Fewer registered investment advisor exams will take place this year due to the government shutdown, the head of the Securities and Exchange Commission's exam unit said Monday.
"We're still struggling to have good coverage in the IA space," Pete Driscoll, director of the SEC's Office of Compliance Inspections and Examinations, said at the Practising Law Institute's SEC Speaks conference in Washington. He noted, however, that OCIE will be able to hire a couple of individuals this year to help in the advisor space.
"Our [advisor exam] numbers will be less this year because we lost 35 days" during the shutdown, Driscoll said, adding that OCIE will not hit the 17% exam rate reached last year.
OCIE, however, is "still pushing forward on our priorities."
Cybersecurity will continue to be a focus for OCIE, specifically around the areas of governance and risk assessment and data loss prevention, and with an emphasis on cybersecurity measures of advisors with multiple branch offices.
SEC Chairman Jay Clayton noted at the SEC Speaks event that for fiscal 2019, the agency's current fiscal year, employee pay and benefits are expected to continue to account "for a significant portion of our appropriation."
As a result of a hiring freeze, commission staffing is down more than 400 authorized positions compared with fiscal year 2016, Clayton said.
"To ensure we can continue to meet our mission objectives, the resources Congress provided the agency for fiscal year 2019 will allow us to lift the hiring freeze and add 100 much-needed positions. This would put our staffing level on par with where we were five years ago."
Technology expenditures at the commission "have increased in total dollars and as a percentage of the total budget over the last five years," Clayton stated, with this "a direct result of our commitment to maintaining and upgrading our information technology systems and enhancing the agency's cybersecurity and risk management."
— Related on ThinkAdvisor:
- SEC Chief: Economic Analysis of SEC's Reg BI Will Be 'Robust'
- SEC's 6 Compliance Exam Priorities for RIAs in 2019
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllTrending Stories
- 1As 'Red Hot' 2024 for Legal Industry Comes to Close, Leaders Reflect and Share Expectations for Next Year
- 2Call for Nominations: Elite Trial Lawyers 2025
- 3Senate Judiciary Dems Release Report on Supreme Court Ethics
- 4Senate Confirms Last 2 of Biden's California Judicial Nominees
- 5Morrison & Foerster Doles Out Year-End and Special Bonuses, Raises Base Compensation for Associates
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250