FINRA quietly shifts SRO efforts to Senate
February 8, 2013 by Melanie Waddell
The Financial Industry Regulatory Authority has now set its sights on the Senate to push a bill that would give FINRA the authority to become the self-regulatory organization (SRO) for advisors, as the House Financial Services Committee is unlikely to pursue an SRO bill this year.
“FINRA has been trying for several months to quietly obtain sponsors for an SRO bill in the Senate, rather than in the House” where the self-regulator failed to have former House Financial Services Committee Chairman Rep. Spencer Bachus’ bill “come up for a vote at the committee level last year,” Ron Rhoades, assistant professor and chairman of the financial planning program at Alfred State College, told AdvisorOne on Thursday.
Karen Nystrom, head of public policy and advocacy for the National Association of Personal Financial Advisors (NAPFA), confirmed that rumors have indeed been swirling that FINRA is seeking Senate sponsors for an SRO bill. Click here to read…
