Financial Industry Regulatory Authority chairman and chief executive Rick Ketchum told Complinet that FINRA is prepared for a proposed law that would let it examine the advisory businesses of dually registered broker-dealers and investment advisers.
"We're in there now," Ketchum said.
FINRA has been examining the affiliated businesses of its member firms, but Ketchum acknowledged that more and more formal responsibility will require hiring and training more staff, including individuals with specialized knowledge and experience with advisory firms and issues.
The Financial Services Committee sent the House a bill Wednesday, the Investor Protection Act of 2009, that would, among other things, authorize the Securities and Exchange Commission to harmonize the obligations of brokers and advisers by imposing a fiduciary duty on anyone who provides personalized investment advice to retail investors; and delegate adviser examinations of dual registrants to FINRA.
Ketchum discussed these
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