FinCEN proposed to include "investment adviser" in the definition of "financial institution" under the Bank Secrecy Act. The proposed rule would require advisers to implement AML/CFT programs and maintain recordkeeping requirements.
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House Financial Services Subcommittee Chair Blaine Luetkemeyer (R-MO) requested information from the SEC and FINRA on their efforts to address "serious" national security issues raised by broker-dealers that have ownership connections to the Chinese Communist Party.
House Committee on Small Business Chairman Roger Williams (R-TX) questioned whether the SEC considered the effects on small investment advisory practices, capital access and innovation when the agency proposed new Exchange and Private Fund Adviser rules.
The House Financial Services Committee considered testimony on the "growing influence” of proxy advisory firms and current efforts to reform the proxy advisory system.
House Financial Services Subcommittee Chair Bill Huizenga (R-MI) and House Appropriations Subcommittee Chair Steve Womack (R-AR) requested a briefing from the SEC as to whether it has conducted a "sufficient" economic analysis of proposed regulations on the private fund market.