The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a risk alert identifying the most common deficiencies that staff has detected during recent examinations of investment advisers’ compliance with their best execution obligations for clients. Among other deficiencies, OCIE said that all advisers do not (1) maintain adequate policies and procedures or internal controls addressing best execution; (2) “periodically and systematically” evaluate the execution performance of broker-dealers they use to execute client transactions; (3) compare the quality and costs of services available from other broker-dealers; (4) fully disclose best execution practices; and (5) disclose soft dollar arrangements.