Finra Backs Bachus on Regulating Advisers, Luparello Says
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Legislation authorizing one or more self-regulatory organizations to oversee registered investment advisers is “directionally, exactly what we want,” said Stephen Luparello, vice chairman of the Financial Industry Regulatory Authority.
“As we look at it now, I don’t think there’s anything in there that would compromise us or any other organization that wanted to step up and be an SRO,” said Luparello of a draft bill circulated by Representative Spencer Bachus, an Alabama Republican, at a Financial Services Institute Inc. conference in Washington today.