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SEC Exam Documents

SEC examinations are always a concern. Understanding how the SEC approaches the traditional routine exams, their current exam focus areas and having an established process to manage an exam can be helpful. We provide this information as an overview.  Please select a link below or if you have any questions, feel free to contact us.

SEC Presence Exam Letter

As mentioned in our September 27th Communique, the SEC has started to send a letter to all newly registered advisers of private funds.  The letter describes the intentions of the SEC with regards to these private fund advisers.

A copy of the letter can be found here

 

SEC Chicago Letter - A precursor for private funds

The SEC seems to be initiating a trend and "pre-screening" managers.  An April document request letter to a number of Chicago based advisers offers some insight into this trend. This scaled-down document request shows that the SEC is trying to cover more ground in less time.  This trend should be of interest to unregistered private fund managers regarding what they can expect once registered - ensure your ADV Part II, offering documents and promotional materials are consistent and compliant.

 

Read more: SEC Chicago Letter - A precursor for private funds

 

Two SEC Exam Request Lists - 2012

An example of recent SEC Long form and SEC Short form SEC Examination Information Request Lists.

Read more: Two SEC Exam Request Lists - 2012

 

OCIE Exam Process Overview

Office of Compliance Inspections and Examinations Process Overview.

Read more: OCIE Exam Process Overview

 

The Importance of Risk Assessment and Forensic Testing for Investment Advisers

The National Examination Program (“NEP”) of the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities Regulation Commission (“SEC”) currently stresses a risk-based approach to examinations. NEP is committed to focus its examinations on higher-risk registrants and/or selected higher risk areas of a registrant’s business. This will enable OCIE to better effectively manage its limited resources. Understanding risk assessment and forensic testing is important for Investment advisers - which we cover in this report.

Read more: The Importance of Risk Assessment and Forensic Testing for Investment Advisers

 

SEC Exams Tips

For your reading pleasure, we present a list of tips for surviving a routine SEC Examination. This list has been compiled by SEC3 employees including ex-SEC examiners and securities attorneys. It is not to be considered all inclusive and is provided to assist registrants with preparing for and managing an SEC examination. Depending on the type of examination and issues that may arise during the exam, a registrant may want to consider additional steps to manage an SEC examination.

Read more: SEC Exams Tips

 

Newsletter

Get the latest compliance news and insights - delivered weekly. The SEC3 Communique covers all compliance topics. CCO3 focuses on Mutual Fund CCO topics.
tip: check both to keep informed!

Communiques

SEC3 Newsletter

Commentary: How Compliance Officers & Firms Can Help Limit CCO Personal Liability This article originally appeared on the Thomson Reuters Regulatory Intelligence subscription service for compliance and risk professionals and is... read more »

Wishing One-and-All a Happy, Healthy and Prosperous New Year

We hope each of you found some peace and tranquility in the company of loved ones this holiday season and want to wish one-and-all a happy, healthy and prosperous New... read more »

Understanding How to Mitigate Liability and Navigate Insurance Options (Part II)

In June, we shared our thoughts around common insurance gaps and insurance riders that CCOs as well as managers should understand. One of the gaps we shared related to pre-claim... read more »

Cybersecurity - What have we learned and what have we done?

Regulatory Landscape In April 2015, the Securities and Exchange Commission ("SEC's") Division of Investment Management issued a guidance update, identifying cybersecurity as a critical issue. Several regulators are in fact focusing... read more »

Gatekeepers in SEC Crosshairs

Ever since the enforcement cases were announced as part of the SEC’s “Operation Broken Gate,” the SEC enforcement division has continued to ramp up scrutiny of gatekeepers including third-party service... read more »

Anna M. Bencrowsky, CRCP, CMFS Joins SEC3

We are pleased to announce that Anna M. Bencrowsky, CRCP, CMFS has joined SEC3 as a Senior Consultant. Prior to joining SEC3, Anna held several executive compliance positions. Anna recently retired... read more »

Events

Webcast: The Most Insidious Cybersecurity Threat Is Also The Least Understood

When: Tuesday, April 25th | Schedule: 12pm - 1pm EST Who: Paul Caiazzo, CEO and Co-Founder, TruShield Security Solutions Michael Brice, Founder, BW Cyber Services John Lukan, Managing Director, SEC Compliance Consultants, Inc. Ransomware, the...

CCO Liability (Part III): Managing Liability Webinar

In this webinar, panelists discuss indemnifications and insurance as potential remedies to address the direct financial risks to a CCO. Attendees will learn: What terms and conditions should Chief Compliance Officers be...

Webinar: CCO Liability (Part III): Managing Liability: Navigating Indemnities an…

When: Tuesday, February 21, 2017 Schedule: 11:00am ET / 10:00am CT / 9:00am MT / 8:00am PT / 7:00am AT Description of Webinar: The National Society of Compliance Professionals is pleased to host...

Webcast: SEC 2017 Examination Focus Area – Cybersecurity Testing

Penetration Testing & Vulnerability Assessments - Examining the SEC & FINRA Requirements When: Wednesday, January 25th | Schedule: 12pm - 1pm EST Who: Paul Caiazzo, CEO and Co-Founder, TruShield Security Solutions Michael Brice, Founder,...

Chief Compliance Officer Roundtable: Breakfast Briefing

When: October 20, 2016 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 | 22nd Floor Boardroom | Phone: 212.885.5000 Thomas Westle and Janaya...

Practicing Law Institute - Hedge Fund Management 2016

When: September 15, 2016 Where: New York & concurrent webcast | 1177 Avenue of the Americas | New York, NY 10036 Schedule: 9:00 am – 5:00 pm Janaya Moscony, President of SEC3 will...

CHIEF COMPLIANCE OFFICER ROUNDTABLE: BREAKFAST BRIEFING

When: April 13, 2016 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 22nd Floor Boardroom Thomas Westle and Janaya Moscony, along with industry experts,...

COMPLIANCE SCIENCE SUMMIT 2015

When: November 17, 2015 Where: Convene Midtown East | 730 Third Avenue | New York, NY 10017 Janaya Moscony, President, SEC Compliance Consultants, Inc. will be moderating a...

CHIEF COMPLIANCE OFFICER ROUNDTABLE: BREAKFAST BRIEFING

When: October 13, 2015 Where: Blank Rome LLP | The Chrysler Building | 405 Lexington Avenue | New York, NY 10174 22nd Floor Boardroom Thomas Westle and Janaya Moscony, along with...

The SEC's Examination Priorities: What Every Private Fund Managers Need to Know …

In this CLE course, a panel of thought leaders and professionals organized by The Knowledge Group will provide the audience with an overview of the latest and remarkable issues...

Greenwich CCO Compliance Roundtable

When: June 24th 2015 Where: The Belle Haven Club | 100 Harbor Drive, Greenwich CT 06830

Miami Compliance Roundtable

When: March 30th 2015 Where: Kaufman Rossin Fund Services | 2699 Bayshore Drive, Miami FL 33133

NSCP Canadian Conference

When: March 4th 2015 (8:00am-4:00pm) Where: St. Andrew’s Club & Conference Centre | 150 King Street West Toronto, Ontario M5H 1J9

Dallas CCO Compliance Roundtable

When: March 05, 2015 Where: The Crescent Club | 200 Crescent Court, 17th Floor, Dallas, TX 75201

Phila Compliance Outreach Seminar

When: December 17th 2014 Where: Drinker Biddle & Reath LLP | One Logan Square, Ste. 2000, Philadelphia, PA 19103