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Investment Adviser Examination Improvement Act of 2012

Introduced: July 25, 2012 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 1, 2012
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Jul 25, 2012
Referred to the House Committee on Financial Services.
Jul 25, 2012
Introduced in House
 Plain-English summary Congressional Research Service

Investment Adviser Examination Improvement Act of 2012 - Declares the sense of Congress that the Securities and Exchange Commission (SEC) should increase the number and frequency of examinations of investment advisers.

Amends the Investment Advisers Act of 1940 to direct the SEC to collect an annual fee from investment advisers subject to SEC inspection or examination to defray the cost of such inspections and examinations. Exempts certain state-regulated investment advisers from the requirement to pay an annual fee.

Prescribes a fee calculation formula. Requires the SEC to make the formula publicly available on its website along with the factors used to reach the fee determination.

Requires the Comptroller General to audit biennially the use of such fees, SEC reviews of the fee formula, and any adjustments to it.

Makes such fees available to the SEC, without further appropriation or fiscal year limitation, to pay costs associated with inspecting and examining investment advisers.

What's happening now October 1, 2012

Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

 Committees of jurisdiction 2