SEC creates new office to help oversee financial advisers

SEC creates new office to help oversee financial advisers
Unit will develop 'new tools and techniques' to strengthen risk analysis and surveillance.
MAR 14, 2016
The Securities and Exchange Commission has created a new office to help strengthen the regulator's scrutiny of financial advisers. Peter Driscoll will lead the Office of Risk and Strategy and manage a staff in Washington that examines investment advisers and mutual funds, according to an SEC statement Tuesday. Mr. Driscoll said he plans to advance the development of “new tools and techniques” that strengthen the risk analysis and surveillance conducted by the agency's Office of Compliance Inspections and Examinations. The OCIE conducts examinations of SEC-registered investment advisers to help ensure compliance with U.S. securities laws and prevent fraud. The agency, which annually examines about 10% of the more than 11,500 registered investment advisers it oversees, has been looking at ways to boost its oversight of RIAs. The SEC plans to increase its number of RIA examiners by almost 20% this year to 630, according to a person familiar with the initiative. It's also taking steps to allow third-party examiners to supplement the work conducted by the OCIE. The OCIE analyzes data from registration forms and other sources to help target advisers that merit examinations. Mr. Driscoll, who started at the SEC in 2001 as a staff attorney in the agency's Division of Enforcement, has been a managing executive with the OCIE since 2013, according to the statement.

Latest News

Cerity Partners names Will Peng chief innovation officer
Cerity Partners names Will Peng chief innovation officer

The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy

BlackRock expands Aladdin's private markets benchmarking tools
BlackRock expands Aladdin's private markets benchmarking tools

New Preqin-powered benchmarks add transparency to private equity and credit performance across BlackRock's platforms.

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.