Monday, November 15, 2010

FINRA Provides Data on Dual Registants in Aid of SEC Dodd-Frank Study

As part of its Dodd-Frank mandated inquiry into whether a uniform fiduciary duty should be imposed on investment advisers and broker, the SEC requested information from FINRA, which the SRO has provided. FINRA noted that as of mid-October, 4642 firms are registered with FINRA as a broker-dealer. Of these, 842 also are registered as an inviser with either the SEC or a state. Thus, approx. 18.4 percent of registered broker-dealers are dual registrants.