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New Regulators for Investment Advisers Proposed in U.S. House

One or more self-regulatory organizations would oversee U.S.-registered retail investment advisers under a draft bill by Representative Spencer Bachus, the chairman of the House Financial Services Committee.

A Financial Services subcommittee is scheduled to hold a Sept. 13 hearing on investment adviser oversight. The meeting follows a Securities and Exchange Commission report suggesting a self-regulatory organization as one option for fixing the SEC’s inability to inspect investment advisers at a sufficient pace. Critics of the SEC have blamed the agency for failing to uncover investment frauds including the Ponzi scheme of Bernard Madoff.