MyComplianceOffice Blog

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.

Presented by the Practising Law Institute in conjunction with the U.S. Securities and Exchange Commission, SEC Speaks 2024 provided insights and updates on the agency’s current priorities and initiatives from Chair Gary Gensler, Commissioners, and senior staff from divisions across the agency.

First and foremost, Registered Investment Advisers (RIAs) are held to a standard of fiduciary duty by the SEC. As defined by the SEC, RIAs must act in the best interests of their clients, should not engage in activities that are in conflict with the interest of the client, and must provide a full disclosure of all material facts to clients and prospective clients.

To prove that they are able to meet these standards, RIA firms must have solid compliance programs in place.

The 2024 U.S. Presidential election is grabbing the headlines right now. However, 469 other federal elections, 13 gubernatorial elections, and countless contests at the state and local levels will be decided in November. With so many candidates and campaigns, the risk of pay-to-play and political donation rule violations, even unintentional ones, is high.