NAIFA Backs FINRA Examination Of SEC-Registered Investment Advisers

Friday, July 29, 2011 09:50
NAIFA Backs FINRA Examination Of SEC-Registered Investment Advisers

Tags: broker-dealers | Dodd-Frank | financial planning | investment advisors | registered investment advisors | SRO

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 FINRA to expand its current, substantial examination capabilities to cover RIAs than it would be to establish new SROs or significantly increase SEC exam programs."


NAIFA says it represents the interests of approximately 200,000 agents and their associates nationwide, whose practices focus on  life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. The organization in 1999 changed its name from the National Association of Life Underwriters. 

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