In January 2015, the National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) published its examination priorities for 2015. Our client alert describing the OCIE’s statements may be found at the following link: http://www.mofo.com/~/media/Files/ClientAlert/2015/01/150114OCIEPublishesExamPriorities.pdf.

The OCIE described three key areas of focus, including sales to retail investors, market-wide risks and using data analytics to identify improper activities.

Among other things, in connection with its discussion of retail investors and investors saving for retirement, the OCIE indicates that it will “evaluate registered entities’ recommendations or determinations to invest retirement assets into complex or structured products and higher yield securities, including whether the due diligence conducted, the disclosures made, and the suitability of the recommendations or determinations are consistent with existing legal requirements.”

The full text of the OCIE’s statements may be found at the following link: http://www.sec.gov/about/offices/ocie/national- examination-program-priorities-2015.pdf.