|
The Obama Administration has released its much-anticipated white paper on regulatory reform- Financial Regulatory Reform: A New Foundation – outlining in conceptual terms the administration’s plans for restructuring financial services regulatory oversight.
Over the coming weeks and months, the concepts outlined in the administration’s paper will be debated on Capitol Hill, along with other proposals. FPA’s government relations staff will be engaging policymakers on the issues most important to the financial planning profession. As we do, we will keep you informed and may call on you to contact your Congressman or Senators and share your views.
Below is a link to the Department of the Treasury website where you can read the administration’s full plan, an executive summary, and “fact sheets” on various elements of the plan.
Just some of the highlights of interest to planners:
-
Broker-dealers providing investment advice should be subject to a fiduciary standard
-
Advisers to hedge funds should be required to register with the SEC
-
SEC should have power to:
- examine and ban forms of compensation that encourage intermediaries to put investors into products that are profitable to the intermediary, but are not in the investors’ best interest
- require simple and clear disclosure to investors regarding the scope of the terms of their relationships with investment professionals
- prohibit certain conflict of interests and sales practices that are contrary to the interests of investors
-
Establish a Consumer Financial Protection Agency (CFPA) to protect consumers in the financial products and services markets (except for investment products and services already regulated by the SEC or CFTC). CFPA would be a single primary federal consumer protection supervisor to protect consumers of credit, savings, payment, and other consumer financial products and services, and regulate providers of such products and services
-
Automatic IRA’s
Link to the FPAnet.org Regulatory Summary Document: http://www.fpanet.org/docs/assets/FPAQuickBrief21.pdf
Link to the administration’s report and related documents: http://www.treas.gov/initiatives/regulatoryreform/
— FPA Government Relations Staff
Share this message with a friend or colleague.
Click here to forward this e-mail.
Introducing the new Commitment Rate: save $300 when you register before July 1, 2009!
Register now at www.FPAAnnualConference.org
The Financial Planning Association is the owner of trademark, service mark and collective membership mark rights in: FPA, FPA/Logo and FINANCIAL PLANNING ASSOCIATION. The marks may not be used without written permission from the Financial Planning Association.
CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo) are certification marks owned by Certified Financial Planner Board of Standards. These marks are awarded to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
|
