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As 2020 finally comes to a close, compliance officers face the unenviable job of performing their compliance program’s annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm’s compliance policies and procedures to reflect relevant changes to regulations and regulatory guidance. Here’s a cheat sheet for Chief Compliance Officers summarizing the SEC’s big-ticket items from 2020.
Despite the massive disruption caused by the COVID-19 pandemic, the SEC didn’t skip a beat, moving ahead with examinations, enforcement actions, and regulatory initiatives in 2020. The SEC’s Division of Examinations (the Division, formerly known as Office of Compliance Inspections and Examinations, or OCIE), shifted to remote examinations and focused on threats posed by COVID-19, such as fraud, insider trading, and inadequate disclosure. Although some deadlines and requirements were exte
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