Congressional Hearing On Advisor Regulation Coming Next Week

Thursday, September 08, 2011 08:01
Congressional Hearing On Advisor Regulation Coming Next Week

The House Financial Services Committee has set a hearing on advisor oversight for next Tuesday.

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Relatively few details have been released beyond the timing and the title, "Ensuring Appropriate Regulatory Oversight of Broker-Dealers and Legislative Proposals to Improve Investment Adviser Oversight."


However, people familiar with the event say it's likely that it will cover both the prospect of moving RIAs to a self-regulatory organizational (SRO) framework and the shape that a universal fiduciary standard will end up taking.


Supporters of the SRO idea will definitely be testifying. We know that FINRA has practically volunteered to take over RIA oversight -- a controversial notion, to say the least -- while advisor response has been fragmented.


We also know that the SEC isn't popular with the committee, which has scheduled another hearing on Thursday to look into possibilities for reforming the way the regulator operates.

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