Finra, SEC want consistent regulatory scheme for RIAs, brokers

03/30/2009 | InvestmentNews (free registration)

Securities and Exchange Commission Chairwoman Mary Schapiro testified before the Senate Banking Committee about the commission's desire to harmonize the regulatory scheme for investment advisers and broker-dealers. "We are studying to recommend legislation to break down the statutory barriers that require a different regulatory regime for investment advisers and broker-dealers, even though the services they provide are virtually identical from the investor's perspective," she said. Schapiro's testimony followed similar comments by Financial Industry Regulatory Authority CEO Richard Ketchum.

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