The SEC is asking for a 26% increase in its FY 2015 budget, to $1.7 billion, much of whom would be used to hire additional examiners. The additional funding would allow the agency to hire 639 more people, of which 316 would be in compliance — with 240 focused on advisors. The DOL recently announced that it is hiring 1,000 additional enforcement officers.
As we reported here, the SEC’s priorities include inspecting the 4,000 or so advisors who have never been examined by the agency, as well as focusing on IRA rollovers, hybrid advisors, wrap fee programs and mutual fund distribution payments. And broker dealers can expect to be questioned about their sales practices and fixed income.
