Office of Compliance Inspections and Examinations

• 2019 Examination Priorities
  December 20, 2018
• 2018 Examination Priorities
  February 7, 2018
• 2017 Examination Priorities
  January 12, 2017
• 2016 Examination Priorities
  January 11, 2016
• 2015 Examination Priorities
  January 13, 2015
• 2014 Examination Priorities
  January 9, 2014
• 2013 Examination Priorities
  February 21, 2013

• Risk Alert: Observations from Investment Adviser Examinations Relating to Electronic Messaging
  December 14, 2018
• Risk Alert: Risk-Based Examination Initiatives Focused on Registered Investment Companies
  November 8, 2018
• Risk Alert: Investment Adviser Compliance Issues Related to the Cash Solicitation Rule
  October 31, 2018
• Risk Alert: Most Frequent Best Execution Issues Cited in Adviser Exams
  July 11, 2018
• Risk Alert: Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers
  April 12, 2018
• Risk Alert: Observations from Municipal Advisor Examinations
  November 7, 2017
• Risk Alert: The Most Frequent Advertising Rule Compliance Issues Identified in OCIE Examinations of Investment Advisers
  September 14, 2017
• Risk Alert: Observations from Cybersecurity Examinations
  August 7, 2017
• Risk Alert: Cybersecurity: Ransomware Alert
  May 17, 2017
• Risk Alert: The Five Most Frequent Compliance Topics Identified in OCIE Examinations of Investment Advisers
  February 7, 2017
• Risk Alert: Multi-Branch Adviser Initiative
  December 12, 2016
• Risk Alert: Examining Whistleblower Rule Compliance
  October 24, 2016
• Risk Alert: Examinations of Supervision Practices at Registered Investment Advisers
  September 12, 2016
• Risk Alert: OCIE's 2016 Share Class Initiative
  July 13, 2016
• Risk Alert: Examinations of Advisers and Funds That Outsource Their Chief Compliance Officers
  November 9, 2015
• Risk Alert: OCIE's 2015 Cybersecurity Examination Initiative
  September 15, 2015
• Risk Alert: Broker-Dealer Controls Regarding Retail Sales of Structured Securities Products
  August 24, 2015
• Risk Alert: Retirement-Targeted Industry Reviews and Examinations Initiative
  June 22, 2015
• Risk Alert: OCIE's Never-Before-Examined Registered Investment Company Initiative
  April 20, 2015
• Risk Alert: Cybersecurity Examination Sweep Summary
  February 3, 2015
• Broker-Dealer Controls Regarding Customer Sales of Microcap Securities
  October 9, 2014
• Risk Alert OCIE Launching Cybersecurity Preparedness Initiative
  April 15, 2014
• Investment Adviser Due Diligence Processes for Selecting Alternative Investments and their Respective Managers
  January 28, 2014
• Risk Alert: Rule 105 of Regulation M: Short Selling in Connection with a Public Offering
  September 17, 2013
• SEC Examinations of Business Continuity Plans of Certain Advisers Following Operational Disruptions Caused by Weather-Related Events Last Year
  August 27, 2013
• Strengthening Practices for Preventing and Detecting Illegal Options Trading Used to Reset Reg SHO Close-out Obligations
  August 9, 2013
• Significant Deficiencies Involving Adviser Custody and Safety of Client Assets
  March 4, 2013
• "Pay-to-Play" Prohibitions for Brokers, Dealers and Municipal Securities Dealers under MSRB Rules
  August 31, 2012
• Strengthening Practices for the Underwriting of Municipal Securities
  March 19, 2012
• Strengthening Practices for Preventing and Detecting Unauthorized Trading and Similar Activities
  February 27, 2012
• Investment Adviser Use of Social Media
  January 4, 2012
• Broker-Dealer Branch Inspections
  November 30, 2011
• Master/Sub-accounts
  September 29, 2011

• Letter to National Securities Exchanges Regarding OCIE's 2016 Priorities
  January 11, 2016
• Letter to National Securities Exchanges Regarding OCIE's 2015 Priorities
  January 13, 2015
• Industry Letter for the Municipal Advisor Examination Initiative
  August 19, 2014
• Letter to Never-Before Examined Investment Advisers
  February 20, 2014
• Letter to Industry Regarding Presence Exams
  October 9, 2012
• Letter to FINRA: Implementation of the SEC's Request to FINRA Member Broker-Dealers Regarding an Amendment to 31 C.F.R. § 1023.320, Confidentiality of Suspicious Activity Reports
  January 26, 2012
• Open Letter to CEOs of All SEC-Registered, FINRA Member Broker-Dealers Regarding an Amendment to 31 C.F.R. § 1023.320 , Confidentiality of Suspicious Activity Reports.
  January 26, 2012
• "Dear CEO" Letter Regarding the Importance of Compliance Programs
  December 2, 2008
• Letter from Lori Richards to Investment Advisers
  May 1, 2000

