Reuters blog archive
from Financial Regulatory Forum:
By Emmanuel Olaoye, Compliance Complete
WASHINGTON, Apr.19 (Thomson Reuters Accelus) - There are several ways to ensure adequate examinations investment advisers: by charging investment advisers user fees, getting a bigger budget from Congress or through a self-regulated organization that oversaw investment advisers, SEC Commissioner Elisse Walter said. The important thing is to get on with it.
"The key to solving the problem is very controversial. I think the most important thing is to solve it ... I'll be happy if we get a bigger budget to cover this ... It is a problem that needs to be fixed and sooner rather than later," said Walter.
Walter, who was chairman of the SEC until last week, was speaking to reporters after an address to the 2013 public policy conference of the North American Securities Administrators Association.
Questions about the oversight of investment advisers reached fever pitch when Bernard Madoff admitted using his brokerage firm to steal billions of dollars from his clients.
By Daniel Indiviglio and Agnes T. Crane
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
With apologies to Jay Z, U.S. President Barack Obama’s got 99 problems, but the Securities and Exchange Commission isn’t one. That’s the message sent by his pick of Elisse Walter as the watchdog’s new boss. For those who’d like to see a tougher beat cop on Wall Street, it’s not a particularly inspiring choice. But installing a bureaucrat reflects Obama’s need to conserve political capital for bigger fights on fiscal issues and his cabinet rather than attempting an upgrade of the SEC’s import.