To thwart SRO, Rep. Waters introduces user fee bill
User fees provide the simplest, most efficient solution to the problem of inadequate advisor oversight, the California Democrat says.
By Staff Writer|July 26, 2012 at 06:42 AM
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As she said she would, Rep. Maxine Waters, D-Calif., introduced on Wednesday the Investment Adviser Examination Improvement Act of 2012, which would allow the Securities and Exchange Commission to collect user fees from advisors to fund their exams in lieu of a self-regulatory organization.
In introducing the bill, co-sponsored by Massachusetts Democrats Barney Frank and Michael Capuano, Waters said that “it is absolutely essential that we improve the oversight of investment advisers—the people that manage the assets of millions of individual and institutional investors across the country.”
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