NASAA Supports User Fees for Investment Advisers; Opposes FINRA Authority Over Investment Advisers (with Lofchie Comment)

Heath Abshure, President of the North American Securities Administrators Association (NASAA), stated in a letter that he "applauds" the SEC's decision to charge "user fees" on federally registered investment advisers. Mr. Abshure also stated his belief that investment adviser regulation should be a government, rather than SRO's, responsibility; i.e., NASAA absolutely opposes giving FINRA examination authority over investment advisers.

Lofchie Comment: This is the second news item in a very short period arguing for the imposition of user fees on participants in the financial industry. That is, recently CFTC Commissioner Chilton suggested that user fees should be imposed in order to allow the CFTC to expand its budget. NASAA has been a consistent opponent of imposing SRO regulation on investment advisers, which NASAA sees, at least in part, as an indirect expansion of the authority of the federal government vis-a-vis the states. NASAA Outlines Legislative Agenda, Announces "Aggressive Advocacy Agenda" (with Lofchie Comment)

View letter in full here (links externally to NASAA website).See also: NASAA Statement.