02.24.26

SEC Streamlines Enforcement Process for RIAs

by: Sam Bojarski

The U.S. Securities and Exchange Commission (SEC) has streamlined its enforcement process for registered investment advisors (RIAs) by updating how it issues and handles Wells notices, which signal potential legal action after an exam. Under the revised enforcement manual, Wells notice recipients will typically have four weeks to submit rebuttals focused on disputed facts or legal issues, followed by a prompt meeting with senior SEC leadership. Settlement offers must be made separately, though the agency will again consider them alongside requests to waive collateral penalties.

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