The Securities and Exchange Commission (SEC) has formed the Office of Risk and Strategy (ORS), a new office within the Office of Compliance Inspections and Examinations (OCIE). It is intended to consolidate and streamline the OCIE’s risk assessment, market surveillance and quantitative analysis teams and provide organizational strategy and operational risk management services to the OCIE. The duties of the new office will include examining practices relevant to retirement plans.
The SEC announced that OCIE Managing Executive Peter B. Driscoll will serve as the first head of the ORS, with the title of Chief Risk and Strategy Officer. He will manage the ORS and the Investment Adviser/Investment Company examination staff based in Washington, D.C.
Retirement plans will be within the reach of the ORS, according to onwallstreet, which reports that Driscoll told attendees at the Investment Adviser Association’s annual compliance conference “We’re focused on what firms are doing to ensure that there are not abusive practices in the retirement space.” Driscoll promised a hard look at how firms handle rollovers, as well as how they market and advertise their practice.
The SEC has conducted more than 160 exams focusing on retirement issues so far, onwallstreet says. Of those, 70% have looked at advisors, with the remainder focused on broker-dealers.
The SEC announced that OCIE Managing Executive Peter B. Driscoll will serve as the first head of the ORS, with the title of Chief Risk and Strategy Officer. He will manage the ORS and the Investment Adviser/Investment Company examination staff based in Washington, D.C.
Retirement plans will be within the reach of the ORS, according to onwallstreet, which reports that Driscoll told attendees at the Investment Adviser Association’s annual compliance conference “We’re focused on what firms are doing to ensure that there are not abusive practices in the retirement space.” Driscoll promised a hard look at how firms handle rollovers, as well as how they market and advertise their practice.
The SEC has conducted more than 160 exams focusing on retirement issues so far, onwallstreet says. Of those, 70% have looked at advisors, with the remainder focused on broker-dealers.
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