Regulation
SEC, Schwab, and Michael Kitces all improbably allied successfully to 'protect' sub-$1 billion RIAs by reclassifying them as 'small,' but move may create vulnerability -- the Commission gained leverage to push firms to state registration
The SEC will absolve 17,400 practices -- a 40-fold bump -- of onerous 'big' RIA definition, but Paul Atkins could use uncoerced RIA insistence in their smallness to shunt them to state registration, analyst says
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