|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
U.S. Adviser Oversight Switch Won't Ease SEC Burden
Suzanne Barlyn
Reuters. June 7, 2012
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EXCERPT: The Securities and Exchange Commission expects state regulators to take over oversight this month for about 2,400 investment advisers that are now its responsibility, but the change may not diminish the agency's workload much. Changes required by the Dodd-Frank financial reform law, including a shift of mid-size advisers from federal to state registration, will leave roughly 10,000 investment advisers under the agency's authority, according to new figures posted on the SEC's website this week.
That total includes 1,369 advisers to private funds - mainly hedge funds and private equity funds who have already registered with the agency under another Dodd-Frank mandate. Overall, the shuffling will reduce the number of advisers the agency must oversee by about 25 percent, from 12,623 to about 10,000. But at the same time, assets under management by those remaining advisers will total about $48.6 trillion - about 12 percent higher than the total assets overseen by the agency in July, 2011, just before the Dodd-Frank law became effective The calculations are based on data as of April 4.
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