It should come as no surprise that the Board of Trustees of the National Association of Insurance and Financial Advisors (NAIFA) unanimously recommended that the Financial Industry Regulatory Authority (FINRA) serve as the self-regulatory organization (SRO) to conduct examinations of Securities and Exchange Commission-registered investment advisers.
"NAIFA believes the most efficient, cost-effective answer is to authorize FINRA to conduct all RIA exams," says the trade group's press release. "FINRA is already subject to SEC oversight, and it would be easier for FIN
Having made its case on the topic of whether brokers should be given the same fiduciary responsibility as RIA reps, lobbying group SIFMA is now sparing few niceties blasting the Labor Department's fiduciary rules.
If the lobbying group for big brokerage firms had its way, the "universal" fiduciary standard laid out in the Dodd-Frank Act should be applied in different ways for brokers and investment advisors.
The Securities Industry and Financial Markets Association sent Mary Schapiro a 24-page open letter yesterday detailing its thoughts on a broker fiduciary standard.
As SIFMA points out, Dodd-Frank mandates "no less stringent" rules for how brokers should manage their relationships and responsibilities to clients than those that investment advisor