OCIE Director Wyatt Speaks on Compliance

October 17, 2016

Marc Wyatt, Director, Office of Compliance Inspections and Examinations (OCIE), gave the keynote address at the National Society of Compliance Professionals 2016 National Conference in Washington, D.C. He spoke about the SEC’s mission of (1) improving compliance, (2) preventing fraud, (3) monitoring risk, and (4) informing policy.  
He next reviewed OCIE’s responsibilities:

• regulating more than 12,000 investment advisers,
• regulating approximately 11,000 mutual funds and exchange-traded funds,
• regulating over 4,000 broker-dealers,
• regulating over 650 municipal advisers,
• regulating more than 400 transfer agents.
• regulating 18 national securities exchanges,
• overseeing FINRA,
• overseeing the MSRB,
• overseeing the Securities Investor Protection Corporation,
• overseeing the PCAOB, and
• regulating eight active clearing agencies.

He next spoke about registered investment adviser examinations.  we bolstered staffing in the investment adviser/investment company (“IA/IC”) examination program by roughly 20%.  The SEC is the sole regulator for the vast majority of SEC-registered investment advisers, which constitute one of our fastest growing groups of registrants.  Over the past two years, over 2,000 new advisers registered with the SEC, joining OCIE’s examination pool.  Unlike the broker-dealer registrant population, he noted that there is no self-regulatory organization over investment advisers.

Other topics covered by Director Wyatt were:

• OCIE’s investment in technology and data antalytics
• Measuring the success of OCIE’s National Exam Program
• Improving compliance
• Preventing fraud

Click here to access the speech.