What is the reason for the SEC switching the regulatory jurisdiction of mid-sized investment advisors from the SEC to state securities regulators?

November 02, 2018

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in July 2010, the SEC is required to issue rules generally requiring mid-sized investment advisors to switch from the SEC to state registration, which will reallocate the primary responsibility of regulatory oversight of mid-sized investment advisors to the state securities regulators.