Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers (see "The Top Five ‘Gotcha’ Deficiencies Plaguing Asset Managers and How to Avoid Them"). This week, we want to get you ready for your exam. Here are the OCIE’s examination priorities for 2017 for registered investment advisers and affiliated broker-dealers.1 This year, when conducting examinations of registered investment advisers, the OCIE’s focus will revolve around three themes:
Let’s start with this caveat: as we all know, under the still-new Trump Administration, priorities may and are likely to change. Now that we got that off our chest, it is nevertheless not the time to sit back and wait. The SEC’s Office of Compliance Inspections and Examinations (OCIE) has just given us a list of potholes that investment advisers keep falling into.
If you're like me, you are constantly receiving alerts from consultants, law firms, policy shops and others, all predicting how the Trump Administration is going to dramatically change, or even gut, Dodd-Frank and other U.S. financial regulations. As you read these prognostications, keep in mind just how well pollsters, experts and markets did in predicting the election outcome. The reality is, nobody knows what changes the future Trump Administration may make. The only certainty is that determining at this point how Mr. Trump might revamp our financial regulations is a fool's folly.