The Financial Services Institute has submitted letters to the Senate Banking Committee and House of Representatives Financial Services Committee in support of the Small Business Audit Correction Act of 2018 (S. 3004 and H.R. 6021). The bills would exempt privately-held, small, non-custodial broker-dealers in good standing from the requirement to hire a Public Company Accounting Oversight Board (PCAOB)-registered audit firm to meet their annual reporting obligation and would reinstate the previous regulatory audit requirements. Today, both committees will be holding a hearing and markup on the bill.
“This legislation will provide much-needed regulatory relief to small broker-dealers,” said FSI President & CEO Dale Brown in the letters. “Ten years ago, there were approximately 1,000 more of these small businesses in our industry than there are today, but the crush of regulatory burdens, including the PCAOB-registered audit firm requirement, has led to their demise. The remaining small firms are feeling this impact especially hard as fees rise due to the smaller pool of audit firms. The impact is felt throughout the country as these Main Street businesses struggle to remain viable.”
Marc Squires Elected to FSI Board of Directors
The Financial Services Institute (FSI) today announced the election of Marc Squires, Head of Wealth and Brokerage Platforms, Fidelity Institutional, to its Board of Directors.Read More
FSI Applauds Development and Rollout of SEC’s Regulation Best Interest as Crucial New Rule Goes Into Effect
This critical new rule represents a tremendous step forward in protecting Main Street American investors, increasing transparency and reducing confusion as to the obligations of financial professionals.Read More
FSI Statement on DOL’s Proposed Exemption for Investment Advice Fiduciaries
Encourages alignment with SEC’s Reg BI and preserving investor choice Today, the Department of Labor (DOL) released a proposed exemption …Read More