In what some might see as a poke in the eye to Congressional saber-rattlers, the Securities and Exchange Commission’s Study on Enhancing Investment Adviser Examinations, required by Section 914 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, flatly told Congress that it doesn’t have the resources to oversee advisors and that lawmakers’ best option is to empower a self-regulatory organization such as FINRA to do the job.

The SEC currently oversees 11,888 registered investment advisors, according to the report, but it’s shifting oversight of a chunk of them to FINRA. Soon, the SEC will just oversee RIAs with $100 million or more in assets, all 8,538 of them, while those with less will be policed by the self-regulatory organization.

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