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e regulators, but budget constraints coulddiminish the quality of enforcement, some experts said.
Under new rules unveiled on Wednesday by the SEC, stateswill assume responsibility for registering and examiningadvisers who have less than $100 million of assets undermanagement. The SEC will still regulate advisers with more than$100 million in assets.
The new regime stems from the Dodd-Frank financial reformsapproved by Congress last summerchristian louboutin clearance authentic NEW YORK, in part as a reaction to theSEC's failure to catch Bernard Madoff's $65 billion Ponzischeme and regularly examine investment advisers.
The change was to have become effective on July 21, oneyear after Dodd-Frank was passed, but the SEC extended thedeadline for advisers to register with their states until themiddle of 2012.
But based on an SEC survey of all states mini uggs , the SECanticipates it will still retain oversight of the smalleradvisers in New York and Wyoming.
A spokeswoman for New York Attorney General EricSchneiderman said the state will continue with "its currentregulatory program."
The North American Securities Administrators Associationsaid most state regulators are prepared for the switch mini uggs , andhave agreed to share resources to help their neighbors copewith a larger examination load.
"The states have a reputation for being the so-called localcops on the beat," said NASAA president David Massey, who isdeputy securities administrator of North Carolina. "If theamount of local activity increases as a result of theinvestment adviser switch mini uggs , the states are going to be ready."
But some regulators expressed concern about their abilityto police advisers at a time when their budgets have beenseverely constrained.
The switch will add 19 or 20 investment advisers to Maine'soversight, said the state's securities administrator, JudithShaw. "For a small state with a small staff, like Maine mini uggs , thatis a significant increase," she said.
Calls for comment to Wyoming's Secretary of State were notimmediately returned.
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