• OCIE-FINRA Report on National Senior Investor Initiative
  April 15, 2015
• Joint Review of the Business Continuity and Disaster Recovery Planning of Firms
  August 16, 2013
• Staff Summary Report on Examinations of Information Barriers: Broker-Dealer Practices Under Section 15(g) of the Securities Exchange Act of 1934
  September 27, 2012
• Staff Summary Report on Issues Identified in Examinations of Certain Structured Securities Products Sold to Retail Investors
  July 2011
• Protecting Senior Investors: Compliance, Supervisory and Other Practices Used by Financial Services Firms in Serving Senior Investors (2010 Addendum)
  August 2010
• Protecting Senior Investors: Compliance, Supervisory and Other Practices Used by Financial Services Firms in Serving Senior Investors
  September 2008
• Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies
  July 2008
• Protecting Senior Investors: Report of Examinations of Securities Firms Providing "Free Lunch" Sales Seminars
  September 2007
• Report on Refunds, Sales Practices, and Revenues from Periodic Payment Plans
  March 29, 2007
• Report Concerning Examinations of Options Order Routing and Execution
  March 8, 2007
• Staff Report Concerning Examinations of Select Pension Consultants
  May 16, 2005
• Joint SEC/NASD Report on Examination Findings Regarding Broker-Dealer Sales of Variable Insurance Products
  June 9, 2004
• Implications of the Growth of Hedge Funds
  September 2003
• Staff Report: Joint SEC/NASD/NYSE Report of Examinations of Broker-Dealers Regarding Discounts on Front-End Sales Charges on Mutual Funds
  March 2003
• On Line Trading Report
  January 25, 2001
• Payment for Order Flow and Internalization of Options Markets
  December 2000
• Report Concerning Display Customer Limit Orders
  May 4, 2000
• Special Study: Report of Examinations of Day-Trading Broker-Dealers
  February 25, 2000
• Broker-Dealer Risk Management Practices Joint Statement
  July 1999
• Report on Soft Dollar Practices
  September 1998
• Joint Regulatory Sales Practices Sweep
  March 1996
• The Large Firm Project
  May 1994

2016

• Marc Wyatt, Inside the National Exam Program in 2016 (October 17, 2016)

2015

• Kevin W. Goodman, Anti-Money Laundering: An Often-Overlooked Cornerstone of Effective Compliance (June 18, 2015)
• Marc Wyatt, Private Equity: A Look Back and a Glimpse Ahead (May 13, 2015)

2014

• Andrew J. Bowden, Spreading Sunshine in Private Equity (May 6, 2014)
• Andrew J. Bowden, People Handling Other Peoples' Money (March 6, 2014)

2012

• Carlo V. di Florio, Conflicts of Interest and Risk Governance (October 22, 2012)
• Norm Champ, What SEC Registration Means for Hedge Fund Advisers (May 11, 2012)
• Carlo V. di Florio, Address at the Private Equity International Private Fund Compliance Forum (May 2, 2012)
• Carlo V. di Florio, Remarks at the Compliance Outreach Program (January 31, 2012)

2011

• Carlo V. di Florio, The Role of Compliance and Ethics in Risk Management, NSCP National Meeting (October 17, 2011)
• Carlo V. di Florio, Private Equity International's Private Fund Compliance, New York, N.Y. (May 3, 2011)
• Carlo V. di Florio, Keynote address at the SIFMA Anti-Money Laundering Seminar, New York, N.Y. (March 3, 2011)
• Carlo V. di Florio, Remarks at the CCOutreach National Seminar, Washington, D.C. (February 8, 2011)

2010

• Carlo V. di Florio, Remarks at SIFMA Compliance and Legal Society December Monthly Luncheon, Washington, D.C. (December 21, 2010)
• Carlo V. di Florio, Remarks at the 2010 NSCP National Meeting, Washington, D.C. (November 1, 2010)
• Carlo V. di Florio, Remarks at the CCOutreach National Seminar, Washington, D.C. (January 26, 2010)

2009

• Lori Richards, Strengthening Examination Oversight: Changes to Regulatory Examinations, Remarks before the SIFMA Compliance and Legal Division, St. Louis Regional Seminar, The New World of Compliance and Legal, St. Louis, Missouri (June 17, 2009)
• Lori Richards, Compliance in Today's Environment: Step Up to the Challenge (March, 12, 2009)

2008

• Lori Richards, The Role That Surveillance Might Play in the Risk-Based Oversight of Mutual Funds (December 16, 2008)
• Lori Richards, "Incentivizing Good Compliance" (October 30, 2008)
• Lori Richards, Compliance Through Crisis: Focus Areas for SEC Examiners and Compliance Professionals (October 21, 2008)
• Lori Richards, "Why Does Fraud Occur and What Can Deter or Prevent it?" (September 9, 2009)
• Lori Richards, Focus Areas in SEC Examinations of Investment Advisers: the Top 10 (March 20, 2008)
• Lori Richards, Frequently-Asked Questions About SEC Examinations (January 17, 2008)

