Is a ‘Presence Exam’ in Your Future, RIA?
SEC exam chief Andrew Bowden said at a January hedge fund conference in New York that the agency's Office of Compliance Inspections and Examinations will use the “presence exams” that it used to audit newly registered private fund advisors on never-examined advisors in 2015.
Is There Really an Advisor Exam Problem?
Head scratching continues over what to do about boosting SEC advisor exams — or whether the supposed deficiency is just a political football.
SEC Investment Management Director Champ to Exit
Champ played a key role in the SEC’s money market fund reforms and instituted regular IM Guidance Updates. He will teach at Harvard Law.
GOP Thwarts Rep. Waters’ Effort to Add User-Fees Bill to Dodd-Frank Package
GOP lawmakers blocked the user-fees bill aimed for the Dodd-Frank rollback package that passed the House on Wednesday.
SEC to Conduct ‘Presence Exams’ on Never-Examined Advisors
SEC’s 2015 exam priorities will include protecting investors, particularly retirees and pre-retirees; market structure issues like cybersecurity; and using data to identify illegal activity.
SEC Chief White Pushes Back on Advisor Audits
White tells Financial Services Committee that a reallocation of resources from BD coverage to advisors would ‘not be advisable.’
SEC's Bowden: Ethical Standards More Important Than Policy, Procedures
Advisory firms striving for compliance “can’t be effective by merely having policy and procedures, even if tested,” the exam chief said.
New Fiscal Year Will Bring More Advisor Cases: SEC Enforcement Chief
SEC enforcement chief Andrew Ceresney says the agency will continue to bring cases on matters like fees and conflicts of interest.
SEC Slaps E*Trade for Unregistered Transactions, Issues Risk Alert
SEC says that brokerage subsidiaries of E*Trade engaged in unregistered sales of micro-cap stocks; also issues Risk Alert reminding BDs of unregistered transaction duties.
SEC to Hold Muni Advisor Compliance Summit
The SEC, FINRA and MSRB will hold inaugural Compliance Outreach Program for Municipal Advisors in Chicago on Nov. 3.