The legislation, written by Rep. Alexandria Ocasio-Cortez, D-N.Y., would require family offices with more than $750 million in AUM to register with SEC.
Opponents contend the measure, known as the PRO Act, could negate independent-contractor agreements between advisers and financial firms.
Temporary relief from onsite examinations, which began at the start of the pandemic, is set to expire in December.
The agency's risk alert highlights problems that it found in examinations of more than 100 advisers who served as portfolio managers or sponsors of wrap-fee programs or who advised their clients’ accounts through third-party wrap managers.
The Republican SEC commissioner's doubts provide ammunition to those who want to push back against mandatory disclosures.
The bill, which was written by Senate Finance Chairman Ron Wyden, D-Ore., would limit the benefit to individuals earning less than $400,000 a year.
Investments pegged to market volatility remained in client accounts for up to a year when they were meant to be short-term investments.
Congress will likely have to provide the legal framework for the SEC to regulate cryptocurrencies more efficiently and is working quickly to shape future regulation.
Advisers could provide guidance that would last a lifetime — whether players go pro or into the workforce. But tapping into the market is a challenge.
The SEC has been intense about ESG and wait-and-see on Reg BI. But new Enforcement Director Gurbir Grewal supported New Jersey's fiduciary rule and may put teeth in the broker advice standard.
