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ARTICLE · 06 OCTOBER 2011

Discussion Draft Bill Proposes SRO for Investment Advisers

Foley Hoag LLP
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On September 8, 2011, Representative Bachus (R-Ala.), Chairman of the House Financial Services Committee, introduced a discussion draft of the Investment Adviser Oversight Act of 2011 which proposes allowing a self-regulatory organization ("SRO") to oversee investment advisers.

United StatesStrategy
Catherine M. Anderson
Catherine M. Anderson
Jeffrey Collins
Jeffrey Collins
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On September 8, 2011, Representative Bachus (R-Ala.), Chairman of the House Financial Services Committee, introduced a discussion draft of the Investment Adviser Oversight Act of 2011 which proposes allowing a self-regulatory organization ("SRO") to oversee investment advisers. If adopted, the legislation would amend the existing Investment Advisers Act of 1940 to provide for a national investment adviser association. If established, all Securities and Exchange Commission (the "SEC") and state registered investment advisers would be required to register with the association. The draft legislation hasn't yet been presented to the House Financial Services Committee.

The draft legislation follows the release of the SEC's findings in January after it studied possible enhancements to investment adviser examinations. In its report entitled "Study on Enhancing Investment Adviser Examinations," the SEC encouraged Congress to adopt one of the following approaches to improve

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