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Boucher reintroduces investment adviser bill.

Congressman 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," 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 Institute of CPAs opposes the proposed legislation. It believes that any attempt to regulate 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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Title Annotation:Rick Boucher
Publication:Journal of Accountancy
Date:Aug 1, 1991
Words:128
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