States hang tough in tug over regulatory jurisdiction; They are unwilling to take a backseat to the SEC.(News)

Investment News, September, 2003

Byline: Sara Hansard and Rick Miller The Securities and Exchange Commission is going to have a tough time getting state regulators to take a backseat on setting national policies as part of their enforcement actions. That was the word last week in Chicago from regulators attending the annual meeting of the North American Securities Administrators Association of Washington.

At the same time, financial advisers are indicating that they don't care who leads enforcement efforts, as long as the industry is policed. And last week, fee-only advisers called for greater disclosure of potential conflicts of interest by investment advisers. The SEC and state regulators announced at the NASAA meeting a joint initiative to coordinate more...

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