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Alternative Market Briefing

Other Voices: SEC issues risk alert on adviser examination process and settles charges regarding advisers' marketing rule violations

Friday, September 15, 2023

By David E. Wohl and John Bradshaw, from global law firm Weil Gotshal & Manges LLP.

Exam Risk Alert

On September 6, 2023, the SEC's Division of Examinations (Division) issued a risk alert outlining its risk-based approach to selecting advisers for examination and determining focus areas of such examinations.

With respect to adviser selection, the alert notes the Division's focus on:

(i) prior examination observations and conduct; (ii) supervisory concerns (e.g., disciplinary history); (iii) tips, complaints or referrals involving the adviser; (iv) business activities of the adviser or its personnel that may create conflicts of interest; (v) the length of time since the adviser's registration with the SEC or last examination by the Division; (vi) material changes in the adviser's leadership or key personnel; (vii) indications of the adviser's vulnerability to financial or market stresses; (viii) news or media reports concerning the adviser; (ix) information received from certain third-party data services regarding the adviser; (x) the adviser's disclosure history; and (xi) the adviser's access to client or investor assets or indications of gatekeeper or service provider compliance risks.

The alert further details how the Division determines the scope of a selected adviser's examinat......................

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