What are SEC examination priorities?

What are SEC examination priorities?

Consistent with its recent rulemaking activity, in its accompanying release, the SEC highlighted private funds; Environmental, Social and Governance (ESG) investing; retail; cyber; and digital assets as key examination priorities.

What are SEC examinations?

Examinations will review issues under the Advisers Act, including an adviser’s fiduciary duty, and will assess risks, including a focus on compliance programs, fees and expenses, custody, fund audits, valuation, conflicts of interest, disclosures of investment risks, and controls around material nonpublic information.

How long does an SEC audit take?

In general, these Presence Exam inspections are announced with a one- to two-week notice, span one to three days, and involve inspecting the adviser’s documents and records, including spe- cific information requested by the SEC in advance.

How often does the SEC audit RIAS?

every two to five years
But when state regulators audit an RIA for the first time — and how frequently they audit a firm after that initial exam — can differ from state to state. “Generally, from the state regulators’ standpoint, after your initial exam, you’re getting an exam every two to five years,” Shaver said.

What is a main focus area of the SEC for 2021?

Findings – The SEC’s priorities for 2021 examinations include retail investor protection; information security; operational resiliency; financial technology and innovation, including digital assets; anti-money laundering; LIBOR transition, and selected areas for registered investment advisers.

What is SEC reporting requirements?

SEC rules require your company to file annual reports on Form 10-K and quarterly reports on Form 10-Q with the SEC on an ongoing basis. These reports require much of the same information about the company as is required in a registration statement for a public offering.

How do I prepare for an SEC exam?

Here are our top tips to consider before and during the SEC Examination process.

  1. Know Your Compliance Policies and Procedures Top to Bottom.
  2. Establish Points of Contact for Interviews.
  3. Prepare Your Employees to Meet with SEC Staff.
  4. Create an Opening Presentation for SEC Staff.
  5. Triple Check Your Documents.

How long is SEC exam?

How Long Is the CompTIA Security+ Exam? You will have 90 minutes to complete the exam. This does not include the time necessary to check in at the testing center, so plan to arrive early.

How do I prepare for an SEC audit?

Preparing for an On-Site SEC Audit

  1. Acknowledge Announcement.
  2. Answer Requests Promptly.
  3. Prepare Background Presentation.
  4. Make Staff Key Available.
  5. Designate CCO as Primary Communication Channel.
  6. Act Honestly.
  7. Educate Employees.
  8. Keep IA Records Separate from Other Business.

Does the SEC examine broker dealers?

EXAMS, working closely with the SEC’s other divisions and offices, carefully developed new examination approaches to both promote compliance and inspect firms in both our broker-dealer and investment adviser/investment company programs.