U.S. states want to regulate larger investment advisers

09/17/2009 | InvestmentNews (free registration)

U.S. state governments, which normally regulate investment advisers that manage assets of as much as $25 million, are seeking oversight power for those that manage as much as $100 million. The Securities and Exchange Commission normally regulates such larger advisers. The SEC would have to authorize oversight for state governments. The move was proposed by Texas Securities Commissioner Denise Voigt Crawford, who said she opposes self-regulation for advisers.

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