As an update for Investment Compliance Services, today, the SEC issued a Press Release announcing the creation of the Office of Risk and Strategy for its National Exam Program within the Office of Compliance Inspections and Examinations (OCIE). This new office will consolidate OCIE’s risk assessment, market surveillance and quantitative analysis teams and provide operational risk management and organizational strategy for OCIE. Peter B. Driscoll will manage the new office and be named the Chief Risk and Strategy Officer.
OCIE examines SEC-registered investment advisers to ensure compliance with the security laws. Annually, the agency examines approximately 10% of the more than 11,500 registered investment advisors within its purview and has been seeking ways to increase their oversight of RIAs. Recent reports indicate that the SEC seeks to increase the number of RIA examiners by about 20% this year to 630.
With this increase in RIA examiners, federally registered firms that have never been examined can be assured they will be hearing from the SEC in the very near future. Be prepared and review your books and records requirements now, particularly your Form ADV and Brochure to confirm all are still current and update to date. If you need assistance or have questions, contact Registered Advisor Services today!
