05.18.22
SEC Budget Boost Would Support 5 Percent More Advisor Examiners: Gensler
by: Melanie Waddell
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler planned to tell Congress Wednesday that the agency would use an 8% increase in its budget to support a 5% increase examiners to oversee advisors but needs more examiners to oversee broker-dealers’ compliance with Regulation Best Interest. President Joe Biden’s Fiscal Year 2023 budget requested $2.149 billion for SEC operations, an 8% increase over fiscal 2022. “Given the evolving markets, heightened geopolitical environment and increased attention paid to cyber risks, I expect the demands on [the Division of] Examinations to continue to grow," Gensler said in prepared testimony.
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