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.
Among the recommendations in its "Study on Enhancing Investment Adviser Examinations," the SEC is seeking to impose user fees on SEC-registered investment advisers to fund their exams by the Office of Compliance Inspections and Examinations.
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