The SEC’s OCIE (Office of Compliance Inspections and Examinations) is doing their best to be fully operational nationwide. They have announced they are moving examinations from on-site to off-site through correspondence in light of COVID-19. The OCIE is prioritizing the health and safety of all parties involved by making this decision. Some examinations are exceptions and must be on-site, in that case, health and safety will also be their main priority in doing so.
The OCIE also makes clear to registrants that if they are relying on regulatory relief it will not be a factor in determining whether the OCIE conducts an exam or not. In this time of market stress, the OCIE is also engaging in outreach to discuss the impact of COVID-19 with their registrants. The implementation and effectiveness of your business continuity plan is very important and would be something worth discussing with them.
For access to a list of questions that the SEC is asking Advisors amidst the COVID-19 pandemic, fill out the short form below and you’ll be taken to the area with these questions.