"I view this as a solemn responsibility at Finra to both improve the oversight environment and to do it with sensitivity" by taking into account two sides that have operated successfully under different regulatory schemes.
"We get that," he added, "and we get what needs to be ruled out is not simply the duplication of what we're doing on the broker-dealer side."
Ketchum also spoke to the potential challenge of melding together the investment advisor and broker-dealer operations of dually-registered advisory firms. "I wouldn't expect the same rules-based approach across the board," he said.
As for implementing any legislative changes relating to Dodd-Frank, Ketchum doesn't expect quick action. "It's difficult for me to imagine the legislative process playing out any earlier than September or October of this year, and that's extremely ambitious," he said, adding that he doesn't expect an exam program to be in place until the second half of 2012.