MyComplianceOffice Blog

 As part of the audit process, regulators expect you’ll have quick and easy access to your compliance data. How promptly and thoroughly you can provide the information that auditors request sets the stage for how the regulators will perceive your entire compliance program.

The US Securities and Exchange Commission has published its rundown of Examination Priorities for Fiscal Year 2025. The 2025 Exam priorities provide an outline of the questions and proof points that regulators will likely be evaluating during examinations. Reviewing the priorities will allow CCOs to assess their compliance programs to ensure that they have the required policies, procedures and controls in place—and that there are systems in place to easily evidence compliance.

Firms should also take a look at 2024's Enforcement Results for additional insight into areas of SEC focus.

Failing to adequately manage Material Non-Public Information (MNPI) remains a high-risk area for compliance, as evidenced by recent actions in the United States, the United Kingdom and across the globe for issues including insufficient insider trading compliance policies, market abuse and failure to effectively manage insider information.

Staying on top of the latest regulatory developments in the financial services industry to maintain compliance and stay ahead of potential risk poses significant challenges for firms of all sizes. However, it can be particularly complex for smaller firms, where factors like limited resources and reliance on manual processes can make an already complicated endeavor even more difficult to manage.

It's been almost one year the Consumer Duty came into force, setting higher and clearer standards for consumer protection across the financial services industry. 31 July 2024 will be a milestone date, marking not just the anniversary of the Duty but also implementation for closed products and the first Board Report due date.