Fewer financial advisers shift to U.S. state oversight than expected

04/15/2012 | InvestmentNews (free registration)

U.S. financial advisers' shift from Securities and Exchange Commission registration to state oversight, brought about by the Dodd-Frank Act, affects fewer firms than expected. The SEC anticipated that about 3,200 advisers would have to switch, but the regulator said 1,914 firms have filed paperwork indicating they are no longer allowed to remain under SEC supervision.

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