The regulatory overhaul put in place by the Dodd-Frank Act of 2010 has dramatically reshaped the compliance landscape for investment advisors, with more small firms moving to oversight at the state level, while many large, private fund advisors now find themselves under the purview of the SEC, according to a new survey of advisors jointly conducted by the trade group Investment Advisers Association and the National Regulatory Service, a provider of compliance and registration products for financial professionals.

The 12th annual "Evolution/Revolution" study, for which the two groups culled data from advisors' filings with the SEC, identified a substantial net drop in the number of firms the agency is overseeing, primarily attributed to provisions included in the financial reform law.

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