SEC Struggles With Surge of Investment Advisers
The number of registered investment advisers has increased so dramatically since 2004, the SEC said it is overwhelmed, understaffed and out of resources to keep up with exams to monitor their activities.
The SEC recently sought relief by asking Congress to give it more power to strengthen its investment adviser examination program, including assessing fees to fund exams, according to a new study from the commission.
Registered investment advisers and broker-dealers would be affected more so than credit unions, said Tim Halevan, chief compliance officer at CUNA Brokerage Services, a registered broker-dealer and investment adviser. It's still early in the process to say how the suggestions will shake up.
"Congress will have to have hearings. Quite frankly, it might end up being one of the recommendations or a combination. Some people are disappointed [the report] included the recommendations."