The SEC signals continued scrutiny of asset management firms for all manner of violations — including technical violations first identified in exams.

On February 26, Julie Riewe, the Co-Chief of the SEC’s Asset Management Unit (AMU), delivered a speech1 to the IA Watch 17th Annual IA Compliance Conference that could fairly be described a “state of the unit” address. Titled “Conflicts, Conflicts Everywhere,” Riewe’s speech highlights the AMU’s focus on what the SEC views as conflicts of interest in all shapes and sizes. Among the key takeaways are:

• The close collaboration between the SEC Enforcement Division’s AMU and the Office of Compliance Inspections and Examinations (OCIE)

• The use of OCIE exam findings as a basis for identifying recidivist conduct

• The several areas of ongoing AMU initiatives.