Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, April 22, 2013

Rep. Waters Introduces Investment Adviser Examination Improvement Act

Representative Maxine Waters (D-Cal.), along with Representative John Delaney (D-MD), again introduced legislation that would allow the SEC to charge user fees to fund examinations of investment advisers, the Investment Adviser Examination Improvement Act of 2013.  Currently, the SEC examines only about eight per cent of registered investment advisers each year.  Imposing user fees is a sensible solution, since the industry is opposed to the creation of an SRO for investment advisers and FINRA, which once appeared to want the job, now states it has no interest in becoming the SRO for investment advisers.  The proposed legislation also has the backing of a number of organizations including NASAA, which issued a supporting statement.  Nevertheless, the likelihood of action in the foreseeable future is remote.

InvNews, Waters introduces bill to fund investment adviser examinations

http://lawprofessors.typepad.com/securities/2013/04/rep-waters-introduces-investment-adviser-examination-improvement-act.html

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