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ARTICLE · 15 AUGUST 2020

OCIE Issues Risk Alert On COVID-19 Compliance Risks And Practices

Hogan Lovells Cadwalader
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In a Risk Alert, OCIE made several recommendations on ways firms can mitigate these compliance risks.

United StatesCoronavirus (COVID-19)
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Office of Compliance Inspections and Examinations ("OCIE") identified compliance issues for broker-dealers and investment advisers resulting from market volatility and operational disruptions due to the COVID-19 pandemic.

In a Risk Alert, OCIE made several recommendations on ways firms can mitigate these compliance risks.

  • Protection of investors' assets. OCIE recommended that firms implement additional steps for verifying the identity of investors and the authenticity of instructions for disbursement. This would include verifying the authorization of the person making the request and the accuracy of bank account names and numbers. OCIE also encouraged investors, especially elderly and other vulnerable investors, to designate a trusted contact person.

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