Page:United States Statutes at Large Volume 124.djvu/1856

 124 STAT. 1830 PUBLIC LAW 111–203—JULY 21, 2010 (g)(2), is further amended by adding at the end the following new subsection: ‘‘(i) HARMONIZATION OF ENFORCEMENT.—The enforcement authority of the Commission with respect to violations of the standard of conduct applicable to an investment adviser shall include— ‘‘(1) the enforcement authority of the Commission with respect to such violations provided under this Act; and ‘‘(2) the enforcement authority of the Commission with respect to violations of the standard of conduct applicable to a broker or dealer providing personalized investment advice about securities to a retail customer under the Securities Exchange Act of 1934, including the authority to impose sanc- tions for such violations, and the Commission shall seek to prosecute and sanction violators of the standard of conduct applicable to an investment adviser under this Act to same extent as the Commission prosecutes and sanctions violators of the standard of conduct applicable to a broker or dealer providing personalized investment advice about securities to a retail customer under the Securities Exchange Act of 1934.’’. SEC. 914. STUDY ON ENHANCING INVESTMENT ADVISER EXAMINA- TIONS. (a) STUDY REQUIRED.— (1) IN GENERAL.—The Commission shall review and analyze the need for enhanced examination and enforcement resources for investment advisers. (2) AREAS OF CONSIDERATION.—The study required by this subsection shall examine— (A) the number and frequency of examinations of investment advisers by the Commission over the 5 years preceding the date of the enactment of this subtitle; (B) the extent to which having Congress authorize the Commission to designate one or more self-regulatory organizations to augment the Commission’s efforts in over- seeing investment advisers would improve the frequency of examinations of investment advisers; and (C) current and potential approaches to examining the investment advisory activities of dually registered broker- dealers and investment advisers or affiliated broker-dealers and investment advisers. (b) REPORT REQUIRED.—The Commission shall report its findings to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, not later than 180 days after the date of enactment of this subtitle, and shall use such findings to revise its rules and regulations, as necessary. The report shall include a discussion of regulatory or legislative steps that are recommended or that may be necessary to address concerns identi- fied in the study. SEC. 915. OFFICE OF THE INVESTOR ADVOCATE. Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following: ‘‘(g) OFFICE OF THE INVESTOR ADVOCATE.— ‘‘(1) OFFICE ESTABLISHED.—There is established within the Commission the Office of the Investor Advocate (in this sub- section referred to as the ‘Office’). Time period. Review. 15 USC 80b–11 note.