As SEC staffers are racing to develop a proposal to outsource examinations of advisors to a third party, one of the senior officials leading that effort is cautioning that those third-party exams would only be meant to supplement — not replace — the work of the commission's Office of Compliance Inspections and Examinations.
In a live stream of the recent SEC Speaks conference in Washington, Diane Blizzard, associate director for rulemaking at the commission's Division of Investment Management, said that her team is actively developing a recommendation for how a third-party program could work to improve oversight of the RIA sector, following the direction of Chairwoman Mary Jo White, who has repeatedly called for more resources to expand advisor exams.
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