SEC Exam Priorities 2013

On February 21, 2013 the SEC published its examination priorities for 2013. Carlo V. di Florio, Director of the SEC’s Office of Compliance Inspections and Examinations says “we are publishing these priorities to promote compliance and communicate with investors and our registrants about areas that we perceive to have heightened risk.”

Many of the past focus areas made the list, however there are new and emerging issues included as well, as follows:

On-going Risk

  • Safety of assets
  • Conflicts of interest related to compensation arrangements
  • Marketing/performance
  • Conflicts of interest related to allocation of investment opportunities
  • Fund governance

New and Emerging Issues

  • New registrants
  • Dually registered IA/BDs
  • “Alternative” Investment Companies
  • Payments for Distribution in Guise

Policy Topics

  • Money market funds
  • Compliance with Exemptive Orders
  • Compliance with Pay to Play Rule

These priorities were set by senior exam staff from the SEC’s 12 regional offices, in consultation with each of the Commissioners, and were based upon a variety of information and risk analytics.

Here’s a link to the SEC’s announcement, and a link to the National Exam Program (NEP) Examination Priorities for 2013 document.

Comments are closed.