OCIE Publishes Risk Alert Regarding Electronic Messaging

OCIE Publishes Risk Alert Regarding Electronic Messaging


By: Jessica Forbes, Stacey Song, Joanna D. Rosenberg

On December 14, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) published its fifth National Exam Program Risk Alert (the “Risk Alert”) this year to remind advisers of their obligations with respect to the use of electronic messaging by their personnel and to help advisers improve their systems, policies, and procedures around electronic messaging. OCIE published the Risk Alert following a limited-scope examination initiative of registered investment advisers (the “Initiative”). The Initiative was designed to help OCIE gain an understanding of the various forms of electronic messaging used by advisers and their personnel, the risks of such uses, and the challenges posed by such electronic messaging in complying with certain provisions of the Investment Advisers Act of 1940 (the “Advisers Act”). Rather than highlighting frequent deficiencies, the Risk Alert summarizes examples of practices that OCIE believes may assist advisers in meeting their obligations under the Advisers Act.

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