Present and Former SEC Officials Discuss Examinations (Part One of Two)

At the Investment Company Institute’s recent Investment Management Conference, Matt Chambers, GC and CCO at Horizon Investments, LLC, moderated a discussion with present and former SEC officials, including Vanessa L. Horton, Associate Regional Director over the Investment Adviser/Investment Company Examination Program and acting Associate Regional Director of the Broker Dealer and Exchange Examination Program at the SEC in Chicago; C. Dabney O’Riordan, Co‑Chief of the Asset Management Unit of the SEC Division of Enforcement; and Anthony S. Kelly, partner at Dechert and former Co‑Chief of the Asset Management Unit. This article, the first in a two-part series, covers the key takeaways from the discussion on the present operations of the Division of Examinations and mutual fund oversight. The second article will discuss the panel’s thoughts on the potential for more aggressive enforcement activity; the implications of recent enforcement actions involving electronic communications, share class selection and cybersecurity; and the Division of Enforcement’s ESG task force. See our two-part series on recent experiences with SEC examinations and enforcement: “Cybersecurity, BCPs, Branch Offices and Disclosures” (Dec. 9, 2021); and “Disclosures, Conflicts and Trading Issues” (Dec. 16, 2021).

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