Preparing for SEC Exams During the U.S. Government Shutdown

January 4, 2019

The U.S. Securities and Exchange Commission (“SEC”) is currently operating in accordance with the agency’s plan for operating during a federal government shutdown.

During the shutdown, non-emergency examinations and inspections, as well as related follow-up activities conducted by the SEC’s Office of Compliance Inspections and Examinations (“OCIE”), have been suspended. If your firm is scheduled for an examination, we recommend that you continue to prepare as though the examination will occur as scheduled, as there is no certainty of when the shutdown will be lifted.

If your firm is contacted by examiners during the shutdown, it is likely that the SEC is reviewing an emergency matter related to your firm.

The SEC may expedite the start dates of examinations once the shutdown is lifted, given the time lost during the shutdown. We recommend that firms continue to be vigilant in the implementation of their compliance and cybersecurity programs, in addition to addressing the OCIE’s 2019 examination priorities.

To learn more, see the SEC’s government shutdown operations plan.

ACA Guidance

If your firm is scheduled for an exam, we recommend taking the following steps:

  • Prepare all documents requested by OCIE examiners
  • Prepare your key compliance and/or cybersecurity staff for on-site or telephone interviews
  • Contact your OCIE examiner after the shutdown is lifted to get a sense of timing for the scheduled examination

Upcoming Complimentary Webcast – 2019 SEC Exam Priorities

Join ACA's Askari Foy, Allison Charley, and Matthew Shepherd on Wednesday, January 30, 2019 at 11 a.m. ET for a discussion on 2019 SEC priorities and what they may mean for you.

Register Here

For More Information

For more information, please contact Askari Foy or your ACA consultant.