Compliance
Give States Oversight And Examination Authority Over RIAs Managing $1 Billion Or Less To Solve The RIA Regulatory Mess
- Details Category: Registered Investment Advisors
The number of RIAs regulated by the Securities and Exchange Commission has surged, and the amount of money managed by newly-regulated RIAs has exploded. While the Financial Planning Coalition, Investment Adviser Association and other groups representing RIAs have proposed increased funding for the SEC and “user fees” to pay for an RIA exam program, across the board cuts in federal spending mandated by law make decreased SEC funding to regulate investment advisors more likely.
What’s the solution?
Assign regulation of RIAs with less than $1 billion t
Former SEC Chair Levitt Says Since SEC Did Not Pursue Money Fund Reform, FSOC Certainly Should
- Details Category: Regulatory
Former SEC chair Arthur Levitt says the SEC blew its chance to fix the money fund problem. He refused to sign a letter prohibiting another regulatory body (namely, the Financial Stability Oversight Council or FSOC) from doing the job for the commission.
He says the funds were at the heart of the 2008 crisis. When the Reserve Primary Fund broke with the $1 per share NAV, it caused a run on the funds that the Treasury had to put a plug in at the cost of hundreds of billions of taxpayer dollars.
FINRA Reissues Controversial Business Practice Rules Of 2010
- Details Category: Regulatory
FINRA is reissuing a set of controversial rules for advisors. The original rules were issued in 2010 and comments signaled that the requirement for 30-days’ notice from its members for changes in a number of routine business activities was too far-reaching.
SEC Chief, Testifying Before Senate, Says Dodd-Frank Replaced 2,250 RIAs And $115 Billion AUM With 1,500 New RIAs Managing $3 Trillion
- Details Category: Registered Investment Advisors
SEC Chair Elisse Walter, in testimony prepared for the Senate today, does not have much new to say about a regulatory solution for RIAs, which was mandated when the Dodd-Frank Act was passed in July 2010. But she offers up a scary fact about the regulatory mess the agency is facing.
“Since the Act became effective, approximately 2,250 formerly SEC registered advisers have transitioned to state registration and approximately 1,500 advisers to hedge funds and private equity funds have registered with the Commission,” says Walter in prepared remarks. “These new adviser registran
Massachusetts Calls On SEC To Prohibit RIAs From Using Mandatory Arbitration Clauses, Saying It Is "Troubling," Widespread And Not Consistent With Fiduciary Practice
- Details Category: Registered Investment Advisors
The Secretary of the Commonwealth of Massachusetts, in a public letter, is calling on the U.S. Securities and Exchange Commission to prohibit Registered Investment Advisers from inserting mandatory arbitration clauses in their contracts, saying such clauses are widespread, not always in the best interest of consumers, and inconsistent with fiduciary practice.
More Articles ...
- POGO Report Shows Possible Influence Of Wall Street Executives On SEC Policy And Enforcement Decision Making
- FINRA Puts SRO Priority On Back Burner, Noting Little Momentum In Congress In Support Of The Measure
- FINRA Pulls Proposal To Eliminate 5% Rule As A Result Of Commentary
- FINRA Creates Interim Form For Crowdfunding Portals And Will Use Information Gathered To Formulate Rules
