FINRA Championing Adviser SRO – and Its Own Suitability for the Job

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FINRA Championing Adviser SRO – and Its Own Suitability for the Job

May 24, 2011
But industry participants disagree over which regulator should get the gig; protracted debate expected

Marilyn Mohrman-Gillis, managing director for public policy and communications at the Certified Financial Planner Board of Standards Inc., is meeting with lawmakers to advocate that the SEC maintain its role as the primary adviser regulator.

To do so, it would need to charge user fees, which means Ms. Mohrman-Gillis has to convince Republicans they're not taxes. In her meetings, she makes the point that advisers will have to pay for more examinations – the question is whether the charges come as user fees to the SEC or fees to an SRO.

"The industry will be assessed an amount of money to increase oversight," Ms. Mohrman-Gillis said. "We need to have increased oversight. How are we going to pay for it?" Read more >

Investment News
Mark Schoeff Jr.
May 24, 2011

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