SEC Will No Longer Schedule Incompetent Inspections

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Now if only they had the talent to actually catch the bad guys.

U.S. regulators, seeking to impose stiffer rules on money managers a year after Bernard Madoff's arrest, will require that investment advisers who have control over clients' cash and securities get surprise inspections.

SEC Requires Surprise Exams in Response to Madoff Ponzi Scheme [Bloomberg]