Popular Financial Topics

Discover relevant content from across the suite of ALM legal publications From the Industry

More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery

Read digital editions of Investment Advisor Magazine Tax Facts

Get clear, current, and reliable answers to pressing tax questions

Resource Center

ThinkAdvisor

SEC Plans Hiring Push for Exams, Enforcement in 2022

By Melanie Waddell

Slideshow June 07, 2021 at 03:18 PM Share & Print

Your article was successfully shared with the contacts you provided.

Related: 8 Top Enforcement Trends FINRA’s Watching Now

The Securities and Exchange Commission is requesting $1.993 billion for fiscal 2022, a slight boost from the $1.895 billion the agency requested for 2021.

In submitting its budget to the Office of Management and Budget, the agency said that in the last five years, the number of registered investment advisors overseen by the SEC increased from about 12,000 to approximately 14,000.

Over the last year alone, the SEC said, the number of individual clients reported by advisors jumped by nearly 20%, to more than 48 million individuals.

The aggregate regulatory assets under management RIAs report increased 13% over the last year as well.

The boost in SEC funds for FY 2022 will help the agency add 65 positions.

Click through the galley above to see how the SEC plans to allocate those new hires among its divisions and what they’ll be used for.

— Related on ThinkAdvisor:

Melanie Waddell

@Think_MelanieW

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Trendspotter: Markets Are Evolving Faster Than the SEC

Up Next

Trendspotter: Markets Are Evolving Faster Than the SEC

More on this topic

Reg BI to Be 2025 SEC Exam Priority

Reg BI to Be 2025 SEC Exam Priority

FINRA's Top 5 Fine Categories in 2023

FINRA's Top 5 Fine Categories in 2023

FINRA Suspends Ex-Rep Over Reg BI Violations

FINRA Suspends Ex-Rep Over Reg BI Violations

No Changes Coming to Reg BI: SEC Chief

No Changes Coming to Reg BI: SEC Chief

SEC Plans Hiring Push for Exams, Enforcement in 2022

Exit

7. Minority and Women Inclusion

Number of new positions: 1

The Office of Minority and Women Inclusion promotes capital-raising opportunities for women-owned and minority-owned businesses, assesses diversity practices among the agency’s registrant population, and promote diversity on the agency’s advisory committees. The additional position will continue these efforts and also support diversity and inclusion initiatives within the SEC.

(Image: Shutterstock)

Exit

6. Inspector General

Number of new positions: 3 Positions will help the IG better respond to requirements, including mandated audits of SEC programs, support for the SEC’s Employee Suggestion Program, and activities within the OIG’s Office of Investigations. The additional positions will work on audits and cybercrime matters to accommodate an increasingly complex workload.

(Image: Shutterstock)

Exit

5. Information Technology

Number of new positions: 5

New hires would enable the SEC to continue to implement its multi-year strategy to enable data analytics, modernize key systems, and enhance the security and management of sensitive data, and help the SEC’s implement cloud-based services and infrastructure.

(Image: Shutterstock)

Exit

3 (tie). Enforcement

Number of new positions: 9

The new hires will allow the SEC to enhance the division’s ability to pursue complex investigations of large financial institutions as well as focus on its use of data analytics.

(Image: Shutterstock)

Exit

3 (tie). Examinations

Number of new examiners: 9

The Division of Exams continues to be challenged by growth in the number of registered investment advisors, as well as the addition of swap market participants to the division’s responsibilities effective in the fall of 2021. Four of the positions would be to oversee the entities that would be required to register under the SEC’s rules related to security-based swaps.

(Image: Shutterstock)

Exit

2. Trading and Markets

Number of new positions: 10

New hires would support rulemakings on cross-border security-based swaps, including single-name credit default swaps, as well as implement Regulation Best Interest in ways that will maximize investor protection. The division is also considering what guidance or other updates, if any, may be needed to ensure that broker-dealers fully understand the rules and that Reg BI lives up to the promise of its name.

(Image: Shutterstock)

Exit

1. Corporation Finance

Number of new positions: 12

New hires will help the division oversee the “once-in-a-generation wave of traditional IPOs” and the surge in special-purpose acquisition companies, or SPACs.

(Image: Shutterstock)

Choose your next slideshow ...

Exit

FINRA's Top 5 Fine Categories in 2023

The Advisor's Guide to Overcoming Prospecting Excuses

9 Traps to Avoid With Planning Tools: CFP Board

33 Cheap Stocks to Buy in Q2: Morningstar

Dark Mode

Featured Resources

Candid Conversations: Couples, Money & Conflict

From eMoney Advisor

Candid Conversations: Couples, Money & Conflict

Download Now ›

Helping Your Clients Make a Greater Philanthropic Impact

From Foundation Source

Helping Your Clients Make a Greater Philanthropic Impact

Download Now ›

Index Year End Review: 2023

From The Index Standard

Index Year End Review: 2023

Download Now ›

RIA Investment Trends

From Addepar

RIA Investment Trends

Download Now ›