Panel of experts-moderated by TD’s Schweiss provides insight, likely next steps for SEC studies
TD Ameritrade Institutional held its 2011 National Conference yesterday in San Diego, California, entitled, The Real Impact of Financial Regulatory Reform. The conference featured a panel of investment professionals who offered up differing views and opinions on how to implement new regulations for the SEC. Thomas D. Giachetti, Chair of Stark & Stark’s Securities Group, served as a featured panelist.
Mr. Giachetti stated, “Advisors are the bastard stepchildren of the SEC.” By that, he meant that those on the Commission—both on the Commission level and the staff level—don’t understand the business models of RIAs who advise individual clients. As for the SEC’s SRO report, Giachetti (left) said he believed the best solution would be to create an entirely new self-regulatory organization to oversee all fiduciary advisors.
You can read a report on the full conference online here.