Speaking last week at the National Society of Compliance Professionals national meeting in Philadelphia, Lori Richards, the Director of the Office of Compliance Inspections and Examinations for the US Securities and Exchange Commission updated compliance folks on the SEC's current focus areas in its exams of investment adviser firms and broker dealers. During her speech, she touched on several important focus areas. Since the SEC is looking into these things, you should know, and be prepared. Among other things, Ms. Richards highlighted the following areas: portfolio management, financial controls (including internal controls), valuation of securities, sales of structured products, short sales (compliance with Regulation SHO), suitability of investments for clients, disclosures including Forms ADV, performance advertising and prospectuses, controls to prevent insider trading, undisclosed payments, anti-money laundering programs, and proprietary and employee's trading activities. Click the link above to go to her speech, and see the complete list of current focus areas and her comments about each.
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- Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practice primarily focuses on representing broker-dealers, stockbrokers and investment advisers in disciplinary investigations and actions, customer complaints, arbitration claims and civil litigation, as well as representing investors in securities arbitration claims. Joel has been designated a Certified Regulatory and Compliance Professional (CRCP) by the NASD Institute at the Wharton School of Business, University of Pennsylvania. Click on the link above to visit our website and learn more.
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October 28, 2008
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