RIA's and state regulators are optimistic following a report that Barney Frank, Chair of the House Financial Services Committee, intends to oppose an amendment to legislation that would expand FINRA's regulatory authority to cover certain registered investment advisors, reports Investment News. The amendment would give FINRA authority to regulate the investment advisory business of firms that are dually registered - meaning that they are both registered investment advisors and broker-dealers. This would be a significant change in the regulatory landscape, and is one that many RIAs and industry groups oppose. On the other hand, some dually registered entities believe that dealing with a single regulator might be more beneficial. Stay tuned.
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November 19, 2009
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