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.”
Statement on DOL’s Appeal of District Court Ruling on Independent Contractor Rule
Today, the Financial Services Institute (FSI) released the following statement in response to the U.S. Department of Labor’s (DOL) announcement […]Read More
FSI Applauds Court Overturning Withdrawal of DOL Independent Contractor Rule
Today, the U.S. District Court for the Eastern District of Texas ruled that the Department of Labor’s (DOL) delay and […]Read More
FSI Statement on the State of the Union Address
The Financial Services Institute’s (FSI) President & CEO, Dale Brown, today released the following statement regarding President Biden’s State of […]Read More