Office of Compliance Inspections and Examinations

News & Analysis as of

Why is Anyone Surprised with the SEC Examining Firms with Previously Disciplined Advisors?

On Monday, September 12, 2016, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced that a “Supervision Initiative” will take place across the country. OCIE staff will conduct focused RIA...more

Investment Management Update

The Securities and Exchange Commission Adopts Amendments to Form ADV and Investment Adviser Act Rules - The Securities and Exchange Commission (SEC) adopted amendments to Form ADV and Investment Advisers Act of 1940...more

Financial Services Weekly News - September 2016

Editor's Note - The OCC Takes Another Step Toward a Limited Purpose FinTech Charter. On September 13, in a speech at the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas J. Curry discussed the...more

OCIE Announces Adviser Supervision Practices Initiative

On September 12, 2016, OCIE published a National Exam Program Risk Alert announcing an initiative to examine the supervision practices of registered investment advisers (“RIAs”) that employ individuals with a history of...more

SEC Charges Adviser With Fraud Tied to “Death Puts”

The Commission’s enforcement division and inspectors at OCIE continue to work closely and have developed a series of cases in recent months. One of the more unusual proceeding spawned through this relationship is the action...more

Investment Management Legal + Regulatory Update - August 2016

Regulation - Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? - First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more

Cybersecurity, Cyber Insurance: What Fund Directors Need to Know

Cyberattacks are attempts by hackers to damage, destroy and/or steal data from a computer network or system. From 2013 to 2015, more than 153.6 million people had information stolen in cyberattacks involving companies such as...more

SEC Examiners Focused on Fund Share Class Conflicts of Interest

OCIE recently published a Risk Alert announcing that it will examine the potential conflict of interest created by registered investment advisers being financially incentivized to recommend certain share classes to clients....more

Financial Services Weekly News - July 2016 #3

Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more

OCIE Gives Advisers a Heads-Up About Its Latest Sweep Examination Initiative

Last week, OCIE published a National Exam Program Risk Alert highlighting the staff’s focus on advisers’ responsibility to act consistently with their clients’ best interests. According to OCIE, its latest sweep examination,...more

SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies

On June 27, the staff of the Securities and Exchange Commission’s (Commission or SEC) Division of Investment Management (IM) issued a Guidance Update on business continuity planning for registered investment companies...more

Regulatory Update and Recent SEC Enforcement Actions

Securities and Exchange Commission (“SEC”) Hosts National Compliance Outreach Seminar for Investment Companies and Investment Advisers In April 2016, the Office of Compliance Inspections and Examinations (“OCIE”), the...more

SEC Announces Customer Protection Rule Initiative

Broker-dealers with historical or ongoing instances of non-compliance with the SEC’s Customer Protection Rule are encouraged to self-report by November 1, 2016. On June 23, 2016, the Securities and Exchange...more

SEC Creates New Senior Advisor Position For Cybersecurity Policy

The Securities and Exchange Commission (“SEC”) announced that Christopher R. Hetner will serve as Senior Advisor to the Chair for Cybersecurity Policy. In this newly created position, Mr. Hetner will report directly to SEC...more

Recent Investment Management Developments - May 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

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 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

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