WASHINGTON -- FINRA may have dropped its lobbying campaign for legislation to expand oversight of investment advisors, but the industry regulator is interested in a new proposal from one SEC commissioner to beef up examinations of the RIA industry.

In a meeting with reporters on the sidelines of FINRA's annual conference, Richard Ketchum, chairman and CEO of the self-regulatory organization, praised SEC Commissioner Daniel Gallagher for floating the idea of the commission acting on its own to tap an outside organization to help in the review of advisory practices, though he stopped short of endorsing what is still a very preliminary concept.

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