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 Issues New Cybersecurity Guidance for Investment Advisers and Investment Com…

The SEC’s Division of Investment Management recently released new guidance to registered investment advisers and investment companies regarding cybersecurity. The SEC has previously identified cybersecurity as an important issue and... read more »

Your CCO May Now Have An Incentive to Turn You In

The Securities and Exchange Commission today announced an award of more than a million dollars to a compliance officer who believed that disclosure to the SEC was necessary to prevent... read more »

SEC Charges Advisor with Failing to Disclose Conflict of Interest to Clients and…

The SEC has charged an advisor with failing to disclose a conflict of interest to their clients and fund boards. In this significant case, the SEC alleges that the firm... read more »

SEC Warns of Using Confidentiality Language to Stifle Whistleblowers

On April 1, 2015, the Securities and Exchange Commission announced its first ever enforcement action against a company for violating Dodd Frank’s whistle blower rules. In this case, the company was... read more »

SEC Reminds Advisers of the Need for Gifts and Entertainment Policies

In February 2015, the SEC’s Division of Investment Management issued guidance to the public with respect to the conflict of interest that arises when individuals and firms doing business, or... read more »

SEC to Conduct Second Phase of Cybersecurity Sweep

After completing a sweep of 100 firms focusing on preparedness concerning cybersecurity in 2014 and subsequently releasing their summary findings in February 2015, the SEC is poised to begin a... 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