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News May 2, 2005 Issue

Crunching the OCIE Numbers

At last week’s Philadelphia Compliance Roundtable meeting, SEC associate director Gene Gohlke reported that roughly 40 percent of all of fund and adviser exams are risk-targeted exams (a.k.a. sweep exams). There were twice as many "cause" exams in 2004 as there were in 2002. High-risk advisers will be examined once every two to three years and the remainder of the firms will be selected randomly. Gohlke predicted that OCIE will conduct between 500 and 700 random fund and adviser exams annually.