Statement On Recent And Upcoming Regulation Best Interest Examinations From The SEC Division Of Examinations, Division Of Examinations Staff Date
21/12/2020
[1]Regulation Best Interest established a new, substantially elevated standard of conduct under the Exchange Act for broker-dealers and associated persons of a broker-dealer (collectively “broker-dealers” or “firms”).[2] After Regulation Best Interest’s June 30, 2020 compliance date, the Division of Examinations (“Division”) (formerly the “Office of Compliance Inspections and Examinations”) launched examinations to assess the Regulation Best Interest implementation efforts of broker-dealers. Division staff has assessed the results of its initial Regulation Best Interest examinations and now that approximately six months have passed since the Regulation Best Interest compliance date, the Division intends to begin its next phase by conducting more focused examinations as outlined below beginning in Jan
SEC’s OCIE gets new moniker as Examinations Division
Bloomberg
The SEC s Office of Compliance Inspections and Examinations is getting a name change to Division of Examinations to reflect the division s role in promoting a strong culture of compliance within the financial services industry, agency commissioners said Thursday.
The office created 25 years ago is now the SEC s second largest division, after enforcement. Along with keeping up the growth in investment advisers and national securities exchange participants, the division has assumed responsibilities for many new entities, including private fund advisers; municipal advisers; entities under Regulation Systems Compliance, or Regulation SCI; and soon-to-be registered securities-based swap dealers, the SEC said.
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 Div
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 Div
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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.