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Tag Archives: OCIE

SEC Reports the Result of its Cybersecurity Sweep of Broker-Dealers and Investment Advisers

Posted in Broker-Dealer Regulation, Cybersecurity/Privacy, Investment Adviser Regulation

An SEC cybersecurity sweep examination by the SEC’s Office of Compliance Inspections and Examinations (OCIE) found that 88 percent of the broker-dealers (BDs) and 74 percent of the registered investment advisers (RIAs) they visited experienced cyber-attacks directly or indirectly through vendors, the SEC reported in a February 3, 2015 Risk Alert. The sweep found that… Read More

OCIE Publishes Exam Priorities for 2015

Posted in Investment Adviser Regulation

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its examination priorities for 2015 this week.  This year’s letter is significantly shorter than last year’s letter, and takes a more thematic, less detailed approach to the discussion of OCIE’s key focus areas. Many of the themes in the letter… Read More

SEC Launches Exam Initiative for Newly Registered Municipal Advisors

Posted in Investment Adviser Regulation, Municipal Advisors

The SEC is not wasting any time making sure that newly registered municipal advisors are introduced to their regulator.  On August 19, 2014, the SEC announced a two-year examination initiative for municipal advisors that registered with the SEC in accordance with final municipal advisor rules that became effective on July 1, 2014.  OCIE’s National Examination… Read More

Spreading Sunshine or Shining a Spotlight?

Posted in SEC Enforcement

Andrew Bowden, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE), recently “spread sunshine” on private equity industry practices gathered through so-called “presence exams” of newly registered private fund advisers. The goal, he said, is to help these advisers spot potential issues before they find themselves in regulatory hot water.  But the “sunshine”… Read More

Cybersecurity: SEC Is Starting to Scrutinize Registrants’ Practices

Posted in Broker-Dealer Regulation, Cybersecurity/Privacy, Enforcement, FINRA Enforcement, Investment Adviser Regulation, SEC Enforcement

The SEC plans to examine the cybersecurity practices of over 50 registered broker-dealers and investment advisers. The SEC announced its plan in an April 15, 2014 Risk Alert, which closely follows the March 26 Cybersecurity Roundtable at which Chair Mary Jo White underscored the importance of cybersecurity to market security and customer data protection. At… Read More

NEP Announces Never-Before-Examined Initiative

Posted in Investment Adviser Regulation

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.  Advisers to private funds that registered after the implementation of the Dodd-Frank Act, and which are subject to the NEP’s presence… Read More

SEC Compliance Outreach Program Reinforces Familiar Themes

Posted in Fund Regulation, Investment Adviser Regulation

Last week, key members of the SEC’s staff reinforced their expectation that CCOs and other gatekeepers should help the SEC with its core mission of protecting investors, promoting fair, orderly and efficient markets and facilitating capital formation. Based on the presentation materials from the national Compliance Outreach Program for Investment Advisers and Investment Company Senior… Read More

Another Bestseller: The SEC’s Examination Priorities for 2014

Posted in Broker-Dealer Regulation, Fund Regulation, Investment Adviser Regulation

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 represent a cross-divisional effort at the SEC and reflect the staff’s assessment of information including: data from reports filed with the SEC;… Read More

SEC to Focus on Private Fund Adviser Compliance Procedures in Rule 506(c) Offerings

Posted in Fund Regulation, Investment Adviser Regulation

With general solicitation and general advertising on the horizon, private fund advisers should review their policies and procedures to determine whether they are reasonably designed to prevent the use of fraudulent or misleading advertisements, said Norm Champ, the Director of the SEC’s Division of Investment Management, in remarks today before the Practicing Law Institute in… Read More

SEC Raises Concerns about Compliance with Custody Rule

Posted in Investment Adviser Regulation

It’s not an enforcement matter, yet, but OCIE has fired a warning shot regarding advisers’ custody of client assets. And there’s little question that enforcement actions will result:  OCIE says it referred some of their deficiency findings to the Division of Enforcement. The most concerning thing about OCIE’s risk alert is its finding that some… Read More