The SEC said today it has adopted a temporary rule requiring advisors who provide advice to state and local governments to register with the agency by Oct. 1.
Joe and Jane Consumer may be overwhelmed with what the recently enacted legislation aimed at overhauling financial services means in their day-to-day lives. But advocates say the changes are really in their best interest.
The SEC is asking for feedback on the areas of the Dodd-Frank Wall Street Reform and Consumer Protection Act that will impact investors.
Huddled in a room last week, SEC Chairman Mary Schapiro met with the leaders of the six exchanges to get to the bottom of what caused unusual trading activity and enormous stock market selloff on May 6.
For fiscal year 2011, the SEC said it estimates collecting $1.7 billion on transaction and registration fees but that would be offset by the $1.25 billion proposed by President Obama for the agency's operations.
Broker-dealers would be required to establish, document and maintain a system of risk management controls related to their clients' access to markets under a new SEC proposal.