6.17.2009 Lori Richards, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE), spoke at the SIFMA Compliance and Legal Division conference in St. Louis on “Strengthening Examination Oversight: Changes to Regulatory Examinations.” While this speech was given at a broker-dealer conference, OCIE’s proposed actions presumably apply to investment advisers. She noted that OCIE is doing the following:
- Enhancing examiners’ training and expertise in fraud detection;
- Enhancing examiners’ expertise in complex financial products, trading and other areas;
- Conducting focused examinations and an exam sweep of firms with higher potential fraud risk profiles;
- Improving the tools available to examiners to detect fraud, and leveraging the work performed by the firm’s independent auditor;
- Improving surveillance and risk-based targeting; and
- Improving OCIE’s handling of tips and complaints inside the SEC.
Click http://www.sec.gov/news/speech/2009/spch061709lar.htm to access Director Richards’ speech.