Category: Alerts

Regulators Continue Examinations and Enforcement Activities throughout the Pandemic

In his remarks at the recent SEC Speaks in Washington D.C., Jay Clayton, Chairman of the U.S. Securities and Exchange Commission commented on the Commission’s full year activities, he noted that “while the pandemic significantly impacted how we do our work, it did not negatively impact the work itself. Our planned oversight, examination, rulemaking, and enforcement work continued with vigor, rigor and transparency.” 1

Mr. Clayton provided a “report card” on the year, stating that the Office of Compliance Inspections and Examinations conducted examinations that covered 15 percent of all SEC-registered investment advisers. The Enforcement Division brought over 700 Enforcement Actions with a significant percentage of these actions taken after March 15. The Commission obtained financial remedies of more than $4 billion; an amount significantly above that of last year and during the pandemic the Commission’s activities have included three dozen trading suspensions, six COVID-related fraud actions, and over 150 newly opened COVID-related investigations and inquiries, and finally, the Commission awarded a record 39 individual whistleblowers approximately $175 million —much more than in any prior fiscal year.

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With the SEC planning to keep its Office of Compliance Inspections and Examinations even busier in the months ahead, will you need help getting your firm ready for what this might bring to your door?

How We Can Help

SEC Mock Examinations to identify strengths as well as weaknesses in the Firm’s compliance program and to provide recommendations for additional testing, monitoring and other internal controls or processes for the firm to better conform to prevailing advisory industry compliance best practices as well as the expectations of SEC examiners and other regulators.

Annual Compliance Program Reviews that bring a fresh perspective to the required assessment of your firm’s compliance policies and procedures to ensure their adequacy of coverage, suitability of design and effectiveness of implementation.

Regulatory Exam Prep and support to help you respond to inquiries and requests from regulators.

And, Alaric can also help you prepare for NFA and FINRA examinations through our mock audit services.

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Alaric’s team members have managed over 100 regulatory examinations as Chief Compliance Officers. We have also conducted hundreds of mock SEC audits, focused reviews, and other compliance-related consulting projects. Leveraging this experience, we are in the unique position of both understanding the current regulatory trends and hot topics and having the practical, hands on experience that enables us to offer our clients an approach to regulatory compliance that is founded on a deep knowledge and every-day application of industry best practices.

Call us at 1-888-243-2448 to learn more about how we can help you prepare, visit our website www.alariccompliance.com, or email us at info@alariccompliance.com.

1. An Update on FY 2020 Results – Remarks at SEC Speaks, by Jay Clayton October 8, 2020; https://www.sec.gov/news/speech/clayton-sec-speaks-2020-10-08.

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