In testimony before the SEC’s Investor Advisory Committee, CFA’s Director of Investor Protection Micah Hauptman, shared how CFA has long been concerned with the lack of adequate funding for investment adviser oversight, which we believe poses a significant risk to investors. According to the testimony, the SEC’s lack of resources necessary to keep pace with the increasing size, scope, and complexity of the investment adviser market has been well-documented and these challenges have become more difficult as the number of investment advisers has grown in recent years. The testimony highlighted that, while CFA has been open to a variety of approaches to solve this resource problem, imposing user fees on investment advisers offers the most optimal option for funding enhanced inspections in a way that promotes investor protection while minimizing added costs to industry.