SEC Staff - Study on Enhancing Investment Adviser Examinations

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January, 2011

The Dodd-Frank Act required the Securities and Exchange Commission (SEC) to conduct a study to evaluate the examination and evaluation of investment advisers, dually-registered broker-dealers and investment advisers (“dual registrants”) and registered investment advisers that are affiliated with a broker-dealer, and recommend regulatory steps to address any concerns resulting from the study. The study was organized into five sections:

  • Commission examinations of registered investment advisers;
  • Examinations of registered investment advisers over the past six years;
  • Impact of the Dodd-Frank Act on examinations of registered investment advisers;
  • Options to consider to address capacity constraints concerning examinations; and
  • Three staff recommendations:
    • Authorize the Commission to impose user fees on SEC-registered investment advisers to fund their examinations by the Office of Compliance Inspections and Examinations (OCIE);
    • Authorize one or more self-regulatory agencies (SROs) to examine, subject to SEC oversight, all SEC-registered investment advisers; or
    • Authorize FINRA to examine dual registrants for compliance with the Advisers Act.

The entire study can be found below.

References

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