Monday, November 26, 2012

Schapiro resigns from SEC post

Effective December 14, 2012, Mary Shapiro will resign from the SEC. This does not come as any surprise, but the comments and opinions are certainly entertaining.

Elisse Walter has been appointed as Commissioner for the foreseeable future. Interestingly, Ms. Walter’s appointment does not require Congressional approval as she was previously confirmed as a commissioner by the Senate. However, as she has served before, it is likely that her tenure will be short. There is a desire to keep some continuity and Ms. Walter does have a record of similar voting, strategies and opinions as Ms. Shapiro.

Walter is likely to continue the push for FINRA as a self-regulatory organization over RIAs and a uniform fiduciary standard. We view this as the wrong decision for the RIA segment and ultimately for your clients.

AdvisorAssist will continue to monitor the activities in Washington. At this point, we expect the SEC to continue the path of increased exam frequency, visits to newer advisors and check-ups exams.


Schapiro’s long-term replacementMary Miller (A senior Treasury Official) has stated she is not interested in the top seat at the SEC.

Now who?

Remaining in the mix are Sallie Krawcheck, Richard Ketchum (FINRA), and SEC Enforcement Director, Robert Khuzami.

We'll keep you posted on the SEC landscape.

Here's a link to the FINRA statement.

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