The article discusses how the agency plans to step up its on-site RIA exams with a return to in-person work imminent for the Securities and Exchange Commission (SEC) staffers. In the three years since the onset of the pandemic, the SEC has examined about 15% of registered firms annually. As the population of registered firms continues to grow, the SEC has subsequently requested more financing to fund exams.
“Employees need to be reminded that their communication is under scrutiny when working from home,” said Shedlock, referring to regulation requiring firms to monitor and retain electronic business communications. “If they want to speak to other advisors there’s nothing wrong with that, but you want to make sure that person is keeping track of what’s being said,” Shedlock added.
Andrew is a litigator who focuses his practice on representing broker/dealers, Registered Investment Advisors (“RIAs”), financial planners, Certified Financial Planners®, CFPs®, financial advisors and other financial institutions and professionals in litigation, arbitration, defense of regulatory enforcement actions, general regulatory and compliance matters, broker and advisor transition matters, guiding and counseling advisors and brokers going independent through all stages of the process, and buy/sell transactions (whether larger or smaller transactions).