Mutual funds could invest directly in commodities under legislation introduced Wednesday by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., and Select Revenue Measures Subcommittee Chairman Richard Neal, D-Mass.
The SEC is backpedaling on a proposal that would require advisory firms that deducted fees from client accounts to undergo costly surprise audits.
The economic downturn is hurting the associations that represent financial planners, investment advisers and big brokerages.
Opposition is mounting to proposed legislation — which is scheduled for a vote in the House tomorrow — that would harmonize regulations governing broker-dealers and investment advisers.
The Financial Services Institute Inc. is now clamoring for a self-regulatory organization to oversee investment advisers.
The Securities and Exchange Commission will reopen the comment period for its shareholder director nomination proposal.
Scott DeFife, senior managing director of government affairs at the Securities Industry and Financial Markets Association, is leaving to take a job at the National Restaurant Association.
House Financial Services Committee Chairman Barney Frank, D-Mass., gets most of the attention on banking and securities issues, but the committee's second-ranking Democrat, Rep. Paul Kanjorski, is the one handling the issues most important to financial advisers.
An amendment to legislation to be considered today by the House Rules Committee could exempt accounting firms that audit certain broker-dealers from having to register with the Public Company Accounting Oversight Board.
California is considering charging broker-dealer and investment advisory representatives $25 per year to cover the cost of regulating more investment advisory firms, the state's corporations commissioner, Preston DuFauchard, told InvestmentNews today.
