US state securities regulators are meeting this week to plan for the examinations of more than 3,000 investment advisors expected to be drawn under their umbrella in 2011, according to Investment News.

Newly-minted financial legislation that is expected to become law will transfer control of advisors to the states, applying to advisors managing between $25,000 and $100,000.

There has been criticism from Carlo di Florio, director of the SEC's Office of Compliance Inspections and Examinations, suggesting that some states may not be fully able to handle the workload in light of tight spending controls.

The US is not the only nation to be changing its regulations of financial advisors. In the UK, the regulatory authorities are moving to ban commissions and tighten up professional qualifications to prevent issues such as mis-selling of financial products.

To view a recent article by this publication on financial legislation that may affect how financial advisors do business, click here.