The SEC is asking Congress to give it more power to strengthen its investment adviser examination program including through assessing fees to fund exams, according to a new study from the commission.
The Study on Enhancing Investment Adviser Examinations recommends authorizing the SEC to impose user fees on SEC-registered investment advisers to fund their exams by the Office of Compliance Inspections and Examinations.
The SEC has also asked Congress to authorize one or more self-regulatory organizations to examine, subject to the agency's oversight, all SEC-registered investments advisers and to authorize the Financial Industry Regulatory Authority to examine dual registrants, which are dually-registered broker-dealers and investment advisers, for compliance with the Investment Advisers Act of 1940.
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