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.
SEC Chairman Mary Schapiro said the request is a 12% increase over fiscal year 2010. If enacted, it would permit the agency to hire an additional 374 employees bringing the total number to 4,200. The SEC would also be able to expand its investments in surveillance, risk analysis, technology and staff training.
Testifying April 28 before the Senate Subcommittee on Financial Services and General Government, Schapiro said since 2003, the number of registered investment advisers has increased by 49%, and their assets under management have jumped by over 57% to $33 trillion. Between FY 2005 and FY 2007, the agency experienced three years of flat or declining budgets, losing 10% of its employees, which hampered enforcement and examination programs, she noted.
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The SEC oversees more than 35,000 entities. Even with increased funding, the agency acknowledged that it would only be able to examine 9% of SEC registered investment advisers and 17 of investment company complexes in FY 2011.
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