OCIE sends new advisers a letter describing “presence exams”

October 2012
  • Print-friendly version
OCIE sends new advisers a letter describing “presence exams”

At a glance

On October 9, 2012, the Office of Compliance Inspections and Examinations (OCIE) posted an open letter to new adviser registrants on its website, and its regional offices sent the same letter to new registrants in the region. The OCIE letter describes what it terms its “Presence Exams initiative” for these advisers.

On October 9, 2012, the SEC’s Office of Compliance Inspections and Examinations (OCIE) posted an open letter to new adviser registrants on its website, and its regional offices sent the same letter to new registrants in the region.

The OCIE letter describes what it terms its “Presence Exams initiative” for these advisers. The initiative will run two years and include three phases: engagement, examination, and reporting. The letter reflects the SEC staff’s priority -- to conduct many examinations of newly registered firms in the next two years, and thereby to have a “presence” with this population.

To read this FS Regulatory Brief, please click here.

Related Reading: