Legal Alerts

SEC Investor Advocate Recommends More Funds For Investment Advisor Exams


The SEC’s Investor Advocate, an office created by Dodd-Frank legislation, has released its first report and recommended that Congress immediately appropriate funds to allow the SEC to hire additional staff to examine investment advisors. The SEC has previously confirmed that Chairwoman Mary Jo White agrees that the SEC needs additional staff to bolster investment advisor examinations. 

The SEC examined a paltry 9 percent of registered advisors during the past fiscal year. The SEC and the White House have each requested funds for the upcoming year that would permit the SEC to hire around 240 new examiners. The requested funds are in doubt, however. A Senate bill would provide the amount requested by the SEC, but the House bill proposes to cut the SEC’s request by $300 million. 

The Investor Advocate’s report also outlined the office’s other objectives for the upcoming year, which include reviewing the current equity market structure to determine if it’s fair for investors, the reasons for investor withdrawal from the equity market, reforms to benefit investors in the municipal securities arena, the efforts of regulators to protect investors from cyber threats, potential disclosure reforms, and elder abuse.

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