Marc Wyatt, Director of the Securities and Exchange Commission’s Office of Inspections and Examinations (OCIE), recently announced that the SEC has established “a dedicated FINRA inspection team focused on assessing FINRA’s operations in terms of its core mission of regulating its member broker-dealers, including with respect to its regional examinations of broker-dealers.”
In his Keynote Address at the 2016 National Conference of the NSCP Mr. Wyatt stated that “OCIE is working to enhance our oversight of FINRA because we will be somewhat more dependent on them for broker-dealer exams” due to the recent transition of “a significant number” of OCIE examiners from its broker-dealer examination program to its investment adviser/investment company (“IA/IC”) examination program.
That transition was part of an approximate 20% increase in the number of IA/IC examiners and reflects, among other considerations, the fact that, according to Mr. Wyatt, “… the SEC-registered investment advisers … constitute one of [the SEC’s] fastest growing groups of registrants.” He went on to say that “over the past two years, over 2,000 new advisers registered with the SEC, joining OCIE’s examination pool.”
And by virtue of the SEC enhancing its oversight of FINRA, it is anticipated that FINRA’s scrutiny of its member firms will also be intensified.
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