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Many of the items found on the Securities and Exchange Commission’s annual list of examination priorities for the new year echo issues articulated by other regulators, including sales practices and fraud of broker/dealers, quantitative trading models of investment advisers, conflicts of interests and alternative investment companies.
The SEC’s report, which was released last week, also includes several new priorities. One of those priorities concerns fee-based versus commission accounts. Specifically, the SEC says it plans to review firms’ processes for monitoring wrap-fee programs and “will assess whether advisers are fulfilling their fiduciary and contractual obligations to clients.”
You can read the SEC’s complete 2014 examinations priorities report here.