SEC Examinations for Investment Advisers
This course will speak to how the examination and enforcement culture has changed at the SEC, the new types of SEC exams, and how firms can prepare for them. Sample document request lists will be provided to review specific requested documents for different types of firms.
Our expert presenters will address:
- SEC’s Examination Priorities for 2014 including
- NEP-wide initiatives: fraud and prevention detection;corporate governance, conflicts of interest and enterprise risk management; technology; dual registrants; new laws and regulations; and retirement vehicles and rollovers
- Priorities specific to investment advisers: Safety of assets and custody; conflicts of interests inherent in certain investment adviser business models;and marketing and performance
- New and emerging issues and initiatives: never-before examined advisers; wrap fees programs; quantitative trading models; presence exams; and payment for distribution in guise
- More rigorous pre-exam due-diligence and aggressive examinations
- Hiring more experienced examiners with special expertise
- Steps firms can take before, during and after an exam to improve exam outcomes
Examiners are more skeptically probing in new areas, interviewing additional people, asking different questions, and have expanded the scope of requested documents and reports. Legal and industry experts will detail the examination process from the unexpected first notice to the final follow-up, and explain how strong internal controls that are put in place now can help your firm be prepared on short notice for these tougher examinations. Understand what the SEC is looking for and how to manage the examination once the SEC is onsite. Additional topics to be covered include the firm’s rights during the examination process, common problems the SEC encounters during examinations, and effective strategies for dealing with deficiencies found during an examination.
After attending this course, attendees should be able to:
- List the ways that the current market and regulatory environments will affect SEC examinations of investment advisers
- Review and address how to handle the SEC OCIE’s top Examination Priorities for 2014, both NEP-wide initiatives as well as priorities specific to investment advisers
- Demonstrate an understanding of the federal and state examination processes from first notice to final follow-up to avoid unnecessary interruption of the firm’s business
- Use recent SEC Document Request Lists to increase the firm’s preparedness, minimize retrieval time during an examination, and maximize a favorable examination outcome
- Address the link between internal controls and SEC examinations
- Further limit regulatory risk on both a personal and firm level
For Whom: Designed to increase the professional competence of investment adviser professionals with legal, compliance and management responsibilities.
Suggested Skill Level: Intermediate
Instructional Method: Group Internet-Based
Pre-requisites for participation: No advance preparation or prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and related SEC Rules to become familiar with the structure and terms.
Advance Preparation: None
Continuing Education Credits:
NRS Continuing Education Guide
Recommended CPE Credit: 2 in the Regulatory Ethics field of study
Recommended IACCP® CE Credit: 2
Recommended CA MCLE Credit: 2
Recommended CFP Credit: 2