The acting chair of the Securities and Exchange Commission (SEC) has asked for a review of the registration threshold for RIAs, a move that compliance experts said could overburden state governments. 

Since the passage of the Dodd-Frank Act by Congress in 2010, RIAs with over $100m in assets under management have largely been required to register with the SEC as opposed to a state government, up from the $25m threshold that the federal government had in place prior to the legislation. SEC acting chair Mark Uyeda in a Tuesday speech floated the idea of raising the threshold further in an environment where the SEC faces staff attrition and scrutiny of its activity from the Trump administration. 

While they acknowledged the need for a new look at defining RIA size from a regulatory point of view, compliance experts expressed concern about stretching state governments too thin. 

‘Some have established, well-known teams of examiners that are trained and have the expertise,’ said Carlo di Florio,...