New loophole for ERISA practitioners.

 
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Recent changes in investment adviser registration, which generally gave the states responsibility for smaller advisers and the SEC authority over larger ones, resulted in an unintended problem for smaller advisers who worked with plans under ERISA: On one hand, the new, regulations required them to register with their states; on the other hand. ERISA still required SEC registration. Dual registration was not allowed. Caught in a Catch-22 -- violating the new regulations or ERISA -- the smaller practitioners faced a loss of their practice niche. (See "Registration for ERISA Practitioners," JofA, Oct.97, page 14, for details.)

As generally expected, however, Congress quickly...

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