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“Never-Before Examined” – A new club?

Last week the SEC Office of Compliance Inspections and Examinations (OCIE) put on notice a sweep program to exam those firms that have been registered for more than three years and not as yet visited by the SEC.  If you have not received the letter you will soon.

In the announcement the SEC provides some guidance on the program as well as some compliance pointers:

  • Compliance Program – have documented policies and procedures and empower the CCO to administer the compliance program
  • Filings and Disclosure – review the firms risks and conflicts and disclose them to the client
  • Marketing – review your marketing materials for false and misleading statements
  • Portfolio Management – document your process for portfolio management and disclose and conflicts
  • Safety of clients’ assets – does the RIA have custody of clients’ assets.  Are the clients protected against identity theft?

This initiative raises the probability of your firm having to undergo an SEC exam.  Having been overlooked in the past now raises the likelihood of seeing your first exam.  You knew the regulations when you registered and you need to have kept up with the new ones and amendments as they were announced.

If you have any questions about the effectiveness of your compliance program, contact us for a discussion.  RegMaven, Inc.  603-965-7791 or

SEC announcement –


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