The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:This SEC Unit Shifts Towards Asset Managers and Other RIAs Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 14, 2017

This SEC Unit Shifts Towards Asset Managers and Other RIAs

Reported by Neil Anderson, Managing Editor

A key SEC unit is devoting more resources to asset managers and other RIAs, and the regulatory agency is already seeing an impact.

Lorraine Echavarria
Pete Driscoll, acting director of the SEC's Office of Compliance Inspections and Examinations (OCIE), confirms that OCIE has shifted some staff away from examining broker-dealers towards examining registered investment advisors and consultants. OCIE now has about 600 examiners focused on advisors, up about 20 percent, Driscoll tells fundsters this morning at the ICI Mutual Funds and Investment Management conference at the JW Marriott Desert Springs in Palm Desert, CA.

Thanks to that staffing shift, Driscoll says, he's seeing "a good uptick exams in that space [RIAs] this year, up 26 percent from where we were last year at this time."

"We still have about 240 [examiners] devoted to the B-D space," Driscoll adds.

The OCIE shift towards RIAs may translate into more enforcement, too, says Stephanie Avakian, acting director of the SEC's division of enforcement. As more examiners switch to the investment advisor and investment consultant side and do more exams, Avakian says, expect the number of referrals to enforcement to increase.

"We refer around 10 percent of our exams to enforcement," Driscoll says. "I do think that will remain consistent. The referral rate's a little bit higher in the B-D space than it is in the IA space."

Avakian and Driscoll are speaking on the ICI MFIM 2017 main stage. The panel, "A Conversation with OCIE and Enforcement," also features Lorraine Echavarria, an SEC alumnus who is now a partner at Wilmer Cutler Pickering Hale, and is moderated by Chris Michailoff, director at Deutsche Bank

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use