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TD Ameritrade: RIAs To Pick SEC Over FINRA

TD Ameritrade is requesting the Congress to leave investment adviser firms under the watch of the Securities and Exchange Commission.

TD Ameritrade is requesting the Congress to leave investment adviser firms (RIAs) under the watch of the Securities and Exchange Commission (SEC), Reuters reports. The online brokerage and custodian to 4,400 investment advisers has asked the Congress to opt for the Financial Industry Regulatory Authority (FINRA) instead of the SEC.

In January 2011, the SEC recommended the improvement of the adviser supervision and enforcement needs. The Congress will either have to increase the funding to the SEC or form an industry self-regulator for the making the improvements. The brokerage has also told its RIAs to write to their lawmakers as Congress now debates the recommendations of the SEC report.

Click here for the story from Reuters.

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