Comment Letter Regarding SEC Study on the Whether the Establishment of a Self-Regulatory Organization Would Improve the Frequency of Examinations of Investment Advisers

December 16, 2010

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From: MFA, Richard Baker

To:

Elizabeth Murphy, SEC
Mary Schapiro, Kathleen Casey, Elisse Walter, Luis Aguilar, Troy Paredes

MFA submitted a letter today providing comments to the SEC on Section 914 of the Dodd-Frank Act, which requires the SEC to, among other things, study the extent to which the establishment of a self-regulatory organization (SRO) to augment the SEC_s oversight of investment advisers would improve the frequency of examinations of investment advisers. In our letter we indicate that, based on our experience, we strongly believe that the existing framework of SEC regulation of private fund managers, as enhanced by the Dodd-Frank Act, is effective, and that regulation by an SRO could potentially diminish the quality of oversight private fund managers.

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