SEC’s Top 5 Exam Priorities in 2020
January 14, 2020 by Melanie Waddell
In tandem with its must-read annual exam priorities list, the Securities and Exchange Commission said in early January that its exam division covered approximately 15% of registered investment advisors in 2019.
Pete Driscoll, director of the SEC’s Office of Compliance Inspections and Examinations, noted last year that the agency’s advisor exam rate would drop in 2019 due to the 35 days lost during the government shutdown. OCIE, he said, “will not hit the 17% exam rate reached” in 2018.
OCIE completed 3,089 examinations in FY 2019, a 2.7% decrease from the 2,312 advisor exams in FY 2018.
Exams of RIAs in FY 2019, however, “remained strong at approximately 2,180, covering 15% of this population,” OCIE states.
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