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Throughout the year, every year, the SEC’s Divisions of Examinations (f.k.a. OCIE) (the “Examinations Division”) and Enforcement (the “Enforcement Division”) each respectively release guidance, observations, and priorities explanations, most of which cover recurrent themes and perennial topics. Some are more salient and universally useful than others. In November 2020, the staff of the Examinations Division (“Examinations Staff”) issued two risk alerts (the “Alerts”) that, in our view, offer particularly helpful information that is important reading for anyone who is responsible for regulatory compliance of a federally-registered investment adviser.