Last week I was able to share with you the introductory letter from a firm that recently registered with the Securities and Exchange Commission and quickly received a meet and greet request. That same reader was nice enough to share his experience with me and the readers of Compliance Building.
The SEC had a four office pilot program last year to do these meet and greet outreach calls. The purpose is to inform newly registered advisers of SEC resources available to them: conferences and compliance staff available on a hotline. The SEC also wants the advisor to note that exams happen and what to expect.
The meet and greet outreach program has now been picked up nationally so this letter will become more common.
The meet and greet examiner asked some basic questions about the business and what the firm is doing about compliance. The topics covered were:
1. History of the firm and confirm owners.
2. Do you have a program and manual?
3. How often do you access the program?
4. The business strategies of the funds.
5. Experience of the leadership of the people of the firm
6. Experience of the compliance staff of the firm
7. How do you communicate track record?
8. Affiliate relationships and approvals
9. How do you satisfy custody?
10. What is your biggest compliance challenge?
If you are a firm that is getting ready to register or have recently registered, get ready to answer these questions.
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