SEC: Senior Management and Boards That Fail to Support Compliance Face Most Scrutiny
Carlo di Florio, director of the SEC’s Office of Compliance Inspections and Examinations, said Tuesday that the SEC is bent on “elevating” the role of compliance by “underscoring that it is not a responsibility that stops at the desk of the CCO."
SEC Exam Chief to AdvisorOne: SRO Option Still Viable
Carlo di Florio, director of the SEC's Office of Compliance Inspections and Examinations, told AdvisorOne on Tuesday that the recent boost in funding that the SEC received from Congress is not enough to thwart the need for an advisor SRO.
SEC Charges Advisor With LinkedIn Fraud, Issues Social Media Alerts
The SEC on Wednesday charged an Illinois-based advisor with offering to sell fictitious securities on LinkedIn, and the agency also released three alerts warning advisors of the risks advisory firms and investors face when using social media.
Where Are We Headed?
The ultimate compliance goal is to help ensure that everyone associated with an advisory firm acts ethically at all times. Advisors and RIAs should do the right thing, even when regulators are not looking over their shoulders.
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.
SEC, FINRA Issue Joint Alert on BD Branch Inspections
The SEC's Office of Compliance Inspections and Examinations and FINRA issued on Wednesday a Risk Alert and a Regulatory Notice on broker-dealer branch inspections, and offered suggestions to help securities industry firms better perform this key supervisory function.
SEC Charges Three Advisors With Compliance Violations
The SEC on Monday charged three investment advisors for failing to put in place compliance procedures designed to prevent securities law violations.
Internal Changes at SEC’s Exam Division
As uncertainty remains in the debate over whether an SRO should oversee advisors—and a new option of using outside auditors for advisor exams in lieu of an SRO was recently thrown into the mix—changes are afoot within the SEC’s exam division.
SEC Sees No Way to Adequately Examine Advisors, Senators Told
Carlo di Florio, director of the SEC's Office of Compliance Inspections and Examinations, said the agency “will not have sufficient capacity in the near or long term to conduct effective examinations of registered investment advisors with adequate frequency.”
Senate to Grill SEC Chiefs at Oversight Hearing
A Senate Banking Subcommittee plans to hold a hearing on Nov. 16 on management and structural reforms at the SEC, with Robert Khuzami and others facing off with the Senators.