On January 17, Lori Richards, Director of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, discussed the top five most frequently asked questions about the SEC’s examination program. The five areas discussed were:
- Will my firm be examined?
- What issues are SEC examiners focused on now?
- If my firm is examined, what kind of information and documents are examiners likely to request?
- What are the possible outcomes of an SEC examination? and
- What can I do to ensure that the examination goes smoothly?
Speaking at a monthly luncheon, Ms. Richards noted that SEC examiners are currently focused on controls over valuation and the use of non-public information, and on marketing and sales processes in dealing with senior citizens.