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Consumer, Investment Adviser Groups Push Lawmakers to Support Bill to Boost Adviser Exams

Dec 10, 2013

Seven interest groups representing investment advisers and consumers are urging lawmakers to sign on to legislation that would charge advisers a user fee to fund more regulatory exams.

In a Dec. 4 letter to each member of Congress, released on Monday, the groups sought to expand support for a measure drafted by Rep. Maxine Waters, D-Calif., which is designed to create a funding stream that would boost the Securities and Exchange Commission's ability to examine registered investment advisers. The SEC examines annually about 10% of the nearly 11,000 advisers that it oversees.

“[A] user fee is the best option to increase investor protection because it is an efficient, economical, and common sense solution to the SEC's chronic problem of insufficient examination resources,” the letter states. “We are deeply concerned that the SEC's current inability to examine investment advisers more frequently increases opportunities for investor fraud and abuse.”

The letter was signed by AARP, the Certified Financial Planner Board of Standards Inc., the Consumer Federation of America, the Financial Planning Association, the Investment

Adviser Association, the National Association of Personal Financial Advisors and the North American Securities Administrators Association.  Read more >

InvestmentNews
Mark Schoeff Jr.
December 10, 2013

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