A panel recently hosted by the Practising Law Institute focused on the SEC’s examination program; the 2020 priorities of the SEC’s Office of Compliance Inspections and Examinations (OCIE); the SEC’s standard of conduct rulemakings and interpretation; and challenges and lessons from OCIE’s 2019 risk alerts. Moderated by K. Susan Grafton, partner at Dechert, the panel featured Emma L. Rodriguez‑Ayala, former 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 of the SEC’s New York Regional Office. This second article in a two-part series summarizes the new Form CRS requirement and the recent fiduciary duty interpretation, as well as the potential impact of the SEC’s proposed changes to the advertising rules. The first article
provided an overview of the SEC’s examination program, best practices for managers to endure an OCIE examination and key takeaways from OCIE’s 2020 priorities, such as cybersecurity. For more from Capezzuto, see “Top SEC Officials Discuss Private Fund Compliance, Examination and Enforcement Priorities at 2014 Compliance Outreach Program National Seminar (Part Two of Three)
” (Feb. 28, 2014).