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Article: Finra's proposed fee hike draws ire of FSI, SIFMA; Groups rally members to fight higher assessments.(News)
- Article from:
- Investment News
- Article date:
- October 5, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Kelly
Two major industry organizations are pushing against Finra's proposed fee increase for advisers and broker-dealers.
Last month, the Financial Services Institute Inc. told its broker-dealer and adviser members that they should not bear the burden of increased fees from the Financial Industry Regulatory Authority Inc. after the regulator's "failure to properly prepare for the inevitable market downturn, according to a notice the FSI sent to broker-dealers.
And the Securities Industry and Financial Markets Association joined the fight to contain the damage of potential fee increases that representatives and broker-dealers ...