Office of Compliance Inspections and Examinations: Public Alerts, Reports, and Letters

Staff Letters

• Letter to Industry Regarding Exams of Never-Before Examined Registered Investment Advisers (February 20, 2014)
   
• Letter to Industry Regarding Presence Exams (October 9, 2012)
   
• Letter to FINRA: Implementation of the SEC's Request to FINRA Member Broker-Dealers Regarding an Amendment to 31 C.F.R. § 1023.320, Confidentiality of Suspicious Activity Reports (January 26, 2012)
   
• Open Letter to CEOs of All SEC-Registered, FINRA Member Broker-Dealers Regarding an Amendment to 31 C.F.R. § 1023.320 , Confidentiality of Suspicious Activity Reports. (January 26, 2012)
   
• "Dear CEO" Letter Regarding the Importance of Compliance Programs (December 2, 2008)
   
• Letter from Lori Richards to Investment Advisers (May 1, 2000)

Risk Alerts

• Risk Alert: Investment Adviser Due Diligence Processes for Selecting Alternative Investments and Their Respective Managers (January 28, 2014)
   
• Risk Alert: Rule 105 of Regulation M: Short Selling in Connection with a Public Offering (September 17, 2013)
   
• SEC Examinations of Business Continuity Plans of Certain AdvisersFollowing Operational Disruptions Caused by Weather-Related Events Last Year (August 27, 2013)
   
• Strengthening Practices for Preventing and Detecting Illegal Options Trading Used to Reset Reg SHO Close-out Obligations (August 9, 2013)
   
• Significant Deficiencies Involving Adviser Custody and Safety of Client Assets (March 4, 2013)
   
• "Pay-to-Play" Prohibitions for Brokers, Dealers and Municipal Securities Dealers under MSRB Rules (August 31, 2012)
   
• Strengthening Practices for the Underwriting of Municipal Securities (March 19, 2012)
   
• Strengthening Practices for Preventing and Detecting Unauthorized Trading and Similar Activities (February 27, 2012)
   
• Investment Adviser Use of Social Media (January 4, 2012)
   
• Broker-Dealer Branch Inspections (November 30, 2011)
   
• Master/Sub-accounts (September 29, 2011)

ComplianceAlerts

• July 2008
   
• June 2007

Special Studies and Reports

• Joint Review of the Business Continuity and Disaster Recovery Planning of Firms (August 16, 2013)
   
• Staff Summary Report on Examinations of Information Barriers: Broker-Dealer Practices Under Section 15(g) of the Securities Exchange Act of 1934 (September 27, 2012)
   
• Staff Summary Report on Issues Identified in Examinations of Certain Structured Securities Products Sold to Retail Investors (July 2011)
   
• Protecting Senior Investors: Compliance, Supervisory and Other Practices Used by Financial Services Firms in Serving Senior Investors (2010 Addendum) (August 2010)
   
• Protecting Senior Investors: Compliance, Supervisory and Other Practices Used by Financial Services Firms in Serving Senior Investors (September 2008)
   
• Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies (July 2008)
   
• Protecting Senior Investors: Report of Examinations of Securities Firms Providing "Free Lunch" Sales Seminars (September 2007)
   
• Report on Refunds, Sales Practices, and Revenues from Periodic Payment Plans (March 29, 2007)
   
• Report Concerning Examinations ofOptions Order Routing and Execution (March 8, 2007)
   
• Staff Report Concerning Examinations of Select Pension Consultants (May 16, 2005)
   
• Joint SEC/NASD Report on Examination Findings Regarding Broker-Dealer Sales of Variable Insurance Products (June 9, 2004)
   
• Implications of the Growth of Hedge Funds (September 2003)
   
• Staff Report: Joint SEC/NASD/NYSE Report of Examinations of Broker-Dealers Regarding Discounts on Front-End Sales Charges on Mutual Funds (March 2003)
   
• On Line Trading Report (January 25, 2001)
   
• Payment for Order Flow and Internalization of Options Markets (December 2000)
   
• Report Concerning Display Customer Limit Orders (May 4, 2000)
   
• Special Study: Report of Examinations of Day-Trading Broker-Dealers (February 25, 2000)
   
• Broker-Dealer Risk Management Practices Joint Statement (July 1999)
   
• Report on Soft Dollar Practices (September 1998)
   
• Joint Regulatory Sales Practices Sweep (March 1996)
   
• The Large Firm Project (May 1994)