Category Archives: Newly-Registered Investment Advisers

SEC to Conduct Presence Exams for Newly Registered Investment Advisers

March 06, 2013

In a release issued by the SEC on October 9, 2012, the U.S. Securities and Exchange Commission (“SEC”) announced “Presence Exams” for certain newly-registered investment advisers (investment advisers registered after July 21, 2011). The presence exams are to be conducted by SEC’s Office of Compliance Inspections and Examinations (“OCIE”) through the new National Exam Program (“NEP”) initiative. These “focused, risk-based examinations” will be conducted of investment advisers to private funds registered with the SEC.  These Presence Exams will take place over a two-year period and have three primary phases:

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