OCIE Examined 15% of RIAs in 2017

In 2017, the SEC examined 2,114 investment advisers, approximately 15 percent of the 14,000+ registered investment advisers, the SEC confirmed in its Fiscal Year 2019 Congressional Budget Justification Annual Performance Plan.

In the same report, the SEC said the staff will continue to improve its efforts of RIAs, noting that nearly 35 percent of all registered investment advisers have never been examined.

The SEC reports the number of examinations of Investment Advisers since 2012 as follows:

  • 2012: 8%,
  • 2013: 9%
  • 2014: 10%
  • 2015: 10%
  • 2016: 11%
  • 2017: 15%

In its performance goals for 2018 and 2019, the SEC estimates examinations of investment advisers to continue at 15%.

Meanwhile, the growth in the number of registered advisers continues. In just the last five years, the number of registered advisers has grown by over 15 percent, and the assets under management of these firms has increased by more than 40 percent.

The SEC reports in addition to conducting examinations, the staff continued enhancing its risk assessment efforts to ensure that the exam program is spending its limited time and resources on firms presenting the highest risk.


Ascendant has significant experience preparing clients for SEC exams. If you need help, contact us via email or at 860-435-2255.


Subscribe to CSS Blog

CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.

Latest Content

Do You Feel Confident Your Password Hasn’t Been Hacked?

As a cybersecurity consultant, I am often asked if some of the threats we industry practitioners talk about are overstated. Hyped up fear as a sales tactic. The simple answer is no. The fear is not overstated, and the risks all too real – which helps to explain why cyber remains a top priority for … Continued

SEC’s New Committee Begins Review of Form CRS Filings

The SEC’s Divisional Standards of Conduct Implementation Committee launched its review of Form CRS from a cross section of RIAs and BDs to assess compliance with the content and format requirements. Initial observations from the Committee have identified examples of relationship summaries that may lack certain disclosures or could be clearer or otherwise improved. The … Continued

Proposed Amendment to 13F – What This Really Means?

The SEC released a proposed amendment to Form 13F on July 10 to update the reporting threshold for institutional investment managers and make other targeted changes. The threshold has not been adjusted since the Commission adopted Form 13F over 40 years ago. New Proposed Reporting Threshold: The proposal would raise the reporting threshold to $3.5 … Continued