• Industry Supports Investment Advisory User Fee.
On December 4th, a number of investment advisory industry associations sent a letter to Congress supporting a bill that would authorize the SEC to charge investment advisers a user fee to pay for the agency's investment advisory examination program. Reuters summarized the letter on December 13th. Letter.
  • OCIE to Focus on Fee-Based Accounts.

On December 12th, Reuters reported that the SEC's Office of Compliance Inspections and Examinations is investigating "reverse churning," where accounts charging flat rate brokerage fees are traded minimally. Reverse Churning.

  • SEC's Trial Preparations.

On December 12th, Reuters discussed the SEC's willingness and ability to bring enforcement cases to trial in the wake of recent high-profile trial losses and the appointment of Mary Jo White, a former prosecutor, to lead the agency. Trial Preparations.

  • Commissioner Piwowar Calls for Market Structure Review.

On December 9th, SEC Commissioner Michael Piwowar called for a fundamental review of the U.S. capital market's structure. Piwowar Remarks.