What regulatory body oversees the enforcement of the Investment Advisers Act of 1940?

The Securities and Exchange Commission (SEC) is the regulatory body responsible for overseeing the enforcement of the Investment Advisers Act of 1940. This act was established to regulate investment advisers, requiring them to register with the SEC and adhere to certain fiduciary standards meant to protect investors. The SEC's mission includes maintaining fair, orderly, and efficient markets, and it has the power to enforce compliance with the act through various means such as examinations, investigations, and sanctions against advisers who violate its provisions.

In contrast, other organizations play different roles in the financial regulatory landscape. The Financial Industry Regulatory Authority (FINRA) primarily oversees broker-dealers and has a different regulatory focus. The Commodity Futures Trading Commission (CFTC) regulates the commodity futures and options markets rather than investment advisers. The Federal Reserve Board primarily deals with monetary policy and the banking system. Thus, the SEC is the appropriate body for enforcing rules specifically related to investment advisers under the Investment Advisers Act of 1940.