The Financial Industry Regulatory Authority dropped a proposal to expand its oversight to business activity not directly related to securities trading. The regulator said it will resubmit proposed rules to the Securities and Exchange Commission, which must approve FINRA rules before they can take effect. The proposal could have been viewed "as giving FINRA the ability to supervise investment advisers ahead of an [adviser self-regulatory organization] being established," said Clifford Kirsch, a partner at Sutherland Asbill & Brennan.

Related Summaries