The Securities and Exchange Commission wants input on its idea of creating a self-regulatory organization for the fund and investment advisor industry, says Paul Roye. The head of the SEC investment management division made his remarks in an interview published today by Dow Jones News Wires.

"We want input and reaction," he told the news organization. Roye explained that the idea of creating an SRO is a response to the difficulty the SEC faces in overseeing the industry after its explosive growth over the past decade.

"The SEC can't be everywhere at all times," Roye is quoted as saying. He acknowledged that the fund industry has so far avoided scandal, but added that the SEC "wants to keep it that way."  

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