Привожу без перевода, но суть в том, что FINRA, являющееся главным регулятором брокеров-дилеров, может стать регулятором управляющих компаний через создание саморегулируемой организации. SEC не справляется с регулированием 12 тыс. инвестиционных эдвайзеров, штаты, видимо, тоже, несмотря на тонны информации, которую хранят и файлят управляющие компании. В случае прохождения акта регулирование эдвайзеров будет трехуровневым: Саморегулируемая организация, например, FINRA – SEC (федеральный уровень) – Securities State Commission (уровень штата). При этом требования каждого уровня могут не только различаться, но и конфликтовать, и эдвайзеру придется решать, чьим правилам выгоднее подчиняться в долгосрочной перспективе. Ну и annual and membership fees, конечно, платятся на кажом уровне. Причем, в случае проверки, сама управляющая компания обязана оплатить расходы экзаменаторов на проведение проверки. Необычно. Им не надоело гайки закручивать и где лоббисты?
“A bill was introduced by Rep. Spencer Bachus (R-Alabama), Chairman of the House Financial Services Committee, that if passed would significantly impact RIAs. The bill, the “Investment Adviser Oversight Act of 2012,” would establish one or more self regulatory organizations (SROs) which all investment advisers would be required to join and pay membership fees. The bill is co-sponsored by Rep. Carolyn McCarthy (D-New York). Bipartisan sponsorship of the bill increases the likelihood it will come before the House and/or Senate for a vote. It should be noted that in December, 2011, a study by The Boston Consulting Group found that creating an SRO for investment advisors would likely cost twice as much as augmenting SEC oversight with an enhanced examination program.
The Financial Industry Regulatory Authority (FINRA) has been mentioned in many press reports as possibly becoming the new SRO for investment advisors if the bill passes. FINRA, the organization that regulates Broker Dealers, has lauded the legislation as “an important and thoughtful effort to address a serious gap in investor protection.”
Many industry observers are concerned about FINRA becoming the SRO for RIAs. In 2008, the SEC issued an order finding that the Director of FINRA’s Kansas City District Office caused the alteration of three records of staff meeting minutes just hours before producing them to the SEC inspection staff, making the documents inaccurate and incomplete. According to the SEC’s order, the production of the altered documents by the Kansas City District Office was the third instance during an eight-year period in which an employee of FINRA or its predecessor (National Association of Securities Dealers) provided altered or misleading documents to the SEC.
Just this week, FINRA suspended one of its board members, Joel Blumenschein, President of Freedom Investors Corporation, in a failure to supervise case. Mr. Blumenschein was suspended as a principal for 3 months and fined $30,000. In that case, FINRA found that Mr. Blumenscheins’ firms supervisory system was so inadequate that he was unable to provide a consistent or coherent description of it during his FINRA investigative testimony. FINRA also found that his testimony, under oath, was at times both evasive and contradictory.
According to a 2011 study by the SEC, the agency does not have the resources to properly examine the US’s 12,000 registered IAs. But rather than increasing SEC funding or requiring RIAs to pay membership fees to the SEC, under this bill at least one SRO would report to the SEC to supplement the SEC’s current investment advisor regulation, and charge mandatory fees to all registered investment advisors. This comes immediately after Monday’s announcement by FINRA chief executive Richard Ketchum that FINRA’s member fees would increase substantially to compensate for a “significant loss” at FINRA.
The chances that FINRA will oversee investment advisers appears to be growing, but there are questions whether FINRA or another organization should be the SRO for RIAs. If FINRA does not end up regulating advisers, it is possible that some other SRO might”.
Source: Advanced Regulatory Compliance, Inc.