRO Bill
House Financial Services Chairman Spencer Bachus reintroduced in late April his draft bill calling for a self-regulatory organization (SRO) for advisors.
Bachus, McCarthy Introduce SRO Redraft
House Financial Services Chairman Spencer Bachus reintroduced on Wednesday his draft bill calling for an SRO for advisors—one week after industry sources told AdvisorOne that an SRO bill was imminent.
Fiduciary Duty Concept Release Likely by Summer: Ex-SEC Exec
The SEC may likely issue a concept release this summer regarding putting brokers under a fiduciary mandate, Andrew “Buddy” Donohue, the former director of the SEC’s Division of Investment Management, said Monday.