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Red Oak Blog

News that affects your business and ours.
 
Monday, May 13 2013

SEC Chairman Mary Jo White Wants to Focus Additional Resources on Investment Advisers

In testimony before a Congressional Subcommittee, SEC Chairman Mary Jo White described how the proposed 2014 SEC budget would add significant additional resources to supervise investment advisers. She indicated that the new budget would include funds to hire 250 additional examiners “to increase the proportion of advisers examined each year, the rate of first-time examinations, and the examination coverage of investment advisers and newly registered private fund advisers.” Another 60 jobs would be added to “improve oversight and examination functions related to broker-dealers, clearing agencies, transfer agents, self-regulatory organizations (SROs), and municipal advisors.” She also stated that another 131 hires would be added to the Enforcement staff. She believes more funds were necessary for “expanding oversight of investment advisers and improving their regulation and compliance — a point at which investors are most at risk of being defrauded and harmed.” To read the full testimony about budget priorities, please click here.