Have You Received Your Letter Yet? SEC Announces New Exam Initiative

The SEC announced today that it will contact registered investment advisers that have never been examined via a special letter. The SEC is launching its “Never-Before Examined Initiative” and putting these advisers on notice that they should be prepared for a risk-focused exam in 2014, especially those that have been registered for three or more years. Outside of this initiative, advisers to private funds will continue to be examined by the SEC as part of its “Presence Exam” initiative launched in October 2012.

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View SEC Never-Before-Examined Letter
View SEC Examination Priorities for 2014