Chief compliance officers for investment advisory firms will have a chance to gain insight on the Securities and Exchange Commission's examination priorities for the coming year at a seminar on compliance outreach this April, the SEC announced today.
The SEC’s compliance outreach program will be sponsored by the Office of Compliance Inspections and Examinations, the Division of Investment Management and the Asset Management Unit. This year marks the 15th annual iteration of the program, and the 10th annual seminar for investment advisers and companies, according to OCIE Director Pete Driscoll.
“The open exchange of ideas and discussion of compliance challenges between our staff and market participants during these seminars is crucial to the program’s success, and we look forward to discussing ways we can further share information to promote improved compliance in the industry,” he said.
The seminar will include a look at SEC exam priorities for 2020, issues and tips on advisor standards of conduct, as well as how to handle conflicts of interest and disclosure. Speakers will include SEC Chairman Jay Clayton and other senior SEC leadership. The seminar offers the SEC a chance to interact directly with those members of firms who are constantly dealing with ensuring compliance, according to Dalia Blass, the director of the SEC’s Division of Investment Management.
“We are particularly looking forward to continuing our outreach efforts with smaller asset managers and their compliance professionals as we seek to gain a better understanding of specific issues they face in complying with our regulations,” she said.
The coming year will be a particularly significant one for SEC inspectors, as the regulator prepares for Regulation Best Interest’s implementation date of June 30. While broker/dealers face the most significant changes (as investment advisors are already subject to a fiduciary standard, according to the Investment Advisers Act of 1940), the seminar could offer indications on how the OCIE intends to amend examination priorities for advisors.
The compliance seminar will be held on April 21 at the SEC’s Washington, D.C., headquarters from 8:30 a.m. to 5:30 p.m. While there is an in-person attendance limit of 500, those who are interested can find a live webcast of the seminar on the SEC’s website.