Alert ID: 083   8/3/2006
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Update on SEC IA Exam Results
-Hot Topics For 2006-

Based upon recent information disclosed by the Securities and Exchange Commission ("SEC"), more than 1500 investment advisory firms around the county were examined in 2005. The examination staff cited deficiencies in a significant number of those examinations

Interestingly enough, about half the deficiencies found continue to be related to inaccurate, incomplete or misleading disclosures on Form ADV. The other half relate to problematic disclosure of business practices and fees charged to clients.

Based upon a review of the deficiencies, it appears hot topics for 2006 will include:

  • Fair valuation of securities
  • Fund expenses
  • Proxy voting
  • Compliance programs
  • Performance
  • Allocations
  • Personal securities trading
  • Fund brokerage for sales
  • Soft dollars procedures and disclosures
  • AML
  • Misappropriation

 

For information regarding this release, please contact:
Suzette M. Surman, Vice President, Investment Advisor Division 281-863-6109
  MGL Consulting Corporation
9303 New Trails Drive, Suite 400
The Woodlands, Texas 77381
Phone: 281-367-0380
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