Institute IA Amendments Pass Congress

October 1996
Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p95
Academic Journal
The article reports that Institute of Certified Financial Planners' landmark securities reform legislation was passed in the U.S. Senate enabling clients to retain their financial planning professional if they move to another state. This provision was one of several proposed by the institute and voted into law on September 30, 1996. "The consumer is the big winner in changes to investment adviser law," said the institute's President John S. Flagstaff. The investment adviser section of congressional securities reform legislation, S. 1815/HR 3005, was the most controversial and complex portion of the House-Senate negotiations. Three Institute amendments supporting uniform state regulation were adopted in the final report: uniform record-keeping and net minimum capital requirements based on an adviser's compliance with his/her state law, and a uniform de minimus exemption from registration for planners. This last amendment, noted Longstaff, was critical, given a recent member survey that indicated more than half of CFP practitioners turn down or refer out-of-state clients to others because of difficulties in multi-state registration and compliance procedures.


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