Bill might expand FINRA's jurisdiction to all advisers

07/18/2010 | InvestmentNews (free registration)

The regulatory-reform bill doesn't specifically reference the Financial Industry Regulatory Authority's oversight duties, but some measures indicate that the agency's jurisdiction might be expanded. The legislation orders the Securities and Exchange Commission to look into fiduciary standards and write rules harmonizing the standards. However, the SEC's budget and time constraints mean oversight of the fiduciary duty might be handed to FINRA, industry observers said.

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