PLI Panel Discusses 2020 OCIE Priorities and Tips for Fund Managers to Navigate an Examination (Part One of Two)

Fund managers facing SEC examinations must navigate a complex process and keep in mind various factors, including areas of interest; practices and priorities of the SEC’s Office of Compliance Inspections and Examinations (OCIE); and recent regulatory reforms introduced by the SEC. The Practising Law Institute recently hosted a presentation that provided an overview of the above issues. The program was moderated by Dechert partner K. Susan Grafton and featured Emma L. Rodriguez‑Ayala, formerly a partner at Faegre Baker Daniels; James A. Capezzuto, CCO of Oppenheimer Asset Management; Ken C. Joseph, managing director and head of disputes consulting at Duff & Phelps; and Maurya C. Keating, Associate Regional Director for the SEC’s New York Regional Office. This first article in a two-part series explores the SEC’s examination program, provides tips for managers on how to navigate an OCIE examination and describes some of the primary takeaways from the SEC’s 2020 examination priorities, including cybersecurity and side-by-side management of funds. The second article will analyze the SEC’s new fiduciary duty interpretation and Form CRS requirement, as well as the SEC’s enforcement efforts in 2020. For another panel moderated by Grafton, see “Regulator and Industry Perspectives on Ethical and Compliance Challenges Associated With Private Fund Investor Relations” (Jun. 20, 2013).

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