SEC Waffles in Study on Improving RIA OversightPosted February 7th, 2011
The SEC has finally released its Dodd-Frank mandated study on enhancing registered investment adviser (RIA) examinations, but the study is more a tale of SEC budgetary distress than a concrete plan to improve examinations. Although the study hints at the regulatory framework that is likely to emerge for RIAs in the coming months, it doesn’t conclude with a definitive solution to the problem. Although the study does not conclude with a specific plan for improving adviser examinations, the scope of the RIA examination problem and the funding problems revealed make it clear that change is coming for RIAs—change likely to be paid for by increased user fees.
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Tags: Dodd-Frank, Dodd–Frank Wall Street Reform and Consumer Protection Act, Financial Industry Regulatory Authority, Registered Investment Advisor, State Examinations Commission, Test (assessment), U.S. Securities and Exchange Commission, United States Congress