Last week the SEC wrapped up its first set of Chief Compliance Officer regional meetings. The initial seminars were held by the Pacific Regional Office in several locations throughout California. This is the first step in what the SEC has described as its “CCO Outreach” program.
The Outreach program was announced back in March during a speech by SEC Chairman William Donaldson. The speech focused on advisors to fund companies; however the program is also geared towards investment advisor firms. The program will involve several regional seminars held throughout the spring and summer. A national seminar is planned for later this year and the program will also include a periodic newsletter, CCO Observer. According to Donaldson, the program will aim to provide CCOs with information on the SEC, resources available to CCOs,and the SEC examination process, including hot topics and items examiners will be focusing on. Another goal of the program is to create a continuous dialogue between the SEC and CCOs.
This should be viewed as another positive sign from the SEC as it tries to enforce its new Advisor Compliance Programs rule. It appears that the SEC is making a serious effort to work with investment advisors and their CCOs in order to help prepare them for the SEC’s new risk-based examination. Is your firm ready for an SEC examination? Have you appointed a CCO and implemented written compliance and procedures programs? We can help make sure you are compliant with the new Rule and are prepared for an SEC examination.
Posted by Bryan Hill