SEC Proposes Enhanced Examination Resources For RIAs in Light of Industry Growth

Posted on July 25th, 2023 at 8:42 AM
SEC Proposes Enhanced Examination Resources For RIAs in Light of Industry Growth

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission's (SEC) Chair, Gary Gensler, has presented a solution to address the challenge of overseeing the growing number of registered investment advisors (RIA) within the Division of Examinations.

Gensler proposes adding 83 additional full-time employees to the examination unit. However, this proposal has faced criticism from the Consumer Federation of America, which believes merely adding 83 employees will not be sufficient to adequately address the issue.

Furthermore, the Investor Advisory Committee (ICA) recently suggested considering user fees and engaging outside vendors for examinations. However, the idea of using outside vendors has its critics. For example, in an interview with AdvisorHub. general counsel for Investment Advisor Association argues that fostering better cooperation between firms' compliance departments and SEC examiners is the key to addressing the issue effectively.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston law, SEC, RIA, Division of Examinations

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