Investment Advisers Face SEC Fees Under House Bill

Law360, New York (April 19, 2013, 5:20 PM EDT) -- The House Financial Services Committee's leading Democrat proposed legislation Friday that would allow the U.S. Securities and Exchange Commission to fund additional oversight of investment advisers by collecting fees from the industry.

The Investment Adviser Examination Improvement Act of 2013, introduced by Rep. Maxine Waters, D-Calif., would allow the SEC to impose annual user fees and use the money to fund more examinations of investment advisers. The legislation closely follows a bill that Waters introduced in July but was never enacted.

According to Waters, the SEC...
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