Although the SEC has never wavered from its core priority of protecting investors, the winds shift frequently as to the different compliance issues the Commission prioritizes and focuses on in examinations. To identify some of the latest topics pursued and strategies adopted by the SEC, the Investment Company Institute hosted a panel at its 2023 Investment Management Conference that was moderated by Christopher Michailoff, senior counsel at TD Securities USA LLC, which featured Andrew Dean and Corey Schuster, Co‑Chiefs of the SEC Division of Enforcement’s (Enforcement) Asset Management Unit (AMU); Vanessa L. Horton, Associate Regional Director of the SEC’s Division of Examinations; and Dabney O’Riordan, partner at Quinn Emanuel. This second article in a two-part series recounts the SEC’s stance on CCO and GC accountability, and also identifies certain substantive areas of focus for the Commission (e.g.
, implementing the new marketing rule and safekeeping of off-channel communications). The first article
detailed the AMU’s priorities and how it determines penalties; offered insights on the examination process; identified criteria for referring cases to Enforcement and how managers can mitigate that possibility; and considered the value for fund managers of self-reporting, self-remediation and cooperation. See our two-part series reviewing the SEC’s 2022 fiscal year enforcement efforts: “A Year of Compliance Sanctions and Warnings for Fund Managers
” (Jan. 12, 2023); and “Lessons When Preparing for 2023 and Exam Trends to Monitor
” (Jan. 26, 2023).