The Securities and Exchange Commission’s Inspector General offered lawmakers some ideas for revamping the federal securities laws, including extending the regulatory jurisdiction of the Public Company Accounting Oversight Board and amending the Investment Advisers Act to require the use of independent custodians by investment advisers and hedge funds.
The recommendations, detailed in a June 30 letter from SEC IG H. David Kotz, came in response to a June 15 request by Paul Kanjorski (D-Pa.), Chairman of the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
