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OCIE Risk Alert - Observations from Examinations of Broker-Dealers and Investment Advisers: Large Trader Obligations

This Risk Alert contains observations from the Office of Compliance Inspections and Examinations (“OCIE”) examinations of SEC-registered investment advisers (“investment advisers”) and broker-dealers (“broker-dealers”) for compliance with Rule 13h-1. The Securities and Exchange Commission adopted Rule 13h-1 (“Rule 13h-1” or the “Rule”) to assist the Commission in both identifying and obtaining information on market participants that conduct a substantial amount of trading activity, as measured by volume or market value, in national market system (“NMS”) securities (such persons are referred to as “Large Traders”). The Large Trader reporting requirements are designed to provide the SEC with data to facilitate the SEC’s ability to assess the impact of Large Trader activity on the securities markets, to reconstruct trading activity following periods of unusual market volatility, and to analyze significant market events for regulatory purposes.


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