The Securities and Exchange Commission’ Office of Compliance Inspections and Examinations has launched an initiative directed at investment advisers that have never been examined, in particular those that have been registered with the Commission for three or more years. OCIE previously announced that examining these advisers would be a priority in 2014.
These examinations will concentrate on the advisers’ compliance programs, filings and disclosure, marketing, portfolio management, and safekeeping of client assets. Excluded from this initiative, are advisers to private funds, which are being examined pursuant to a separate “presence exam” initiative launched in October 2012.
