5.25.2009 The SEC’s Office of Compliance Inspections and Examinations (OCIE) will begin sending letters directly to clients of SEC-registered investment advisers to verify the existence of their assets held in custody by the investment adviser. OCIE has released a copy of the form letter that will be used (SEC Form 1662). The letter asks the client to confirm:
- Account balances;
- Amounts and dates of deposits; and
- Amounts and dates of withdrawals.
Clients do not have to reply to the letter. In an attempt to prevent the clients from being alarmed about receiving such a letter, OCIE has included the following sentence:
We wish to emphasize that our request that you complete a Routine Account Information Confirmation should in no way be construed, in and of itself, as an indication of any problem or irregularity by the firm being inspected.
Click http://www.sec.gov/about/offices/ocie/routine_account_information_confirmation.pdf to access the letter.