August 11, 2010
Standardize and consolidate the obligations of BDs and RIAs, consolidate and simplify the basis for determining compliant behavior, enforce compliant behavior. Consolidate the governing and examining bodies, simplify the examination process to make it more transparent and intelligible, provide clear guidelines for compliance, enforce compliance. An amount of financing appropriate to the enforcement aspects must be quantified and won for long periods of time, as opposed to short, typically political runs during which funding may or may not be available.
De-politicize the regulation of financial institutions and companies. Standardize all obligations respecting finserv company duties to clients and rules.