2007

• Mary Ann Gadziala, Risk Management for Broker-Dealers (November 28, 2007)
• Lori Richards, Welcome and Closing Remarks Before the CCOutreach National Seminar (November 14, 2007)
• Gene Gohlke, If I Were a Director of a Fund Investing in Derivatives - Key Areas of Risk on Which I Would Focus (November 8, 2007)
• Lori Richards, Working Towards a Culture of Compliance: Some Obstacles in the Path (October 18, 2007)
• Mary Ann Gadziala, The Regulatory Focus on Broker-Dealer Legal and Compliance Issues (June 7, 2007)
• Lori A. Richards, SEC's Compliance Examinations in the Protection of Investors, Remarks at the 9th Annual IA Compliance Best Practices Summit 2007, IA Week and the Investment Adviser Association (March 23, 2007)

2006

• Lori A. Richards, Remarks at the 2006 Securities Law Developments Conference Investment Company Institute (December 5, 2006)
• Lori A. Richards, Welcome and Closing Remarks CCOutreach National Seminar (November 14, 2006)
• Mary Ann Gadziala, International Financial Institutions Examination Issues: A Regulatory Perspective Annual Regulatory Examination and Compliance Seminar Institute of International Bankers (October 31, 2006)
• Mary Ann Gadziala, Broker-Dealer Examination and Compliance Developments Remarks before the National Society of Compliance Professionals 2006 NSCP National Membership Meeting (October 19, 2006)
• Lori A. Richards, The Process of Compliance (October 19, 2006)
• Mary Ann Gadziala, A Regulatory View - Broker-Dealer Internal Audit/Compliance Priorities (October 17, 2006)
• John. H. Walsh, Compliance Professionals versus Identity Thieves (Oct. 5, 2006)
• Mary Ann Gadziala, Structured Finance Activities: The Regulatory Viewpoint (September 20, 2006)
• Mary Ann Gadziala, Regulatory Examination Programs - Focus and Significant Findings: Remarks at the SIA Compliance and Legal Division June Monthly Luncheon (June 22, 2006)
• Lori A. Richards, Transparency in Regulatory Examinations (June 20, 2006)
• Mary Ann Gadziala, Comprehensive Compliance Examinations for Securities Firms (May 16, 2006)
• John H. Walsh, Remarks before the NRS 21st Annual Spring Compliance Conference (April 18, 2006)
• Lori A. Richards, Anti-Money Laundering in 2006: It's the Total Mix (March 29, 2006)
• Lori A. Richards, Fiduciary Duty: Return to First Principles (February 27, 2006)
• Mary Ann Gadziala, The SEC Examination Program: Coordination and Priorities (February 7, 2006)

2005

• Lori A. Richards, Conflicts of Interest in Pension Consulting: An Update on the SEC's Examinations (December 5, 2005)
• Mary Ann Gadziala, Integrating Audit and Compliance Disciplines within the Risk Management Framework (November 30, 2005)
• Gene A. Gohlke, Remarks before the Fund of Funds Forum (November 14, 2005)
• Mary Ann Gadziala, Remarks before the Institute of International Bankers' Annual Regulatory Examination and Compliance Seminar (October 27, 2005)
• Lori Richards, Remarks before the National Society of Compliance Professionals National Membership Meeting (October 25, 2005)
• Mary Ann Gadziala, Remarks before the SIA Compliance and Legal Division Regional Seminar (October 19, 2005)
• Lori Richards, Remarks before the Securities Industry Association, Internal Auditors Division 2005 Annual Conference (October 18, 2005)
• Lori Richards, Remarks before the: Greater Cincinnati Mutual Fund Association Directors' Workshop (September 22, 2005)
• Mary Ann Gadziala, Rebuilding Ethics and Compliance in the Securities Industry (June 23, 2005)
• Gene Gohlke, Managed Funds Association Educational Seminar Series 2005: Practical Guidance for Hedge Fund CCOs under the SEC's New Regulatory Framework (May 5, 2005)
• Lori Richards, Compliance: Some Core Principles (April 20, 2005)
• Lori Richards, Remarks before the Investment Adviser Compliance Best Practices Summit: Compliance Programs: Our Shared Mission (February 28, 2005)

2004

• Lori Richards, Instilling Lasting and Meaningful Changes in Compliance (October 28, 2004)
• Lori Richards, An Update on the SEC's Examination Program (October 13, 2004)
• Mary Ann Gadziala, The Enhanced Focus on Risk and Controls (September 15, 2004)
• Mary Ann Gadziala, Effective Branch Office Supervision Fosters Investor Protection (July 13, 2004)
• Lori Richards, The New Compliance Rule: An Opportunity for Change (June 30, 2004)
• Mary Ann Gadziala, The Dawning of a New Era in the Industry: Will You Be Prepared? (June 15, 2004)
• Mary Ann Gadziala, Assuring Comprehensive Compliance; Managing Compliance Risks (April 28, 2004)
• Lori Richards, "The Need for More Proactive Risk Assessment" to NRS (April 14, 2004)
• Lori Richards, IA Compliance Best Practices (March 15, 2004)
• Mary Ann Gadziala, The Vital Role of Effective Comprehensive Compliance Controls at Broker-Dealers (February 4, 2004)
• Lori Richards, Current Examination and Enforcement Issues (October 29, 2003)
• Lori Richards, Keeping Pace with the Speed of Change for Small Firms: Perspectives from the SEC (October 9, 2003)

See Also: Speeches and Statements by Commission Staff