More On Legal & Compliancefrom The Advisor's Professional Library
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
- Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isnt just a recommended best practice it is part of the fiduciary obligation to a client. An RIA should be extremely reluctant to enter a relationship with a sub-advisor who claims the firms strategy is proprietary.
The Securities and Exchange Commission announced Tuesday that it has named Carl W. Hoecker its inspector general.
Hoecker currently serves as inspector general for the U.S. Capitol Police and will replace David Kotz, who left the SEC last year. Jon T. Rymer, the inspector general for the Federal Deposit Insurance Corp., has served as the SEC’s interim inspector general since May 2012.
“Carl has demonstrated ability in conducting complex investigations,” said SEC Chairman Elisse Walter, in a statement. “He has more than 30 years of federal law enforcement experience and is well qualified to serve as the SEC’s inspector general.”
The SEC’s inspector general issues reports and conducts independent and objective audits, investigations, and inspections to detect waste, fraud, and abuse and to promote economy, effectiveness and efficiency.
“I am deeply honored to have been selected for this position,” said Hoecke, in the same statement. “The SEC has an extremely important mission and I look forward to working with the commissioners, the SEC staff, and the SEC stakeholders as I carry out my responsibilities under the Inspectors General Act.”
According to the SEC, Hoecker has served since 2006 as the first inspector general of the U.S. Capitol Police. He spent 10 years at the Treasury Department, starting as a special agent in 1996 and serving as deputy assistant inspector general from October 2003 to July 2006. Hoecker joined the inspector general community in 1992 as a criminal investigator at the U.S. Information Agency, now part of the State Department. He began his career with the U.S. Army in 1976 as a military policeman, later becoming a special agent for the Army Criminal Investigations Command, the SEC says.
In addition to being a certified public accountant, Hoecker is a certified fraud examiner and certified government financial manager, and he is certified in financial forensics. He also chairs the Investigations Committee of the Council of Inspectors General on Integrity and Efficiency. He received his B.A. in business administration from Governors State University and completed his M.A. in systems management from the University of Southern California while on active military duty.