SEC Held Compliance Outreach Program for Investment Advisers and Investment Companies

On April 19, 2016, the Securities and Exchange Commission (“SEC”) held their National Compliance Outreach seminar, which covered a number of topics, including:

  • 2016 exam priorities
  • Potential 2017 priorities
  • Updates to OCIE initiatives
  • Conflicts of interest
  • Examination findings
  • Recent enforcement actions

The first three topics pertained to SEC’s National Exam Program for both investment advisers and investment companies, and the last three topics were specific to private fund advisers.

As part of the seminar, Chair Mary Jo White gave an opening speech addressing how important the compliance function is for firms. Specifically, she stated:

“Strong compliance must permeate your organization at every level. The right tone at the top and a strong CCO are crucial, but not sufficient. When firms do not implement and enforce a comprehensive set of policies, procedures, and systems to govern and supervise all of their employees, it is much more likely that investors will be harmed. And when firms do not fully and fairly disclose conflicts of interest, investors are deprived of the opportunity to make fully informed investment decisions. Together we must make sure that does not happen.”

The meeting was presented in person and via webinar. The SEC will be posting a webcast recording of the meeting on their website at, along with handouts provided during the sessions.

Core Compliance & Legal Services, Inc. works with investment advisers, including private fund advisers, and investment companies to help enhance, strengthen, and review their compliance programs. These services include drafting/amending policies and procedures, assessing internal controls, and performing quarterly and annual reviews. For more information on our services and how we can help you, please contact us at (619) 278-0020.

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