“This is an example of an area where flexibility is necessary,” Clayton said, according to his prepared remarks. “I expect that for at least the next several years we will need to do more each year to increase the agency’s examination coverage of investment advisers in light of continuing changes in the markets.”
He did not give details on how the SEC will continue increasing exams at a time when Clayton and the Trump Administration asked for a slight decrease in the SEC’s 2018 budget to $1.602 billion from the current 2017 fiscal year’s $1.605 billion. That contrasts with increases regularly requested by the Democratic predecessors.
‘Enforcement 40’ for 2020
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