Office of Compliance Inspections and Examinations

News & Analysis as of

SEC Charges Attorneys Who Implemented Fraud Scheme

Two attorneys, with fiduciary duties to their clients by virtue of their role as escrow agents, served not as the protector of client funds, but enablers of a fraudulent scheme. The plot was uncovered by OCIE during an...more

Continuing Data Security Lessons from the SEC

In September, we reported that the Securities and Exchange Commission (SEC) settled charges against a registered investment adviser for a violation of Rule 30(a) of Regulation S-P (17 C.F.R. 248.30(a))(“Safeguards Rule”) for...more

Will SEC Heed its Own Compliance Outsourcing Advice?

The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently issued a compliance alert warning financial advisers about the dangers of outsourcing compliance functions to third-party providers. The alert, which...more

Investment Management Update - April 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

Financial Services Quarterly Report - First Quarter 2016: Lessons for PE Managers from the SEC’s Ongoing Scrutiny of Private...

A large number of private equity managers were required to register for the first time with the U.S. Securities and Exchange Commission (SEC) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act)....more

Investment Management Update - March 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. SEC, FINRA...more

Financial Services Weekly News - March 2016 #4

Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

SEC Announces Senior Staff Changes; New Office of Risk and Strategy

On March 8, the SEC announced a change in senior leadership, naming Robert M. Fisher the Managing Executive of the Office of Compliance Inspections and Examinations (OCIE). Succeeding Peter B. Driscoll, Fisher will be...more

SEC Settles Charges Tied to Conflicts with AIG Affiliates

The SEC’s examination staff has, in recent years, become very aggressive. Some claim it is the front edge of enforcement. Regardless of your view, it is typically beneficial to follow their suggestions. ...more

SEC Announces Creation of Office of Risk and Strategy

On March 8, the Securities and Exchange Commission announced the creation of the Office of Risk and Strategy (ORS) within the SEC’s Office of Compliance Inspections and Examinations (OCIE)....more

2015 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

This Outline highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and cases regarding broker-dealers, investment...more

Corporate Investigations & White Collar Defense - February 2016

Eye on the Courts—Recent Opinions and Rulings of Note - Why it matters: From a white collar and securities fraud standpoint, there has been a lot of noteworthy activity in the courts of late. The Supreme Court granted...more

SEC 2016 Examination Priorities Focus on Retail Investors, Market-wide Risks and Data Analytics

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) on January 11, 2016 announced its examination priorities for this year, which “address issues across a variety...more

"Office of Compliance Inspections and Examinations Announces 2016 Priorities"

On January 11, 2016, the Securities and Exchange Commission (the “SEC”) identified selected 2016 examination priorities of the Office of Compliance Inspections and Examinations (“OCIE”). The priorities reflect certain...more

SEC Names Jane Jarcho Deputy Director of National Exam Program

On February 3, the SEC named Jane Jarcho Deputy Director of its Office of Compliance Inspections and Examinations (OCIE). Jarcho will continue to serve as the National Director of the OCIE’s Investment Adviser/Investment...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - FINRA’s Proposed Pay-to-Play Rule Will Impact Investment Advisers - Late last year (December 24, 2015), the Financial Industry Regulatory Authority (FINRA) submitted a proposed rule to the U.S....more

SEC Announces 2016 Examination Priorities

On January 11, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular...more

"Emerging Trends in Privacy and Cybersecurity"

Entering 2016, the relentless stream of cyberattacks continues unabated, having become a "business as usual" reality to which companies must adapt. All companies, regardless of size or industry, are potential targets, and the...more

New Year, New Priorities for the SEC’s Office of Compliance Inspections and Examinations

On January 11, 2016, the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year . The announcement included several new areas of focus, including liquidity controls, public...more

SEC’s 2016 Examination Priorities Include Continuing Focus on Cybersecurity Controls

The Securities and Exchange Commission last week issued a press release outlining the agency’s 2016 Examination Priorities that included cybersecurity. The release states: "To help fulfill the SEC’s mission of...more

SEC Expands Cybersecurity Compliance Requirements For 2016

On January 11, 2016, the Securities and Exchange Commission announced the 2016 examination priorities list. For the third year in a row, cybersecurity is a top concern, especially with regard to internal security program...more

SEC 2016 Examination Priorities Focus on ETFs, Cybersecurity and Liquidity Controls for Fixed-Income Funds

On January 11, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2016 examination priorities for investment companies, investment advisers, broker-dealers and...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 1

T+2 Settlement and Structured Notes - Introduction - In December 2015, the “T+2 Industry Steering Committee” published its Implementation Playbook. The Playbook is intended to provide, among other things, a...more

SEC Announces 2016 Exam Priorities

The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) released its 2016 Exam Priorities recently, as applicable to examined registrants other than national securities exchanges...more

SEC Outlines 2016 Examination Priorities

On January 11, the SEC’s Office of Compliance Inspections and Examinations issued its Examination Priorities for 2016. The examination priorities, which address issues across a variety of financial institutions, include (i)...more

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