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Risk alert spotlights exam pitfalls for investment advisers

Joe Mont | February 8, 2017

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations has issued a new risk alert that details the five most frequent compliance topics identified in its examinations of investment advisers

Advisers should review their compliance programs and practices in light of the topics noted in the alert, OCIE says, The topics were identified through a review of deficiency letters sent to SEC-registered investment advisers following more than 1,000 examinations completed during the past two years.

Compliance rule

The compliance rule, Rule 206(4)-7 under the Investment Advisers Act, makes it unlawful for an adviser to provide investment advice to clients unless they designate a chief compliance officer responsible for administering the compliance policies and procedures that the adviser adopts.

Among the identified...

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