There is concern over the increasing collaboration between the Securities and Exchange Commission's Enforcement Division and Office of Compliance Inspections and Examinations.
The SEC views this collaboration as efficient while others view it in the extreme. SEC officials have acknowledged the increasingly close working relationship between OCIE and the Enforcement Division. OCIE assists the SEC's insider trading enforcement efforts, and the examination function finds evidence. However, some suggest exam function has become confrontational.
Given this dynamic, broker-dealers should consider having counsel present during the examination.
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