Oxley Now Registered as FINRA Lobbyist

March 22nd, 2011
in econ_news

oxley Econintersect:   Michael Oxley, the former congressman who co-wrote the Sarbanes-Oxley Act of 2002, has registered as a lobbyist for the Financial Industry Regulatory Authority to promote self-regulation of investment advisors.

Oxley, a partner at Baker Hostetler LLP in Washington, registered this week as a Finra lobbyist, saying he would work on securities regulation and the “harmonization of regulation of broker-dealers and investment advisors,” according to his registration form. Finra oversees about 4,560 brokerage firms and is interested in expanding to investment advisors.

Follow up:



Finra contends the U.S. Securities and Exchange Commission should use a self-regulatory organization, or SRO, to take over examinations of investment advisors from the agency.

A January SEC study—mandated by the Dodd-Frank Act’s regulatory overhaul—suggested using SROs as an option to increase advisor oversight. Congress hasn’t yet authorized the SEC to make a rule.

Oxley, 67, an Ohio Republican who was chairman of the House Financial Services Committee and is also a senior board advisor at NASDAQ OMX Group Inc., didn’t immediately respond to a request for comment. His March 15 lobbyist registration included his former communications director on Capitol Hill, Peggy Peterson, who also works at Baker.

The Sarbanes-Oxley Act, passed in the wake of the Enron accounting scandal, was designed to protect investors from fraudulent corporate accounting.

From Wikipedia:

FINRA, is a private corporation that acts as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD). Though sometimes mistaken for a government agency, it is a non-governmental organization that performs financial regulation of member brokerage firms and exchange markets. 

Sources:  Financial Advisor Magazine, Wikipedia and Investment News















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