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



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!


SEC Raises Awareness Surrounding CCO Outsourcing

Yesterday, the SEC indirectly affirmed that registered investment advisers and investment companies can outsource their CCO to an unaffiliated third party and satisfy their 206(4)-7(c) and 38(a)-1(a)(4) obligations. However, advisers... read more »

SEC Provides Clarity on When and How the Enforcement Division Goes After CCOs

Yesterday, Director of the Enforcement Division of the Securities and Exchange Commission, Andrew Ceresney was the keynote speaker at the National Society of Compliance Professionals National Conference in Maryland. His... read more »

The SEC Outdoes Itself Again Announcing A Record Year for Enforcement Action

The Securities and Exchange Commission announced on October 22, 2015 a comprehensive report describing the results of enforcement actions taken against advisers in fiscal year 2015, which ended in September.... read more »

The Hunt Continues: SEC Goes After Large Private Equity Firm for Undisclosed Fee…

On October 7, 2015, the SEC announced a large settlement with a private equity firm charged with failure to disclose. The SEC said that the firm failed to sufficiently disclose... read more »

Adviser Settles SEC Cyber Enforcement Action

The Securities and Exchange Commission announced on September 22, 2015 that an investment adviser has agreed to settle charges that it failed to establish the required cybersecurity policies and procedures... read more »

First Case Brought Under Distribution-in-Guise Initiative

On September 21, 2015, the Securities and Exchange Commission charged  an asset manager with improperly using mutual fund shareholder's assets to pay two unnamed brokerage firms to market and distribute... read more »



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...


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

IA Compliance Fall Conference 2014

When: September 22th, 2014 Where: Loews Philadelphia Hotel

NYC CCO Compliance Roundtable

When: September 23rd 2014 Where: Blank Rome LLP, The Chrysler Building, 405 Lexington Avenue, 22nd Floor Board Room

GAIM Ops Ireland 2014

When: October 8-10th, 2014 Where: Powerscourt Hotel, Wicklow Ireland

Financial Services Roundtable Series

When: August 6th 2014 Where: Anchin Block & Anchin, 1375 Broadway, New York, NY, 23rd Floor

NYC CCO Compliance Roundtable

When: April 29th 2014 Where: Blank Rome LLP, The Chrysler Building, 405 Lexington Avenue, 22nd Floor Board Room

NSCP Dallas Regional Meeting

When: April 10, 2014 (8am-5pm) Where: Haynes and Boone, LLP 2323 Victory Avenue, Ste. 700 Dallas, TX 75219

GAIM Ops Cayman 2014

When: April 6-9th, 2014 Where: Ritz Carlton, Grand Cayman