Wednesday, August 19, 2009


FPA to FINRA: Mind Your Own Business

The Financial Planning Association, a group representing investment advisors, has urged the SEC to stop FINRA from infringing on its regulatory territory.

In a letter sent yesterday to SEC chairman Mary Schapiro, Richard Salmen, the president of the FPA, expressed his concerns that FINRA was attempting to increase its regulatory scope. Under the Investment Advisers Act of 1940, the SEC has the authority to regulate investment advisors who oversee client assets of $25 million or more.

FPA to FINRA: Mind Your Own Business
Source: Financial-Planning

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