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SEC OCIE Alert on Adviser Exams: 5 Most Frequent Deficiencies

The SEC’s OCIE office released its 5 most frequent deficiencies identified in examinations of Investment Advisers. They include the Compliance Rule, Regulatory Filings, Custody Rule, Code of Ethics Rule, and Books and Records.  According to the SEC staff, the Alert is based upon deficiencies cited from over 1,000 investment adviser exams over the past two years.  The document is helpful to the adviser legal and compliance personnel, not necessarily because there are surprises in the deficiencies cited, but because there is good amount of detail as to each of the cited deficiencies and thereby serves as a roadmap to be incorporated into the adviser’s annual compliance review.   View the Alert here: The Five Most Frequent Compliance T opics


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