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The Daily

SEC Beefing Up Enforcement for Financial Advisers

By:
Chris Gaetano
Published Date:
Mar 30, 2016
InspectorThe Securities and Exchange Commission (SEC) plans to increase its focus on financial advisory firms by hiring 100 additional examiners to enforce industry compliance, according to Insurancenews.net. In a December, 2014 poll, it was found that almost half of CPA firms also offer financial planning services as well. However, these firms are unlikely to be the targets of the soon-to-be-beefed-up enforcement regime. Marc Wyatt, director of the SEC’s Office of Compliance Inspections and Examinations, and chief examiner at the agency, said that the new examiners will focus mainly on firms that engage in high-risk activities such as high-frequency trading. SEC Chair Mary Jo White said that the 100 new examiners will be trained by September, according to Insurancenews.net.