Last week was busy for the House Financial Services Committee, as they were voting on/discussing/marking up three bills that are a major part of financial regulatory reform. You can see some of the developments from those sessions in the "news" section below, including increased state oversight of RIAs, regulation of hedge funds, and oversight issues. Of course, with movement in reform comes statements from the major advocacy groups, including the Financial Planning Coalition, and many of the remarks at SIFMA's annual meeting were directed to reform issues as well. Further markup of the Investor Protection Act occurs this week, so expect the news to continue flowing.
On to the links...
In the news/commentary:
- Five steps for private foundations to avoid the next Madoff
- Schapiro advises caution on idea of increased state oversight of RIAs
- House approves increased state oversight anyway
- Financial Services Committee votes for regulation of hedge funds
- A devalued dollar would change the nature of asset allocation
- New financial reform amendment would give FINRA oversight of broker-affiliated advisers
- Industry groups quickly lined up to criticize the new amendment
- Fiduciary duty, conflicts of interest at heart of Supreme Court case on mutual fund fees
- A good consumer media article on fiduciary duty as the heart of regulatory reform
From the organizations/associations/government/academia:
- Schapiro outlines "The road to investor confidence" to open SIFMA
- Also at SIFMA, Ketchum calls for new paradigm in financial services to restore investor confidence
- New Reish ERISA Controversy Report on more post-Madoff fallout, litigation against advisers and liability insurance
- NASAA wants to preserve the Investor Protection Act's study into conflicted SROs
- Financial Planning Coalition and others call for a non-watered down fiduciary standard
- The Senate Special Committee on Aging held target date fund hearings
From the blogs:
- Fiduciary News interviews the Mutual Fund Fee Myth Busting Professor
- Active vs. passive doesn't have to be an either/or choice
- Might harmonization be harder on RIAs than B/Ds?
- What is the carrot on the stick for advisors to become more ethical?
Tweet of the week: @jansackley: The word #fiduciary is absent from Finra manual and exam procedures and Finra has no expertise with such standard. Yikes!
Have a link we missed? Leave them in the comments section or email us at blog@fi360.com. For more of the best links during the week, make sure you follow us on Twitter.
Comments