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Independent advisers' compliance must improve: OCIE director

April 7, 2017 | Print this page
Peter Driscoll, acting director of the SEC's Office of Compliance Inspections and Examinations, said the agency is exploring ways to strengthen compliance at independent advisers. Speaking at a conference in Washington, D.C., Driscoll said financial advisers on the staff of an advisory firm are more likely to comply with securities regulations than their independent counterparts and he's looking for ways to "get more leverage on independent representatives," which could include issuing a risk alert on the topic. He further distinguished between W-2 advisers on staff at a firm and independent advisers who remain affiliated with the firm but operate on their own. Specific problem areas for the SEC include books and records and custody of client funds, he said, adding his concerns involve both independent investment advisers as well as independent broker-dealers.
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