Norm Champ, Deputy Director, Office of Compliance Inspections and Examinations at the SEC, gave his insghts as to the SEC’s plans to examine hedge fund sponsors who were required to newly register as investment advisers under the Dodd-Frank Act.
According to Mr. Champ, the SEC strategy for these new registrants will include:
- an initial phase of industry outreach and education,
- followed by a coordinated series of examinations of a significant percentage of the new registrants that will focus on the highest risk areas of their business and help the SEC to risk rate the new registrants, and
- culminating in the publication of a series of “after action” reports, reporting to the industry on the broad issues, risks, and themes identified during the course of the examinations.
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