Experts in the financial industry were brought together for a webinar on Tuesday to discuss the Securities and Exchange Commission’s examination priorities for 2024.
According to InvestorCOM, the event was held to better understand the SEC’s enforcement agenda as wealth firms prioritize their compliance plans for the year ahead.
The SEC releases its examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division of Enforcement plans to focus on in the upcoming year. This year’s examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas, the commission said.
The webinar focused on a number of topics to help provide insights for firms on the SEC’s upcoming agenda, including:
-Convergence of best interest principles across Regulation Best Interest and the Department of Labor’s fiduciary requirements
-Investment advice provided to clients across products, strategies, and account types
-Processes for determining the investment advice is provided in clients’ best interest, and
-How technology can be a key asset in considering reasonably available alternatives (RAA) products, account type and rollover recommendations.
The speakers for the event were: Tom Selman, who served as FINRA’s Executive Vice President for Regulatory Policy and its Legal Compliance Officer, Armin Sarabi, the Chief Compliance Officer for Alphastar, Rhonda Davis, Managing Director of the Compliance Practice at Bates Group, Robert McGill, President of Compliance and Compensation at Docupace, and Parham Nasseri, Vice President Regulatory Strategy at InvestorCOM.
The SEC’s Division of Enforcement conducts examinations and inspections of SEC-registered investment advisers, investment companies, broker-dealers, transfer agents, municipal advisors, securities-based swap dealers, clearing agencies, and other self-regulatory organizations. The Division prioritizes examinations of certain practices, products, and services that could poses risks to investors or the integrity of U.S. capital markets.
“The Division of Examinations plays a critical role in protecting investors and facilitating capital formation,” said SEC Chair Gary Gensler. “In examining for compliance with our time-tested rules, the Division helps registrants understand the rules as well as ensures that markets work for investors and issuers alike. The Division’s efforts, as laid out in the 2024 priorities, enhance trust in our ever-evolving markets.”
The attorneys at Lewitas Hyman were formerly senior attorneys in the SEC’s Division of Enforcement. We have also represented clients in regulatory matters while working at Morgan Stanley and in private practice at some of the world’s largest law firms. Therefore, we understand the complexities that come with being the subject of a regulatory inquiry, and we have the experience to guide and advise you through any type of regulatory investigation. If you are the subject of a regulatory proceeding, contact Lewitas Hyman at (888) 655-6002 or through our online contact form for a free consultation.
