OCIE

How Financial Firms Can Achieve SEC Compliance in the COVID Era

In a recent SEC risk alert, the OCIE has identified a number of COVID-19-related issues, risks, and practices relevant to SEC-registered firms. Many Firms have shifted to predominantly operating from remote sites, and these transitions may raise compliance issues and other risks that could impact protracted remote operations The SEC recommends that firms should re-assess their…

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SEC Releases COVID-19 Compliance Risks and Considerations for Financial Firms

In response to the broad and varied effects of COVID-19, SEC registrants have been faced with new operational, technological, commercial, and other challenges and issues. Due to the pandemic, many Firms have shifted to predominantly operating from remote sites, and these transitions may raise compliance issues and other risks that could impact protracted remote operations.…

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SEC Exam Priorities for 2020

The SEC has announced its exam priorities for 2020 On January 7, 2020, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its 2020 examination priorities. The OCIE will continue to examine firms’ abilities to manage risk associated with cybersecurity breaches and technology, including: Proper configuration of storage…

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The SEC’s Most Recent Cybersecurity Guidance

Many businesses have made great progress with their cybersecurity programs, however, social engineering attacks, such as phishing, remain the most common method of attack, accounting for 90% or more of targeted external attacks. Ransomware, other forms of malware (including malware that targets mobile and IoT devices), and other forms of remote exploitation, continue to increase…

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SEC Announces 2018 National Exam Priorities

The SEC OCIE has announced its exam priorities for 2018, which are targeted toward improving compliance, preventing fraud, monitoring risk and informing policy. While the SEC will continue to prioritize their commitment to protect retail investors, including seniors and those saving for retirement, the SEC OCIE, “will continue to prioritize cybersecurity in each of our…

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SEC Releases Cybersecurity Exam Findings: More Compliance Suggestions for Hedge Funds’

The SEC has released observations from its Cybersecurity 2 Initiative (as a follow-up to its 2015 OCIE exam initiative). National Examination Program staff examined 75 firms, including broker-dealers, investment advisers, and investment companies (“funds”) registered with the SEC to assess industry practices and legal and compliance issues associated with cybersecurity preparedness. “The examinations focused on firms’…

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Building a Culture of Compliance

The financial industry, particularly hedge funds, are feeling the burden of compliance.The OCIE has also added cybersecurity to its priorities, and announced a plan to examine firms’ policies and procedures to protect their data from loss or theft by hackers. Regulation is the reality and so are examinations. A sound technology infrastructure is virtually imperative in…

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SEC Announces Examination Priorities for 2016

On January 11, 2016, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities for the coming calendar year. While the announcement contains broad and general descriptions of areas in which the staff intends to focus, there are several key points to…

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SEC OCIE’s 2015 Cybersecurity Examination Initiative

On September 15, 2015, The SEC has issued another Risk Alert that addresses the SEC’s cyber security examination initiative. The key take away is that OCIE staff will continue its focus on cyber security by conducting examinations of registered broker-dealers and investment advisors. In sharing the key focus areas for the Cybersecurity Examination Initiative, the SEC…

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