Investment Adviser Regulatory Enhancement and Disclosure Act of 1993

Summary

Investment Adviser Regulatory Enhancement and Disclosure Act of 1993 - Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to collect fees to cover specified costs of regulating investment advisers and their activities. Sets forth a sliding scale fee schedule. Authorizes the SEC to suspend the registration of any investment adviser for failure to pay the requisite fees. Directs the SEC to: (1) establish and periodically revise a schedule for the regular inspection of investment advisers; and (2) report to the Congress on surveys regarding the failure of persons to register as mandated. Authorizes the SEC to designate registered self-regulatory organizations to: (1) conduct periodic compliance examinations of members and their affiliates; (2) discipline them for non-compliance; and (3) collect examination fees. Prohibits certain transactions by registered investment advisers, including the rendering of investment advice unsuitable to the client's financial situation and experience. Requires registered investment advisers to disseminate to clients and prospective clients brochures disclosing specified investor protection information. Requires such advisers to provide each client periodically with a written statement of client-paid fees and compensation arrangements with a third party regarding recommended transactions. Directs the SEC to promulgate investor protection rules setting bond requirements for certain investment advisers against larceny and embezzlement. Prohibits: (1) a person convicted of a felony within the last ten years from registering as an investment adviser; or (2) an investment adviser from disclosing confidential client information.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 7 May 1993

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• Referred in Senate (PDF)

  Referred in Senate · EN · 7 May 1993

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• Engrossed in House (text)

  Engrossed in House · EN · 4 May 1993

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• Engrossed in House (PDF)

  Engrossed in House · EN · 4 May 1993

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• Passed House amended

  summary · EN · 4 May 1993

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• Reported in House (text)

  Reported in House · EN · 29 April 1993

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• Reported in House (PDF)

  Reported in House · EN · 29 April 1993

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• Reported to House with amendment(s)

  summary · EN · 29 April 1993

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• Introduced in House (text)

  Introduced in House · EN · 26 January 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 26 January 1993

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• Introduced in House

  summary · EN · 26 January 1993

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