The Financial Services Institute issued a letter arguing an SRO modeled after FINRA is best of all alternatives, and FINRA rebutted criticism of its cost estimates for an investment advisor regulator.

FSI Chairman Joe Russo wrote in a letter to members, “FSI Uncut: SRO for RIAs,” that a FINRA SRO is an inevitable consequence of stepped-up regulations under the Dodd-Frank Wall Street Reform Act.

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