A bill to remove regulatory duties of RIAs from the SEC and give it to a self-regulatory organization (SRO) has been languishing in Congress since it was introduced in April. Another bill that proposed funding the SEC's examinations by collecting "user fees" from the advisors has suffered a similar fate. Neither got a lot of attention amidst election season and the wrangling over the fiscal cliff. Media reports suggested that the long-standing issue would continue to linger this year, as Congress deals with the thorny issue of reining in the deficit. Plus, new SEC Commissioner Elisse Walter must finish two jobs mandated by Congress—drafting new rules mandated by Dodd-Frank and the JOBS Act—before turning her attention to anything else.
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