Speech by SEC Commissioner:
"Moving from Proposal to Implementation: The Changing Adviser Landscape"

by

Commissioner Luis A. Aguilar

Securities and Exchange Commission

Open Meeting
Washington, D.C.
June 22, 2011

Today, the Commission considers rules that give effect to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act�). The Dodd-Frank Act mandated significant change in the investment adviser arena that includes:

We have had a great deal of discussion this morning about what these rules require, and whom they exempt. Given this discussion, I am going to keep my remarks brief.

First, I want to start by commending the Division of Investment Management’s leadership with respect to the rules before us today. In particular, I want to compliment the Division for writing rules that use the existing Investment Adviser Registration Depository (IARD) to implement the Dodd-Frank Act requirements. All of the required reporting discussed today will be filed on IARD. Because the IARD is self-funded to facilitate improvements and updates such as these, the road to implementation of these requirements should avoid needless delays.

Second, I also thank all of our staff across the agency who worked on these initiatives. It takes an enormous amount of work to finish an undertaking like this, and I want to thank the many contributors we have had.

Third, I want to recognize our colleagues at the National Association of Securities Administrators Association (NASAA), and the individual state securities regulators, for working closely with us toward a smooth transition of the investment advisers that are currently registered with the Commission.

As our staff knows only too well, adopting rules is important, but it is only the first step. As we move forward to implementing these Dodd-Frank Act requirements, I thank the staff in advance for the hard work to come. I encourage the staff to monitor whether the rules are achieving the intended goals. It is important now that the rules are adopted, that they are implemented effectively.

Thank you.