After a three year hiatus the Securities and Exchange Commission (SEC) has re-opened its regional outreach program. The program is designed to help chief compliance officers and other senior executives get up to speed with the nuances of SEC compliance.
Dodd-Frank required private fund managers managing more than $150 million in assets to register with the agency last year. Recently registered GPs have noted Form PF filings, the onsite inspection process and the custody rule as areas pregnant with technical questions.
The regional program differs from the annual SEC's National Seminar that is held at the agency's headquarters in Washington DC, and which covers broader topics more applicable to the largest advisory and investment firms.
The regional seminars are typically limited to 50 to 120 in-person attendance, but will also be made available via webcast. The 2013 outreach seminars will be held at SEC offices in:
• Chicago, Illinois (August 28) where the SEC will present an overview of the examination process, including how registrants are selected for examination and the most commonly identified deficiencies. There also will be a discussion panel on current enforcement actions in the investment management industry. The custody rule and compliance for small advisers will also be discussed.
• New York, New York (September 13) and will include information on the SEC's examination process, priorities, risk surveillance, and examination selection process. In addition, the SEC will discuss Form PF and other filing requirements and recent industry and regulatory developments.
• Atlanta, Georgia (September 25) where the SEC will identify key issues noted during examinations, including conflicts of interests and issues associated with fees. Additional discussion topics include the changing demographics of SEC-registered investment advisers and key examination program initiatives to address such changes.
• San Francisco, California (November 6) will feature an overview of the SEC's examination processes and procedures and a discussion of the SEC’s Office of Compliance Inspections and Examination’s and Enforcement Division’s Asset management Unit’s priorities. Emphasis also will be placed on valuation issues, including best practices for valuing assets by private funds.