February 14, 2020
Exam Takeaways: SEC and DOL Joint Exams
Regulatory requirements and expectations for firms are constantly evolving; with that, examination practices are changing as well. An emerging approach to routine examinations includes exam teams from both the Securities and Exchange Commission and the Department of Labor collaborating on the examination.
This method has been used to evaluate advisory firms and who manage accounts subject to the Employee Retirement Income Security Act (ERISA), which is enforced by the DOL. Here are some observations made by registered investment advisers regarding ERISA compliance:
WHAT DOES THIS MEAN FOR ME?
If accounts managed by your firm are subject to ERISA requirements, it is possible that a future routine examination may include examiners from both the DOL and SEC. Contact Fairview with questions about exam preparation or ERISA compliance concerns.