No Surprise: FINRA Still Wants Oversight Over RIAs

Wednesday, May 25, 2011 06:43
No Surprise: FINRA Still Wants Oversight Over RIAs


Rick Ketchum at FINRA says he's moving the bar toward a universal fiduciary standard now, but it might come via universal FINRA supervision of RIA firms as well as broker-dealers.

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Ketchum laid out his vision of the near-term future of securities regulation yesterday. at FINRA's annual conference.


It was a wide-ranging speech, covering just about everything from cracking down on Reg. D products to better oversight of the credit rating agencies.


However, while he talked about the fiduciary standard as being inevitable for the entire industry, he did not specifically allude to the controversy surrounding whether RIAs should go on under SEC supervision.


He apparently reserved his thoughts on that front for impromptu comments indicating that "hopefully" RIAs will end up being regulated by a self-regulatory organization like FINRA instead.


No real news on that front. But it does look like some form of "fiduciary" standard is on the way -- even though it's still unclear just what form that will take.

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