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Our Take Blog

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SEC Seeks to Hire over 300 New Positions for Adviser Examinations and Enforcement

SEC Seeks to Hire over 300 New Positions for Adviser Examinations and Enforcement

In its 2016 Budget Justification, the SEC requests funding to hire 225 additional examiners to conduct investment adviser examinations.  The SEC hopes to increase examination coverage to 14% of advisers per year, up from the current 10% examination rate.  The SEC also wants to hire an additional 93 persons for the Division of Enforcement.  Overall, the SEC seeks a budget of $1.722 Billion to support over 5000 permanent positions.  The SEC claims that increased funding will be “deficit-neutral” because any increased funding will be offset by transaction fees.

OUR TAKE: Investment managers and fund sponsors should expect continued regulatory scrutiny as the SEC, led by former prosecutor Mary Jo White, increases examination and enforcement focus and resources.

http://www.sec.gov/about/reports/secfy16congbudgjust.pdf

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