The SEC Streamlining Exams for Some RIAs Given Limited Budget
In review of its limited budget for fiscal 2014, the SEC is streamlining its examination process for a group of about 1,000 advisers that have been registered for three years or more but never have been audited.
The streamlined exams will focus on specific high risk areas - such as marketing, portfolio management, conflicts of interest, safety of client assets, and valuation - rather than a comprehensive review. The SEC also will shorten the examination period. The SEC is trying to put examiners in front of more advisors, even if they can’t do full audits.
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