H.R. 6204 (112th): Investment Adviser Examination Improvement Act of 2012

Introduced:
Jul 25, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Maxine Waters [D-CA35]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 1627 on Apr 18, 2013. See H.R. 1627 for current action on this subject.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on July 25, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 25, 2012
Referred to Committee Jul 25, 2012
Cosponsors
2 cosponsors (2D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Investment Advisers Act of 1940 to require certain investment advisers to pay fees to help cover the costs of inspecting and examining investment advisers under such Act.

Summary

No summaries available.

Text

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Last updated Jul 25, 2012.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/25/2012--Introduced.
Investment Adviser Examination Improvement Act of 2012 - Declares the sense of Congress that the Securities and Exchange Commission (SEC) should increase the number and frequency of examinations of investment advisers.
Amends the Investment Advisers Act of 1940 to direct the SEC to collect an annual fee from investment advisers subject to SEC inspection or examination to defray the cost of such inspections and examinations.
Exempts certain state-regulated investment advisers from the requirement to pay an annual fee.
Prescribes a fee calculation formula.
Requires the SEC to make the formula publicly available on its website along with the factors used to reach the fee determination.
Requires the Comptroller General to audit biennially the use of such fees, SEC reviews of the fee formula, and any adjustments to it.
Makes such fees available to the SEC, without further appropriation or fiscal year limitation, to pay costs associated with inspecting and examining investment advisers.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 31 U.S.C. Chapter 15