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A federal plan that would set minimum standards for "certain investment advisers" in the U.S. to report suspicious transactions duplicates existing requirements and unnecessarily burdens small, low-risk businesses, a majority of commenters wrote in response to the proposal. On Feb. 15, nearly two decades after withdrawing a first attempt to regulate the industry, the Financial Crimes Enforcement Network formally proposed to redefine "financial institution" under the Bank Secrecy Act to include most investment advisers, which together manage tens of trillions of dollars for individuals, hedge funds, private equity funds and other clients. FinCEN's latest notice-of-proposed-rulemaking, or NPRM, would subject the...