The Financial Industry Regulatory Authority has declared it will no longer lobby the House Financial Services Committee to designate it as the self-regulatory organization for registered investment advisers. However, few believe FINRA has abandoned issue. It is reportedly seeking sponsors for an SRO bill in the Senate. It is also believed that FINRA will focus on other legislative priorities until the legislative environment is more favorable. One possible scenario is that FINRA will wait for the Securities and Exchange Commission to ask for its help. AICPA is monitoring this issue and will keep you apprised of developments.
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