In President Obama's FY 2014 budget proposal submitted to Congress April 10, the SEC is requesting an additional $250 million, much of which would be used to hire an additional 325 examiners. In 2012, the SEC examined only 8% of the RIA firms under their jurisdiction, compared with 45%-55% of the nation’s 4,600 broker dealers that FINRA examined.
With the growing number of advisers managing pooled investment vehicles — and perhaps in reaction to statements by FINRA Chief Richard Ketchum implying that the agency should be involved — look for the SEC to be more aggressive in the future.
