Office of Compliance Inspections and Examinations

News & Analysis as of

SEC Says the Cyber Police Are Coming

Pretty soon we’ll all be data privacy lawyers. The SEC is certainly doing its part to ensure that comes to pass. Earlier this year the SEC’s Office of Compliance, Inspections, and Examinations announced that its 2014...more

SEC’s OCIE Announces Cybersecurity Examinations Of Broker-Dealers And Registered Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, previously announced that its 2014 Examination Priorities included a focus on technology, including cybersecurity preparedness. OCIE has issued a Risk...more

SEC Establishes Dedicated Group to Focus on Private Funds

Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, private funds have become the subject of heightened scrutiny by both the SEC’s Division of Enforcement and the Office of Compliance...more

SEC to Scrutinize Never-Examined Investment Advisers

The Securities and Exchange Commission (SEC) recently issued two important announcements regarding its examination of SEC-registered investment advisers. In January 2014, the SEC’s Office of Compliance Inspections and...more

The SEC’s Never-Before Examined Initiative: Are You Ready?

The SEC’s Never-Before Examined Initiative: Are You Ready? On January 9, 2014, the Securities and Exchange Commission’s (the “SEC’s”) Office of Compliance Inspections and Examinations (“OCIE”) published its 2014 National Exam...more

SEC Launches New Initiative to Focus Exams on Never-Before Examined Investment Advisers

On Thursday, February 20, 2014, the SEC's Office of Compliance Inspections and Examinations (OCIE) issued a news release detailing its plans to conduct examinations of a significant percentage of investment advisers that have...more

SEC Examination Staff Launches Never-Before Examined Adviser Initiative

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) sent a letter to advisers that have not yet been examined by the SEC as part of an initiative to examine a significant percentage of them, with a focus on...more

SEC Examinations To Target Never-Before Examined Investment Advisers

On February 20, the SEC’s Office of Compliance Inspections and Examinations (OCIE) launched a previously-announced initiative directed at investment advisers that have never been examined, focusing on those that have been...more

SEC to Examine Never-Before Examined Registered Investment Advisers

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced that it is launching an initiative, as part of its existing National Exam Program, to examine investment advisers who...more

NEP Announces Never-Before-Examined Initiative

The SEC’s Office of Compliance Inspections and Examinations (OCIE) announced this week that its National Exam Program (NEP) launched an initiative to “engage with” investment advisers that have never been examined by the SEC....more

SEC Staff Issues Risk Alert Addressing Adviser Due Diligence on Alternative Investments

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a National Examination Program Risk Alert that summarizes OCIE staff observations on investment adviser due diligence practices with respect to...more

SEC Staff Offers Roadmap for Alternative Investment Due Diligence Processes

The SEC believes that investment advisers, including pension consultants, are increasingly recommending that their clients invest a portion of their portfolios in private alternative investment funds. In light of that trend,...more

SEC Issues Risk Alert on Investment Advisers’ Due Diligence Processes for Selecting Alternative Investments

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert on January 28 regarding the due diligence practices of investment advisers when they recommend or place...more

SEC Issues Risk Alert: Advisers’ Due Diligence Processes for Selecting Alternative Investments

Whether or not 2014 will be the year of the alternative investments, many predict that this asset class will play an increasing role in the portfolio allocation of many advisers, with alternative investments being defined as...more

2014 Examination Priorities of the U.S. SEC’s Office of Compliance Inspections and Examinations

The Securities and Exchange Commission (SEC) on January 9, 2014 announced its examination priorities for 2014. The priorities address: (i) market-wide issues, including fraud detection and prevention, corporate governance,...more

U.S. SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert on Alternative Investment Due Diligence...

U.S. SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert on Alternative Investment Due Diligence Practices - The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and...more

SEC’s Examination Program Issues a Risk Alert on Investment Adviser Due Diligence Processes

On January 28, 2014, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert entitled: Investment Adviser Due Diligence Processes for Selecting...more

A Compilation of Enforcement and Non-Enforcement Actions - 02/03/14

SEC Initiates Enforcement Action Against Hedge Fund Adviser - The SEC initiated an administrative proceeding on January 8, 2014 against Patrick G. Rooney (“Rooney”), the sole owner and managing partner of Solaris...more

OCIE Releases 2014 Exam Priorities

On January 9, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued its annual “hot-topics” list of examination priorities for 2014. National Exam Program Priorities across OCIE’s entire program...more

SEC Staff Announces 2014 Broker-Dealer Examination Priorities

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced the 2014 examination priorities (the “Announcement”) for its National Examination Program (the “NEP”). The priorities are organized according to...more

SEC 2014 Adviser Examination Priorities Include Continuation of Presence Exams and Initiative Targeting Never-Before Examined...

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced the 2014 examination priorities (the “Announcement”) for its National Examination Program (the “NEP”). The priorities are organized according to...more

Another Bestseller: The SEC’s Examination Priorities for 2014

Following closely on the heels of FINRA’s publication of its examination priorities for 2014 (see our recent client alert), OCIE’s National Exam Program (NEP) released a summary of its 2014 priorities. OCIE’s priorities...more

SEC Charges an Investment Adviser and a Portfolio Manager with Fraud and Causing a Money Market Fund to Violate Rule 2a-7

This OnPoint describes the role of the SEC’s Division of Investment Management (Division) in uncovering the alleged fraud through an analytical review of the Fund’s performance data and portfolio information. It then...more

Update on Private Offering Rulemaking Progress

During the American Bar Association’s Business Law Section Fall Meeting, the Federal Regulation of Securities Committee hosted a dialogue with the Director of the SEC’s Division of Corporation Finance, Keith Higgins. Mr....more

SEC Examinations Targeting Advisers Who Are Still Waiting for Godot

I have worked with a number of advisers who have never ever been examined by the SEC, not once in their 10 +, 15+, etc. years of existence. That may be a thing of the past. They will be the focus of the SEC in 2014, according...more

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