Office of Compliance Inspections and Examinations

News & Analysis as of

SEC Issues New Sources of Custody Rule Guidance

On February 21, 2017, the SEC's Division of Investment Management provided additional guidance with respect to Rule 206(4)-2 under the Investment Advisers Act of 1940, as amended (the Custody Rule). The guidance addressed the...more

Asset Managers: Are You Ready for Your Exam? Steps You Should Take Now

Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers. This week, we want to get you ready for your exam. Here are the...more

SEC Staff Issues Guidance Update and Investor Bulletin on “Robo-Advisers”

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) published a Guidance Update (Guidance) on February 23, 2017, on the subject of automated investment advisers...more

SEC Weighs In on Robo-Advisers: Disclosure, Suitability, and Compliance Obligations

The SEC’s Guidance recognizes that robo-advisers are fiduciaries, and provides suggestions on how they can meet the substantive requirements of the Investment Advisers Act of 1940. ...more

Global Privacy & Cybersecurity Update Vol. 13

On December 28, 2016, the New York Department of Financial Services ("DFS") released a revised version of a proposed regulation that would require banks, insurance companies, and other financial services institutions...more

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

Analysis: Cyber-Monitoring: The Next Frontier

Cybersecurity is “hot” and will stay “hot” for corporations, executives, regulators, law enforcement and legislators. Rarely is there a corporate compliance discussion in 2017 where cyber isn’t “the” topic or a material part...more

The Top Five "Gotcha" Deficiencies Plaguing Asset Managers and How to Avoid Them

Let’s start with this caveat: as we all know, under the still-new Trump Administration, priorities may and are likely to change. Now that we got that off our chest, it is nevertheless not the time to sit back and wait. The...more

Financial Services Weekly News - March 2017

Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more

Funds Talk: March 2017

OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers - On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more

SEC's Division of Investment Management issues guidance for "robo-advisers" – key takeaways

The Staff of the SEC's Division of Investment Management (IM), in conjunction with the Office of Compliance Inspections and Examinations (OCIE), has issued its second Guidance Update of 2017. [1] This Guidance focuses on...more

Examination Priorities for 2017 from FINRA and OCIE

In these uncertain times, the predictability and regularity of the annual priorities letters from FINRA and the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) is...more

US SEC Publishes Risk Alert on Top Five Investment Adviser Compliance Issues Found During Inspections

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert on February 7, 2017 (Risk Alert), highlighting the “five compliance...more

OCIE to Investment Advisers: Focus on These Five Problem Areas

Only one month after releasing its exam priorities for this year, on February 7, 2017, the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert describing...more

Office of Compliance Inspections and Examinations Issues Risk Alert on the Five Most Frequent Compliance Topics Identified in...

On February 7, 2017, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission (OCIE) published a Risk Alert listing of the five compliance topics most frequently identified in deficiency...more

SEC 2017 Exam Priorities: Key Takeaways

Amid the extensive list of exam priorities for this year, there are several highlights that will require attention from operations personnel - Far from the White House and the halls of Congress, compliance officers are...more

SEC Sanctions Broker For No Procedures and then Inadequate Procedures

The Commission has brought an increasing number of enforcement actions focused on either a failure to comply with firm procedures or for inadequate procedures. In many instances the actions arise from inspections by OCIE. The...more

OCIE and FINRA Announce 2017 Examination and Regulatory Priorities

On January 4 and January 12, 2017, respectively, the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) each...more

SEC’s Exam Deficiencies

The SEC recently released its findings relating to exams of investment advisers. In particular, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) found weak compliance programs; insufficient or late...more

Compliance Issues The SEC Is Seeing

The Office of Compliance Inspections and Examinations (or OCIE) recently issued a Risk Alert that identified the five most frequent compliance topics that arising from OCIE examinations. These compliance topics include the...more

Common Compliance Issues for Investment Advisers

On February 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert listing the five most frequent compliance topics identified on investment adviser examinations completed within...more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

IA Sanctioned Based On Risk Areas In OCIE Alert

The Commission’s inspection staff – OCIE – issued an Alert about its national inspection program earlier this week, highlighting risk areas for investment advisers. Any adviser facing an inspection would do well to review the...more

OCIE Identifies Top Five Adviser Compliance Issues

In a new Risk Alert, OCIE’s National Exam Program provided investment advisers with insight into the five compliance topics most frequently identified in its exam deficiency letters. Registered investment advisers should...more

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Cybersecurity

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