Lawmakers introduce bill calling for SRO for advisers

04/25/2012 | InvestmentNews (free registration) · AdvisorOne

House Financial Services Chairman Spencer Bachus, R-Ala., and Rep. Carolyn McCarthy, D-N.Y., introduced legislation to put financial advisers under the supervision of a self-regulatory agency, rather than the Securities and Exchange Commission. The lawmakers said the SEC doesn't have the resources to properly regulate financial advisers. The AICPA expressed its opposition to the bill, urging Congress to keep oversight of investment advisers with the SEC.

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InvestmentNews (free registration) · AdvisorOne

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