SEC's Support Sought On User Fees For Investment Advisers

Law360, Washington (November 22, 2013, 5:19 PM EST) -- The U.S. Securities and Exchange Commission’s Investor Advisory Committee asked the agency Friday to impose so-called user fees on investment advisers to help fund agency investment adviser examinations, and to impose fiduciary duties on broker-dealers who provide investment advice to retail investors.

In its third meeting since being created by SEC Commissioner Mary Jo White, the committee voted to request the SEC's support for federal legislation that would impose the user fees to fund “enhanced” investment adviser examination programs. The fees would also fund more frequent...
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