Atlanta (April 22, 2003) - While it supports a proposed compliance rule for investment advisers, the Financial Planning Association said that it opposed the creation a self-regulatory organization for the financial planning profession and urged the Securities and Exchange Commission to consider the cost of a voluntary professional regulatory organization instead.

In a comment letter to the SEC, the FPA, which represents 29,000 members of the planning community, said it opposed an SRO and asked the commission to review the costs associated with a voluntary PRO. The proposed rule — Rule 206(4)-7 Internal Compliance Program for Investment Advisers — would require advisers registered with the commission to develop and implement written compliance policies and procedures; to review the program at least annually; and to designate a chief compliance officer responsible for administering the policies and procedures.

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