SEC’s Study Pursuant to Section 914 of Dodd-Frank

SIFMA provides comments to the Securities and Exchange Commission (SEC) in support of the SEC recommendation to Congress a regulatory structure that would provide comparable oversight and examination of both brokers and investment advisers when providing personalized investment advice to retail customers. This letter refers to the study on “Enhancing Investment Adviser Examinations,” as required by Section 914 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Section 914 of Dodd-Frank requires the SEC to “review and analyze the need for enhanced examination and enforcement resources for investment advisers” and to submit a report of its findings to Congress.