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...
To view the full article, register now.