Boucher reintroduces investment adviser bill.Congressman Rick Boucher
Frederick Carlyle "Rick" Boucher (D-Va.) has reintroduced the Investment Adviser Disclosure and Enforcement Act (HR 2412), which would expand the definition of "investment adviser" under the Investment Advisers Act of 1940 to include all individuals using the term "financial planner Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. ," including accountants. The legislation also would narrow the current exclusion available to accountants under the 1940 act, create a private right of action permitting clients to sue investment advisers and require financial planners, including accountants, to register with the Securities and Exchange Commission, disclosing qualifications and income sources. The American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Institute of CPAs opposes the proposed legislation. It believes that any attempt to regulate reg·u·late v. 1. To control or direct according to rule, principle, or law. 2. To adjust to a particular specification or requirement. 3. To adjust a mechanism for accurate and proper functioning. 4. investment advisers should be directed at those who sell products or control funds, since these are the areas in which fraud and abuse have occurred. |
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