Fees and Expenses: 2019 SEC Examination Priorities
At the end of each calendar year, the Office of Compliance Inspections and Examinations (“OCIE”) staff of the United States Securities and Exchange Commission (“SEC”) publish a list of topics for the next year’s examination priorities. Not so surprisingly, the first item for the 2019 exam priorities listed is “fees and expenses”. This topic was also the highlight of an OCIE Risk Alert in April 2018 as one of the most frequent compliance issues identified in Examinations of Investment Advisers.