Dodd and Frank on Dodd-Frank
“We did very difficult, politically hard things” in the Dodd-Frank Act, former Massachusetts Congressman Barney Frank said July 21 as the law that bears his name celebrated its fifth anniversary. “My head hurt.”
New Hire Roundup: SEC Names Grim Director of Investment Management
Meanwhile, Merrill has created a retirement income and investment team and a Mercatus fellow has been named chief economist for House Financial Services.
Key Congressional Committees Get New Leaders
The start of the new GOP-controlled Congress brings with it new faces to key congressional committees that hold sway over a variety of issues impacting advisors.
QE Is Dead; What’s Next for Fed?
Some analysts expect longer-term fallout from QE’s end as the Fed juggles multiple challenges.
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.