Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, June 15, 2007

SEC Staff Issues Compliance Alerts

The staff of the Securities and Exchange Commission today released its first ComplianceAlert letter to help chief compliance officers of SEC-registered firms learn more about common deficiencies and weaknesses that SEC examiners are finding during compliance examinations. This broader sharing of recent examination findings can benefit compliance officers and help them to proactively fine-tune their compliance and supervisory controls.

The SEC's Office of Compliance Inspections and Examinations conducts compliance examinations of SEC-registered investment advisers, investment companies, broker-dealers, and transfer agents to determine whether firms are in compliance with federal securities laws and rules, and to help correct deficiencies and weaknesses in compliance and supervisory controls. The SEC staff's ComplianceAlert letter, available on the SEC Web site, summarizes select areas that SEC examiners have recently reviewed during examinations, describes issues that were found, and encourages firms to review compliance in these areas and implement improvements as appropriate. SEC staff plans to issue additional ComplianceAlert letters on the SEC Web site.  See New "ComplianceAlerts" to Help SEC-Registered Firms Identify Deficiencies and Improve Compliance Programs, Press Release 2007-116.

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