SEC Issues Risk Alert on Top Five Exam Deficiencies

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The SEC’s Office of Compliance Inspections and Examinations released a risk alert on the five compliance topics most frequently identified in deficiency letters sent to SEC- registered investment advisers including, but not limited to:

  • Compliance Rule: Compliance manuals are not tailored to the advisor’s business practices and/or annual reviews are either not performed or performed inadequately.
  • Regulatory Filings: Inaccurate disclosures, untimely amendments to Form ADV, incorrect and untimely Form PF filings, and untimely Form D filings.
  • Custody Rule: Advisers did not recognize that they may have custody as a result of certain authority over client accounts.
  • Code of Ethics Rule: Access persons were not identified, untimely submissions of transactions and holdings and no description of code of ethics in the Form ADV.
  • Books and Records Rule: Books and records are inaccurate or not updated and inconsistent record-keeping
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