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ARTICLE · 27 DECEMBER 2017

Five Things To Think About Before A Surprise SEC Exam

Proskauer Rose LLP
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If it is a cause examination, they may be trying to determine whether client assets are at risk.

United StatesCorporate/Commercial Law
Joshua Newville
Joshua Newville
Robert E. Plaze
Robert E. Plaze
Christopher Wells
Christopher Wells
Alexandra Bargoot
Alexandra Bargoot
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If a team from the SEC arrives at your office and says, "We are conducting an on-site examination and would like to talk to the CCO right now," are you prepared? A handful of registered investment advisers have faced surprise SEC exams in recent months. These exams come in two flavors: either a "for cause" exam arising from SEC staff concerns relating to a specific ongoing issue, or a standard exam that for some reason has a surprise component.

There are several logistical items that a fund manager might consider before the SEC shows up unannounced in the lobby, regardless of the substance of the SEC's inquiry. Thinking and planning ahead can minimize unnecessary stress and confusion in the moment. Fund managers should consider the following questions:

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