Congress Regulates the Securities Regulators

At a hearing in the US House of Representatives about putting the Jumpstart Our Business Startups Act into effect, Rep. Patrick McHenry (R-N.C.) expressed worry that the Securities and Exchange Commission has lost the power to enforce the private offerings general solicitation ban because the rulemaking for the statutory deadline has come and gone. Per the JOBS Act’s Title II, the SEC could write rules to lift the ban for offerings that take place under Rule 144A and Regulation D Rule 506.

提出提案的SEC尚未制定最终规则。SEC主席Elisse Walter为该机构的行动辩护，并指出评论期正常。该委员会受到共和党和行业成员的批评，他们认为其决定对提案进行投票而不是临时最终规则是对投资者团体的一种方式。沃尔特坚持认为，她一直赞成通知和评论规则制定规定（根据《行政程序法》）。

Meantime, Rep. Maxine Waters (D-Calif.), a ranking member of the House Financial Services Committee, once again introduced a bill that would use industry user fees to fund the SEC’s investment adviser examinations. HR 1627 would make advisers under the Commission’s oversight pay fees to cover the “funding gap” in the oversight program. A similar bill that she previously had presented did not move forward, in part because it was competing with former Committee Chairman Spencer Bachus (R-Ala.)’s legislation to place investment advisers under the oversight of a regulator. That bill, too, did not progress.

There has been a lot of disagreement over investment adviser oversight. Per a Dodd-Frank Wall Street Reform and Consumer Protection Act-mandated study in 2011, SEC staff made that recommendation that advisers either be brought under SRO oversight or the agency should be allowed to use user fees to improve its program. The North American Securities Administrators Association and The Investment Adviser Association have both expressed a preference for the user fee option. They oppose the SRO oversight alternative.

尽管沃尔特（Walter）并没有推动一种选择或另一种选择，但为了投资者的利益，她说必须选择解决方案。SEC主席沃尔特（Walter）认为，国会需要采取行动为其投资顾问考试计划提供资金，以便选择有效。目前，SEC每年仅检查约8％的注册投资顾问，而监管机构或金融行业监管局则研究约50％的经纪公司。

Walter is concerned that this will become a bigger problem unless something is done because more new entities, including municipal advisors, will also be subject to the SEC’s examination program. Speaking at the North American Securities Administrators Association Public Policy Conference on April 16, Walter said that unless significant modifications are made, the SEC cannot fulfill its mandate to examine investment advisers.

Shepherd Smith Edwards Kantas, LTD, LLP is asecurities fraud law firmthat represents investors throughout the US.

McHenry Questions SEC’s Authority To Enforce General Solicitation Ban, Bloomberg/BNA, April 18, 2013
检查投资顾问：挑战仍在继续, SEC, April 16, 2013

HR 1627 Investment Adviser Examination Improvement Act of 2013

More Blog Posts:
SEC Commissioner Aguilar Calls For the Abolishment of Mandatory Arbitration Agreements，股票经纪人欺诈博客，2013年4月21日
Federal Reserve Board Establishes Key Rule That Will Let Regulator Identify Systemically Important Nonbank Financial Institutions, Institutional Investor Securities Fraud Blog, April 19, 2013
瑞银（UBS）失去了上诉，即FHFA的64亿美元MBS欺诈诉讼被驳回，机构投资者证券博客，2013年4月18日bob200体育