Bill Would Shift SEC's Investment Adviser Oversight to SRO

Law360, New York (April 25, 2012, 6:26 PM EDT) -- House lawmakers introduced a bill Wednesday that would force the U.S. Securities and Exchange Commission to relinquish oversight of investment advisers to a private industry body with more resources to spare — most likely the Financial Industry Regulatory Authority.

The bill, unveiled by House Financial Services Committee Chairman Spencer Bachus, R-Ala., and Rep. Carolyn McCarthy, D-N.Y., would establish at least one self-regulatory organization like FINRA to oversee investment advisers. That would shift responsibility away from the SEC amid concerns that it lacks the resources to keep...
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