SEC Examinations: Are You Prepared?

Over the last several years there has been a substantial shift in the regulatory environment which has compelled the U.S. Securities and Exchange Commission (“SEC”) to establish more stringent standards and increase the depth of its examinations of registered investment advisers. There are a host of new SEC registrants as a result of requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and many of these newly-registered firms have yet to face an SEC examination. In addition to these new registrants who will be subject to so-called “Presence Exams,” the SEC also has indicated that it plans to conduct examinations of advisers that have been registered with the SEC for more than three years but were never subjected to an examination. Therefore, advisers that have never been examined will face a higher probability of examination in 2014.

Advisers should anticipate longer, more detailed examinations conducted by highly skilled SEC staff members, and will need to dedicate adequate time and resources to properly prepare in order to avoid negative examination results and, in a worst-case scenario, an enforcement action.

Kinetic Partners is all too familiar with the stress of preparing for and navigating an SEC examination, and has designed a methodology based on our proprietary SEC exam checklist.

As part of our SEC examination preparatory service offering, we have structured a single-day SEC exam prep course in which we will send a dedicated team to your offices to lead your firm through comprehensive training, which includes access to our full proprietary checklist in preparation for an SEC examination.

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