The Securities Litigation Expert Blog

SEC/Finra Battle for Regulation of RIAs is Heating Up

Posted by Jack Duval

Oct 10, 2012 4:32:34 AM

Melanie Waddell of AdvisorOne reports that SEC Commissioner Daniel Gallagher has been casting rhetorical aspersions on Finra's ability to regulate RIAs.  (AdvisorOne)  Here's a taste:

“Is FINRA becoming a ‘deputy SEC’?” Gallagher, a Republican, asked during a recent speech at a Securities Industry and Financial Markets Association conference. “With all of the issues facing the broker-dealer industry it was created to oversee, should FINRA be seeking to branch out into entirely new fields of responsibility, such as regulating investment advisors?” he asked. “Is ‘mission creep’ affecting FINRA’s ability to perform its core duties?”

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Topics: Daniel M. Gallagher, FINRA, RIA, AdvisorOne, SRO, SEC, Melanie Waddell, regulation.

Philosophical Self-Reflection at the SEC

Posted by Jack Duval

Oct 7, 2012 2:30:21 AM

Commissioner Daniel M. Gallagher ponders some big questions about the meaning and purpose of the SEC and Finra in a speech entitled “Market 2012: Time for a Fresh Look at Equity Market Structure and Self-Regulation”.  (SEC)

I'm busy today, so comments will have to come later.

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Topics: Daniel M. Gallagher, FINRA, speech, self-regulation, SEC, Compliance, regulation.

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