On February 10, 2009, the SEC sent a so-called “sweep letter” to registered investment advisers requesting information about the advisers’ compliance and supervisory practices regarding the allegedly malicious creation, spread and use of false or misleading rumors with the intent to manipulate securities prices. On February 13, 2009, the SEC sent an additional sweep letter to an undisclosed list of investment advisers and broker-dealers seeking information through interviews about client asset custodial practices. These letters appear to be part of the SEC’s stated objective to pursue enforcement issues more seriously. We discuss both letters in detail.