How to Prepare for an SEC or FINRA Regulatory Examination

May 21, 2020 4:15:00 PM / by John Williams posted in SEC, SEC Examinations

The words “SEC/FINRA exam” can trigger the jitters in most CCOs across the industry. They’re out to get me! Will they shut down my firm? Will I still have a job when they finish? Perhaps these thoughts and many others have crossed your mind when you got the dreaded phone call from your local SEC/FINRA office notifying you that you’ve been “selected” to go through an examination by their Staff.

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Real World Insight From Current SEC and FINRA Exams

Apr 23, 2020 1:15:00 PM / by Charles Black posted in SEC Examinations

A big part of what we do here at Joot is help our clients with their regulatory examinations.  At any given time, we normally have at least a few clients that are undergoing a regulatory exam from either the Securities and Exchange Commission (the “SEC”) or the Financial Industry Regulatory Authority (“FINRA”).  This gives us a certain perspective on the current areas these regulators are focusing on during their exams and what appear to be the latest “hot button” topics. 

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SEC Exam Priorities 2020

Jan 17, 2020 11:15:00 AM / by Charles Black posted in SEC, SEC Examinations, SEC Updates

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its 2020 examination priorities on January 7, 2020. OCIE releases this list on an annual basis in order to provide the industry with insights into areas it may focus on thorough the examination process. All the priorities listed on the 2020 list were also on the 2019 list, with some new additions. Which makes us wonder if anything will ever be taken off the list, or if there will just be new additions? Only time will tell.

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Joot Interview Series - Episode 8

Dec 17, 2019 11:15:00 AM / by Bo J. Howell posted in SEC Examinations, Interview, Compliance Testing, Charles Black

In this final part of our third Interview (Part 1, Part 2). Bo Howell continues his discussion with Charles Black about the DO's and DON'Ts of SEC Exams.  Charles brings over 17 years of experience in the financial services industry to provide great tips and insight on what to do when the SEC calls.

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Joot Interview Series - Episode 7

Dec 10, 2019 11:30:00 AM / by Bo J. Howell posted in SEC Examinations, Interview, Charles Black

This is Part 2 of our third Interview (Part 1). Bo Howell continues his discussion with the newest member of Joot, Charles Black about SEC Exams.  Charles brings over 17 years of experience in the financial services industry to provide great tips and insight on what to do when the SEC calls.

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Joot Interview Series - Episode 6

Dec 3, 2019 2:00:20 PM / by Bo J. Howell posted in SEC Examinations, Interview, Charles Black

In our third Interview, Bo Howell speaks with the newest member of Joot, Charles Black, to discuss SEC Exams.  Charles brings over 17 years of experience in the financial services industry to provide great tips and insight on what to do when the SEC calls.

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Q&A: Client Relationship Summary (Form CRS)

Sep 5, 2019 11:45:00 AM / by Bo J. Howell posted in SEC Examinations, SEC Rule

Last week, Joot published an article on Regulation Best Interest and Form CRS (Customer or Client Relationship Summary). We heard from many of our readers about the article and we’re glad it was helpful. Some of you had great questions about the application of Form CRS and the definition of a “retail investor”. Below are our responses to your questions. Keep ‘em coming!

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Starting a Compliance Program

Apr 1, 2018 10:14:33 PM / by Bo J. Howell posted in Investment Advisers, SEC Examinations, 1940 Act, Advisers Act, Compliance

In January 2018, The SEC’s Fort Worth regional office held a teleconference that summarized the SEC’s 2017 exam findings and its focus areas for 2018. The staff noted that some of the common weaknesses in compliance programs for investment advisers include:

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