Investment Adviser Act proposes increased fees.A bill developed with the Securities and Exchange Commission that seeks to improve supervision of investment advisers was introduced by Senator Christopher Dodd  This article or section contains information about one or more candidates in an upcoming or ongoing election.Content may change as the election approaches. (D-Conn.), chairman of the Securities Subcommittee of the Senate Banking Committee. The Investment Adviser Oversight Act of 1992 (S2266) contemplates funding a greater number of inspections of investment advisers by substantially increasing the fees they pay to the SEC and using the added revenue to hire additional SEC examiners. The legislation also amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an the Investment Advisers Act of 1940 by expressly prohibiting advisers from making unsuitable recommendations to clients and gives the SEC authority to require advisers with custody of client funds or securities to be bonded against larceny larceny, in law, the unlawful taking and carrying away of the property of another, with intent to deprive the owner of its use or to appropriate it to the use of the perpetrator or of someone else. and embezzlement embezzlement, wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larceny at common law because larceny was committed only when property was acquired by a "felonious taking," i. . In addition, the SEC would be authorized to develop with the states a central registry for investment advisers. "In my view, and in the view of the SEC, by far the most important means of policing this industry is to place more cops on the beat," Dodd said. He warned of investors "taken in by slick sales tactics or high pressure solicitations" and of the elderly "taken in by con men ... receiving a commission on the sale of the product" with no opportunity to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. their losses. A companion bill is expected to be introduced in the House. |
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