Organizations Support SEC User Fees

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Organizations Support SEC User Fees

Jan 14, 2014

A coalition of financial planning, consumer and regulatory organizations is asking Congress to pass legislation to allow the SEC to collect user fees from SEC-registered investment advisors.

The move is needed because the proposed 2014 omnibus budget bill scheduled to be voted on in the House and Senate this week will not provide enough money for the SEC to adequately monitor investment advisors, according to the coalition.

The SEC already has difficulty monitoring investment advisors because it lacks funding, according to the coalition. The SEC examined 8 percent of the approximately 11,000 SEC-registered investment advisors last year and the agency does not expect to be able increase the examination rate with existing resources.  Moreover, approximately 40 percent of RIAs have never been examined by the agency, the coalition says. The money from the user fees would be used to increase the number and frequency of SEC examinations of firms. The groups support H.R. 1627, the Investment Adviser Examination Improvement Act, introduced by Rep. Maxine Waters (D-Calif.) and Rep. John Delaney (D-Md.).

Organizations supporting the legislation include AARP, Consumer Federation of America, CFP Board of Standards, Financial Planning Association, Investment Adviser Association, National Association of Personal Financial Advisors and the North American Securities Administrators Association. The CFP Board announced the action Tuesday. Read more >

Financial Advisor
January 14, 2014

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