more than 500 municipal advisors,
the Financial Industry Regulatory Authority (FINRA), the Municipal Securities Rulemaking Board (MSRB), the Securities Investor Protection Corporation (SIPC) and the Public Company Accounting Oversight Board (PCAOB).
Over the past several years, in addition to responding to the growth in the investment adviser and national securities exchange populations, the Division has assumed examination responsibilities for many new types of registered entities – including private fund advisers, municipal advisors, Regulation SCI entities, and soon-to-be registered securities-based swap dealers – all highlighting the growing breadth and complexity of the Division’s responsibilities.
Although conducting examinations is a primary function of the Division, it is not its only function. The Division also plays a significant role in proactively promoting compliance with the federal securities laws, with a focus on preventing problems before they occur. The Division often is the first point of contact at the Commission for many registrants, particularly smaller financial firms, and it conducts significant outreach to market participants around the country. The Division also has published detailed risk alerts for firms in areas including cybersecurity, compliance programs, management of conflicts of interest, and the safeguarding of assets, among others.