Over 11,000 investment advisers could be subject to compliance examinations by one or more self-regulatory organizations, under a measure considered by lawmakers Wednesday. The Investment Adviser Oversight Act, introduced in April by Rep. Spencer Bachus (R-AL), would authorize a designated self-regulatory organization to supervise investment advisers. Lawmakers discussed the bill, which has not advanced to a mark-up, in a hearing before the House Committee on Financial Services. "The Dodd-Frank Act recognized that inadequate investment adviser oversight is a weakness of our system," said Bachus, during the hearing. Authorizing a self-regulatory organization (SRO) to fill the gap "is the most practical,...
Ahead of expected anti-money laundering regulations for investment advisers, some private equity firms may find themselves subject to such oversight for a reason few would have guessed: their fee structures.
The U.S. Treasury Department's financial intelligence unit will reintroduce a plan to subject investment advisers to Bank Secrecy Act compliance duties three years after abandoning a similar proposal, an official said Tuesday.
Plans by the U.S. Treasury Department to revamp regulatory oversight of financial institutions will likely spur on efforts to impose anti-money laundering compliance requirements on hedge funds, say consultants.