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The staff of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (staff) issued a Risk Alert on November 19, 2020 (Risk Alert), related to OCIE’s observations regarding deficiencies in investment adviser compliance programs.
1 The Risk Alert is intended to share OCIE’s observations on “notable compliance issues” found in recent examinations of SEC-registered investment advisers (advisers) related to Rule 206(4)-7 (Compliance Rule) under the Investment Advisers Act of 1940, which issues are “among the most common cited by OCIE” according to the Risk Alert. The Risk Alert groups the staff’s observations into six categories: inadequate compliance resources; insufficient authority of Chief Compliance Officers (CCOs); annual review deficiencies; implementing actions required by written policies and procedures; maintaining accurate and complete information in policies and
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NEW YORK (Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
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As investment advisers continue to develop new ways to cope with COVID-19, “new challenges may arise from the solutions,” U.S. compliance professionals were told at a recent U.S. Securities and Exchange Commission outreach seminar.
“This is an evolving situation and we will remain cognizant of the reality on the ground,” Peter Driscoll, director of the SEC’s Office of Compliance Inspections and Examinations, told the event last month.