投资顾问对新的监管制度

弗罗里达州代托纳比奇市的独立财务顾问克里斯托弗•坎农偶然成了说客。坎农是私人财富管理公司firsttrust的合伙人，他出席了美国金融业监管协会(Financial Industry Regulatory Association)一名代表的演讲，该代表解释了为什么美国金融业监管局(Finra)应该监管他这样的注册独立顾问。据坎农回忆，这位代表的主要论点之一是，美国证券交易委员会(Securities and Exchange Commission)未能抓住伯纳德•马多夫(Bernard Madoff)。加农反驳道:“麦道夫不也是受美国金融业监管局监管的吗?”经纪人转移了话题，但坎农没有。他决心对由哪个机构来管理他发表自己的意见。“真正让我热血沸腾的是什么，”Cannon说亚博赞助欧冠，是房屋金融服务委员会主席斯宾塞巴克斯的后期声明。“客户可能不了解投资专业人士使用的不同头衔，但他们确实相信”某人“正在寻找他们和他们的投资，”阿拉巴马州的共和党人巴勒斯说。“对于真正的经纪人，但对于投资顾问而言，它往往不是真的，而且必须改变。”大炮对这个问题有不同的看法，向巴克斯发了一封电子邮件，其办公室要求提供更多信息。这些经历将大炮转化为活动家的某些东西，许多ri rias对其监管机构的潜在变化作出反应的个人故事。目前，RIA主要通过SEC或国家机构监管。相比之下，与经纪商自身的自我监管组织有关经纪人的顾问是由芬兰监管的。未决立法将改变这种安排。纽约民主党麦卡锡4月份在纽约民主党麦卡锡委员会介绍了一名Bipartisan Bill Bachus旨在提供更好的监督财务顾问。它将通过“一个或多个自我监管组织”实现这一目标，以便在秒内插入。 Finra is the natural candidate for this role, and so could expand its turf to include RIAs in addition to reps from Wall Street firms. For the members of the independent advisory industry, the idea of being overseen by an SRO composed of their chief competitors doesn’t sit easily. Such an arrangement, they argue, would level the playing field downward, eliminating advantages RIAs hold, notably their high fiduciary standards that put clients first. “Finra has historically offered oversight for the broker-dealer community [that operates] under the lower ‘suitability standard,’” says Blaine Aikin, president of fi360, a company that provides training tools to RIAs to support fiduciary responsibility. Wirehouse reps’ primary loyalties are to their parent broker-dealers, he contends, whereas RIAs owe their primary loyalties to their clients. “These distinctions could become blurred,” he says. David Tittsworth, executive director of the Investment Adviser Association, which represents SEC-registered advisers, agrees: “Moving to a self-regulatory organization creates a conflict of interest, and we are opposed to it.” Finra, for its part, asserts that there would be no watering down of standards if it wins the oversight role. Richard Ketchum, CEO of Finra, testified before the House that “Finra has been clear in its view that the standard of care in both [RIAs and broker-dealers] should be a fiduciary standard for the provision of personalized investment advice to retail customers.” Further, Ketchum noted that many reps are dually registered and are subject to different regulatory standards, creating conditions ripe for both regulatory arbitrage and customer confusion. Bringing in an SRO like Finra “provides more boots on the ground, and investment advisory customers deserve this additive layer of protection,” says Finra spokeswoman Michelle Ong. Chris Cannon and like-minded RIAs aren’t buying it. “I’m fed up hearing bad regulation, bad policy and predictably bad outcomes being sold as the best solution,” he says. “It ultimately all smacks of crony capitalism.” Meanwhile, hearings about who will come to regulate RIAs were due to commence on June 6, one day before a lobbying day announced by Tittsworth’s Investment Adviser Association.

在6月8日与巴勒斯会面的大炮也是在今年夏天与国会其他成员一起观众。“我只是一个普通的人，当明确发生了事情时生气，”他说。“我希望好人赢得胜利，因为这意味着投资公众胜利。对我来说，这意味着从屋顶尖叫我的消息。“