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News February 21, 2005 Issue

OCIE Enforcement Referrals Double

Hereís an tidbit, buried deep within the SECís 2006 budget request, that may be of interest to all you SEC allies out there:

In fiscal 2004, "the percentage of investment adviser and investment company exams and broker-dealer exams resulting in enforcement referrals approximately doubled relative to fiscal 2003 levels."

The increase was due, in part, to OCIEís use of risk-targeted exams (a.k.a. minisweeps), said the SEC.