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Rating:Schapiro Plans to Boost Money Fund Oversight and Mutual Fund Exams Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 19, 2010

Schapiro Plans to Boost Money Fund Oversight and Mutual Fund Exams

Reported by Neil Anderson, Managing Editor

President Barack Obama has proposed a $1.258 billion budget for the SEC (Securities and Exchange Commission) in fiscal year 2011, and that means additional regulatory staff and extra mutual fund exams. Speaking Wednesday morning before the Subcommittee on Financial Services and General Government in the Committee on Appropriations in the U.S. House of Representatives, SEC chairman Mary Schapiro revealed that she plans to add 70 staff to the SEC's examinations staff, supporting 50 extra investment advisor exams and 25 extra mutual fund exams. (She expects the regulatory agency to examine 17 percent of mutual fund firms in fiscal 2011.)

Meanwhile, Schapiro also said that she plans to expand the divisions of investment management and trading and markets by almost 50, giving her the ability to "enhance oversight of money market funds, clearing agencies, broker-dealers," and more. And she expects to expand the enforcement division by 130, adding more trial attorneys and administrative staff.

If granted, Obama's request would increase the SEC's budget by 12 percent and boost its staff more than 4,200. And despite that boost, Schapiro actually expects the agency to be in the black for fiscal 2011.

"The proposed increase in spending would be fully offset by the fees we collect on transactions and registrations," Schapiro stated before the subcommittee. "In FY 2011, we estimate that we will collect $1.7 billion -- an increase of $220 million over FY 2010." 

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