Section 914 of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (“Dodd-Frank Act”) mandates that the Securities and Exchange Commission (“SEC”) conduct a study to review and analyze the need for enhanced examination and enforcement resources for investment advisers. The study states that, without a sufficient and stable source of funding, the SEC likely will not have sufficient capacity in the near or long term to conduct effective examinations of registered investment advisers with adequate frequency. The Study found a significant decrease over the past six years in both the number and frequency of examinations, attributable, in part, to the growth in the number of registered investment advisers and the decline in the number of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) staff. The SEC did not choose to make a recommendation of any one solution, recommending instead that Congress consider the following three approaches: (i) authorize the SEC to impose user fees on SEC-registered investment advisers to fund their examinations by OCIE; (ii) authorize one or more self-regulatory organizations (“SROs”) to examine, subject to SEC oversight, all SEC-registered investment advisers; or (iii) authorize the Financial Industry Regulatory Authority (“FINRA”), the SRO which currently examines broker-dealers, to examine firms dually registering as broker-dealers and investment advisers for compliance with the Advisers Act.