Bill Would Fund SEC Adviser Oversight With User Fees

Law360, New York (July 25, 2012, 6:23 PM EDT) -- House Democrats introduced a bill Wednesday that would finance the U.S. Securities and Exchange Commission's limited oversight of the investment adviser industry by collecting user fees from registered advisers.

The Investment Adviser Examination Improvement Act of 2012, introduced by Rep. Maxine Waters, D-Calif., marks the latest proposal to overcome a major hurdle in efforts to ramp up regulation of the investment adviser industry: the SEC's stated lack of resources.

The SEC examined only 8 percent of advisers in 2011, compared to 58 percent of broker-dealers, according...
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