After Complinet consultant Nick Paraskeva described the Obama Administration's reform proposals and their status in wending their way through Congress, the summit continued on Friday by considering how the proposals might impact brokerage firms.
Keystone Capital chief executive and chief compliance officer Lisa Roth, Gibson Dunn & Crutcher counsel K Susan Grafton, Pruco Securities CCO Andrew Shainberg and Financial Industry Regulatory Authority member relations senior vice president Chip Jones (pictured, left to right) discussed the topic.
Where we are, and where we might be headed
As Paraskeva noted, Congress is likely to improve investor protection by harmonizing the regulation of broker-dealers and investment advisers, and by putting brokers under a form of fiduciary duty. Congress may allow the Securities and Exchange Commission to bar mandatory arbitration clauses in brokerage agreements and may let the SEC delegate adviser examinations at dual registrants to the Financial
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