UPDATE 1-US groups tussle over investment adviser oversight
Two sides in an industry divided over how to oversee investment advisers faced off on Wednesday before U.S. lawmakers considering a bill that would ramp up protections for investors. The measure, the Investment Adviser Oversight Act of 2012, would require a self-regulatory organization for registered investment advisers. Financial Services Committee Chairman Spencer Bachus, a Republican, and Rep. Carolyn McCarthy, a Democrat, unveiled the bill in April because the two lawmakers believe the U.S. Securities and Exchange Commission, which supervises investment advisers, lacks the resources to be effective. Read Reuters Update here.
Sourced from: Network For Investor Action & Protection