{"id":946,"date":"2011-09-13T22:22:15","date_gmt":"2011-09-13T22:22:15","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/09\/finra_tells_congress_it_is_rea"},"modified":"2022-03-09T16:08:00","modified_gmt":"2022-03-09T22:08:00","slug":"finra-tells-congress-it-is-rea","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-tells-congress-it-is-rea\/","title":{"rendered":"FINRA Tells Congress It Is Ready to Act as SRO for Investment Advisors"},"content":{"rendered":"

\t\t\t\tSpeaking before a House Financial Services Committee, Financial Industry Regulatory Authority Chief Executive Richard Ketchup said that the self-regulatory organization is ready to set up a new entity to oversee investment advisers and make sure they are in compliance with federal securities laws. Ketchum also said the SRO would hire experienced staff to do the job and that regulatory oversight to tailored to investment advisers would be put into place.<\/p>\n

Currently, the Securities and Exchange Commission is the watchdog for investment advisers. Staffing issues, however, prevent the commission from doing a thorough and frequent job-checks are about once every 11 years. Last year, the SEC was only able to examine 9% of all registered investment advisers. <\/p>\n

Yet there are many in the financial industry that have expressed a preference for this status quo, or, if change has to happen, they would like state regulators to do the job. Some have expressed worry that FINRA would uphold investment advisers to rules more that applicable to broke-dealers. Others are not sure that the SRO is up to the task. Many are still not happy with FINRA’s performance as a financial industry watchdog prior to financial crisis. (It is important to note that FINRA has taken some responsibility for not discovering the Bernard Madoff Ponzi scam earlier.)<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Speaking before a House Financial Services Committee, Financial Industry Regulatory Authority Chief Executive Richard Ketchup said that the self-regulatory organization is ready to set up a new entity to oversee investment advisers and make sure they are in compliance with federal securities laws. Ketchum also said the SRO would hire experienced staff to do the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3781],"tags":[],"class_list":["post-946","post","type-post","status-publish","format-standard","hentry","category-finra","category-investment-advisers"],"yoast_head":"\nFINRA Tells Congress It Is Ready to Act as SRO for Investment Advisors — Investor Lawyers Blog — September 13, 2011<\/title>\n<meta name=\"description\" content=\"Speaking before a House Financial Services Committee, Financial Industry Regulatory Authority Chief Executive Richard Ketchup said that the — September 13, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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