State regulators to gain jurisdiction over smaller RIAs

06/30/2010 | Registered Rep.

About 4,000 registered investment advisers could soon be under the jurisdiction of state officials rather than by federal regulators, as the financial-reform measure seeks to lessen the Securities and Exchange Commission's workload. The change in jurisdiction affects RIAs with less than $100 million in assets, an estimated 38% of all advisers registered with the SEC, many of whom may face increased fees from states strapped for cash.

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