The SEC’S Office of Compliance Inspections and Examinations announced its examination priorities to highlight areas of “heightened risk” for registrants.  See http://www.sec.gov/news/press/2013/2013-26.htm.).

The OCIE also disclosed areas of emerging risks for registrants, as well as topics to consider the priorities.   Generally, these priorities apply to all registrants as well as specifically to OCIE’s investment adviser and broker-dealer examination programs.  The focus areas for investment advisors include:  safety of assets; conflicts of interest related to compensation arrangements and to allocation of investment opportunities; and marketing of performance.  Moreover, OCIE stated that, for investment advisers, money market mutual funds and compliance with exemptive orders will also be considered. 

For broker-dealers, the focus areas include: trading; capital; and weak anti-money laundering programs.  The policy topics for broker-dealers also include the forthcoming crowdfunding exemption under the JOBS Act.

In short, there is nothing new here, but it is worthy of repeating so as to be prepared.