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January 27, 2014 at 07:00 PM
The Securities and Exchange Commission announced its examination priorities for 2014 in mid-January, and like FINRA, the SEC will also focus on advisor and broker-dealer IRA rollover activity this year.
The SEC’s list also includes examinations of advisors who have never been previously examined, including new private fund advisors, wrap fee programs, quantitative trading models, and payments by advisors and funds to entities that distribute mutual funds.
Dually registered advisors are also on the securities regulator’s radar this year. The agency said that convergence among broker-dealer and investment advisor activity continues to be a “significant risk.”
For example, reps of dual registrants, that are both broker-dealers and advisors, and affiliated advisors and broker-dealers may influence whether a customer establishes a brokerage or investment advisory account, the agency said. “This influence may create a risk that customers are placed in an inappropriate account type that increases revenue to the firm and may not provide a corresponding benefit to the customer.”
