Michael Oxley Explains What He's Doing As A Lobbyist For FINRA

Wednesday, April 20, 2011 23:37
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Michael Oxley Explains What He's Doing As A Lobbyist For FINRA

The co-author of the Sarbanes-Oxley reforms is back in Washington helping Congress get perspective on the Dodd-Frank act -- on behalf of FINRA.

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In a short interview with AdvisorOne, Michael Oxley explains that as far as he's concerned, FINRA is the obvious choice to regulate advisors.

 

The logic is fairly simple. He's convinced that the SEC isn't going to get much more money from Congress than what's already been allotted to it. 

 

Unless the commission gets a lot more funding from the advisory community, there's just not enough cash available to ramp up supervision of advisors.

 

And in that event, a self-regulatory organization will have to step in to do the job instead. The only contender there, Oxley says, is FINRA.

 

Oxley alludes to somewhat mysterious "allies" for FINRA here. We'll have to see who they turn out to be.

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