Simulated SEC Exams Find Gaps

Posted on August 21st, 2015 at 4:12 PM
Simulated SEC Exams Find Gaps

From the Desk of Jim Eccleston at Eccleston Law LLC: 

Due to increased regulatory scrutiny, advisory firms now are conducting more mock exams to find compliance problems before the real test is done by the SEC. 

As the number of new regulations increases, so does the number of firms performing simulation exams. In just two years, the number of firms performing those exams jumped from41% to 52%.

In total, the exam and a detailed report of the findings cost $5,000 and up. Mock exams are useful for firms to be certain policies and procedures are working as intended, especially in the areas SEC specifically will target. This year the focus is on retirement-planning guidance as well as cybersecurity preparedness.

Some firms pick high-risk areas to focus on and solely do mock exams on those specific areas. Such areas include: cybersecurity, personal trading, disaster-recovery planning, and advertising.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law,

Return to Archive

TESTIMONIALS

Previous
Next

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

February 14, 2025
Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.

February 13, 2025
FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose alleged
misconduct led the firm to incur significant settlement costs.

February 12, 2025
Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.