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U.S. Securities and Exchange Commission

SEC Staff Hold First CCOutreach Programs For SEC Investment Advisers in Asia


Washington, D.C., Dec. 14, 2007 - The Securities and Exchange Commission staff announced today that it has conducted two CCOutreach seminars for Asian-based investment advisers registered with the SEC.

The programs were held in Hong Kong on December 4 and in Mumbai, India on December 6. Together, they included more than 120 participants representing investment advisers registered with the SEC based in Hong Kong, Singapore, Australia, and India, as well as local industry and regulatory representatives. The program in Hong Kong was hosted by the Securities and Futures Commission, and the program in Mumbai was hosted by the Securities and Exchange Board of India.

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. securities laws. We're thrilled that Asian 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 appreciate both the Hong Kong Securities and Futures Commission's and the Securities and Exchange Board of India's commitment to support the SEC staff efforts to engage with foreign-based chief compliance officers of these firms."

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 programs in Mumbai and Hong Kong were the first CCOutreach events in Asia for foreign-based, SEC-registered investment advisers. In July 2007, the SEC staff held a CCOutreach program in Luxembourg for European-based SEC registered investment advisers.

The CCOutreach events were 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.

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.

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Modified: 12/14/2007