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



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Cybercrime Meets Insider Trading

The SEC announced on Tuesday charges against 32 defendants involved in an unprecedented illicit scheme deployed in the US and overseas. The scheme involved hacking websites of newswire services and... read more »

SEC Charges Private Equity Manager in First Ever Case Over Allocation of Broken …

The Securities and Exchange Commission recently charged a private equity firm for misallocating more than $17 million of “broken deal” expenses. Broken deal expenses are those associated with identifying, researching... read more »

What the SEC’s New Cybersecurity Guidance Means for Investment Advisers and Inve…

By Janaya Moscony, CFA; Irshad Karim; Linda Smith; Claire Owens, SEC Compliance Consultants Published: NSCP Currents May 2015 The SEC has made cybersecurity a significant point of interest for 2015 through their... read more »

SEC Sanctions Investment Adviser for Failure to Devote Resources to Compliance F…

The SEC recently settled a proceeding brought against an investment adviser firm, its former President, and other principals at the firm where the compliance function was not adequately staffed and... read more »

SEC Proposes Extensive Amendments to Form ADV as Well as New Reporting Requireme…

On May 20, 2015, the SEC unanimously approved extensive proposed amendments to Form ADV that, if adopted, would require registered investment advisers to provide new information, including additional disclosure relating... read more »

SEC Continues Heavy Focus on Private Equity

The SEC is continuing to focus heavily on the private equity sector, reminding advisers in this space to be mindful of their practices. On May 13, 2015, Mark Wyatt, Acting... read more »


GAIM Ops Cayman 2015

When: April 26-29th, 2015 Where: Ritz Carlton, Seven Mile Beach | Grand Cayman, Cayman Islands

Miami Compliance Roundtable

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

Dallas CCO Compliance Roundtable

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