5 Most Frequent Compliance Topics Identified in Investment Adviser Exams

posted in: Compliance, SEC Examinations | 0

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) identified the following five areas of compliance deficiencies or weaknesses frequently found during its staff’s examinations of SEC-registered investment advisers:

(1) Rule 206(4)-7 (the “Compliance Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”); 

(2) required regulatory filings;

(3) Rule 206(4)-2 under the Advisers Act (the “Custody Rule”); 

(4) Rule 204A-1 under the Advisers Act (the “Code of Ethics Rule”); and 

(5) Rule 204-2 under the Advisers Act (the “Books and Records Rule”).

The Risk Alert can be found here.