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The House Financial Services Committee on Thursday released a draft bill that would establish one or more self-regulatory organizations (SRO) to oversee investment advisors. Washington insiders expected the committee to release the draft legislation after its Sept. 13 hearing on the issue

With the exception of the Financial Services Institute (FSI), industry trade groups were quick to oppose the draft bill, which was introduced by House Financial Services Committee Chairman Spencer Bachus, R-Ala., and which would amend the Investment Advisers Act of 1940 to provide for the registration and oversight of national investment advisor associations, i.e., SROs. The draft states that advisors would have to be members of the SRO, which would report to the Securities and Exchange Commission (SEC).

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