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Article: SEC exams of advisers get tougher and meaner; Though less frequent, they are costly and disruptive.(News)
- Article from:
- Investment News
- Article date:
- October 26, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jed Horowitz
The SEC may be examining fewer investment advisers than ever, but when it does pay a visit, even routine exams are more demanding, according to lawyers, consultants, advisers and the agency itself.
The Securities and Exchange Commission has been forced to cut back on exams of advisers because of budget constraints, a rapid increase in new advisers and shifting priorities. However, industry officials say the examiners who are on the job have been more demanding, more focused on inconsistencies and more likely to write up lengthy deficiency reports.
Under attack by legislators and its own inspector general for failing to ...