As part of its reaction to the Madoff scandal, the Dodd-Frank Wall Street Reform and Consumer Protection Act calls for the Securities and Exchange Commission (SEC) to study the need for more resources to oversee investment advisers. In their responses, some have suggested that the examination of investment advisers should be outsourced to a self-regulatory organization such as the Financial Industry Regulatory Authority, or FINRA.
To help CFA Institute respond to this study, we asked our members what they think about, first, how the SEC is doing in its oversight of investment advisers, and second, whether they think the SEC or some other entity should oversee these firms.
1,317 usable responses were received, for a response rate of 4.4 percent and a margin of error of ±2.6 percent at the 95 percent confidence level. 30,341 members in the United States involved in asset management were emailed a link to respond to the online poll on 19 November and the poll closed 26 November.