SEC Chair Elisse Walter, in testimony prepared for the Senate today, does not have much new to say about a regulatory solution for RIAs, which was mandated when the Dodd-Frank Act was passed in July 2010. But she offers up a scary fact about the regulatory mess the agency is facing.
“Since the Act became effective, approximately 2,250 formerly SEC registered advisers have transitioned to state registration and approximately 1,500 advisers to hedge funds and private equity funds have registered with the Commission,” says Walter in prepared remarks. “These new adviser registran
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