Financial advisers are striving to avoid oversight by the Financial Industry Regulatory Authority, to the point of accepting the idea of paying the Securities and Exchange Commission for supervision. Rep. Paul Kanjorski, D-Pa., included the pay-for-regulation idea in legislation he introduced this month. Luis Aguilar of the SEC has been promoting the concept. The measure suggests that the SEC collect fees "designed to help recover the cost of inspections and examinations of registered investment advisers."

Related Summaries