Chairman Schapiro Speaks at CCOutreach Conference

January 26, 2010

SEC Chairman Mary L. Schapiro spoke at CCOutreach National Seminar in Washington, D.C.

She began speaking about the role of the compliance professional.  She next reviewed the SEC's effort to harmonize OCIE's broker dealer/investment adviser exam approach.  She reiterated her support for a common fiduciary standard of conduct for investment advisers and broker-dealers that is at least as strong as the fiduciary duty recognized under the Investment Advisers Act.

Next, she spoke about the steps the SEC has taken in an attempt to ensure that its inspection staff is equipped with the necessary tools, including:

  • Hiring industry specialists with additional expertise to do better to keep pace with the rapidly evolving markets we regulate.
  • Making sure that OCIE examiners are receiving regular and relevant training – with more than 300 becoming certified fraud examiners last year alone.
  • Seeking input from staff with expertise in areas where risk-targeted examination sweeps might uncover fraudulent acts – or might provide valuable insight on strong compliance practices.

Click to access her speech.


Exchange-Traded Funds (ETFs), Investment Advisers, Mutual Funds, Speeches & Testimony