Independent Contractor Status a 'Heavy Focus' for FSI Advocacy

Robin Traxler, FSI's senior vice president, policy and deputy general counsel, noted that FSI is working with member firms to "monitor how Reg BI is being examined and enforced so far. If we feel like the SEC or other regulators are engaging in rulemaking by enforcement, we are prepared to engage quickly on that."

In separate comments to ThinkAdvisor, Traxler explained that "if the SEC's interpretation of Reg BI evolves as they go through their examination process, we would expect them to provide appropriate guidance or exam findings reports to the industry as opposed to widespread enforcement actions. While we are encouraged by what we have seen in the common exam findings the SEC has issued, we continue to monitor developments as examinations continue."

Dale Brown, FSI's president and CEO, noted that FSI's "advocacy priorities are more critical to our members than ever," and added that the past 18 months has shown the resiliency and adaptability of the industry since the COVID-19 pandemic struck.

Brown noted that of the 500 OneVoice conference registrants, 300 were onsite in Orlando.

Along with adapting "to a world of digital advocacy," last year ushered in a change in administrations, Brown noted. "We've adapted to deal with a new party in the White House as well as one party control in the Senate and the House and it's not new for us," Brown said. "We've always worked with both sides of the aisle, [and] will continue to do so … access to advice for Main Street is not a partisan issue. We're never going to make it partisan even when others might try."

Pictured: FSI General Counsel David Bellaire