SEC Staff Hold CCOutreach Program for SEC Investment Advisers in Europe
FOR IMMEDIATE RELEASE
Washington, D.C., July 26, 2007 - Securities and Exchange Commission staff announced today that it conducted a CCOutreach seminar for European-based investment advisers registered with the SEC. The program included over 50 participants representing investment advisers registered with the SEC based in Italy, Germany, United Kingdom, Ireland, and Switzerland. The program was hosted by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
The CCOutreach program is designed to help SEC-registered investment advisers and their chief compliance officers to establish robust compliance programs for the protection of investors. The program features a number of elements, including a national seminar in Washington, D.C., and regional seminars in the U.S. The program in Luxembourg was the first CCOutreach event in Europe for foreign-based, SEC-registered investment advisers. The Luxembourg event was conducted by staff of the SEC's Office of Compliance Inspections and Examinations, and included a discussion of topical compliance issues, including the process for conducting a compliance risk assessment, establishing and testing compliance controls, and common deficiencies found in SEC examinations.
Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations, said, "The CCOutreach program provides an opportunity for SEC staff and industry compliance officers to share information, and to highlight effective compliance practices. We think that this dialogue helps to support the important role that chief compliance officers play, and helps to foster compliance with U.S. federal securities laws. We're very pleased that European advisers attended this event."
Ethiopis Tafara, Director of the SEC's Office of International Affairs, added, "American investors rely on SEC-registered foreign investment advisers for advice and insights when investing globally. We are grateful for the assistance provided by the CSSF in helping us create this forum for the chief compliance officers of these firms."
More information about the SEC's CCOutreach program, sponsored jointly by the Office of Compliance Inspections and Examinations and the Division of Investment Management, is on the SEC's Web site at http://www.sec.gov/info/ccoutreach.htm.