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SEC Mock Exams

Are you prepared if the SEC conducts a compliance exam? Whether you’re anxiously awaiting the first exam or have been cited for deficiencies in the past and worried about follow-up action, an SEC mock exam is the key to your success. My RIA Lawyer offers a detailed mock exam service that includes both on-site and off-site exams. This service will help your Chief Compliance Officer and compliance staff prepare for future exams. With our help, you can correct compliance issues now before the SEC steps in.

SEC Mock Exam Process

My RIA Lawyer’s SEC mock exam mimics the process the SEC uses. First, we will initiate an off-site review. Next, we will perform an on-site mock SEC exam.

After going through our findings, we will provide a written summary of the findings. The review will also include a schedule for remediation of any deficiencies we discover. Each deficiency will be assigned a risk level. We will then discuss the remediation tasks in detail and help you comply with all regulations. With our assistance, you can fix any problems before undergoing a real SEC exam.

Off-Site Review

As part of our SEC mock exam process, we conduct a thorough off-site review of your firm’s compliance policies and procedures. This review helps us identify any potential deficiencies and areas of improvement that need to be addressed before the on-site mock SEC exam.

To initiate the review, we send a real SEC exam letter to your firm, requesting relevant documents and information. This off-site phase allows us to gather essential materials for our examination process.

On-Site Mock SEC Exam

After completing the off-site review, we conduct an on-site mock SEC exam. This exam simulates the real SEC examination process and allows your firm to experience firsthand what to expect during an actual SEC exam. During this phase, we visit your firm and interview staff members to gain deeper insights into your compliance practices.

We also request and review additional documents to ensure a comprehensive examination. This step helps your staff become familiar with the procedures and testing methods used by SEC examiners.

Exam Report Outlining Deficiencies

After the on-site and off-site reviews, we provide you with a detailed exam report that outlines any deficiencies we identified during the review process. This report categorizes the deficiencies by level of risk, allowing you to prioritize and address the most critical issues first.

Remediation Plan

Based on the findings of the on-site mock SEC exam, we develop a remediation plan to help your firm address any identified deficiencies. This plan outlines the necessary corrective actions and provides guidance on how to improve your compliance culture and ensure regulatory compliance.

Compliance Meeting

Following the on-site mock SEC exam and the development of the remediation plan, we schedule a compliance meeting with your staff. During this meeting, we discuss the major deficiencies identified during the mock exam and provide guidance on how to address them effectively. This meeting ensures that everyone is on the same page and understands the necessary steps to achieve compliance.

Regulatory Updates

As part of our SEC mock exam services, we keep our clients informed about any regulatory updates or changes that may impact their compliance obligations. We provide regular updates and guidance to ensure that your firm stays up to date with the latest regulations and can adapt its compliance policies and procedures accordingly.

By utilizing our SEC mock exam services, registered investment advisers can be confident in their preparedness for a real SEC examination. Our comprehensive approach, which covers every aspect of the mock exam process, helps identify and address deficiencies, mitigate risk, and prevent reputational damage. Clients can expect a thorough review of their compliance policies and procedures, detailed findings in the exam report, and a remediation plan to guide corrective actions. Our experienced staff members provide invaluable guidance and support, ensuring that your firm is well-prepared to navigate the complex world of SEC examinations and maintain a strong culture of compliance.

Compliance Rests On The CCO’s Shoulders

By undergoing an SEC mock exam, you can protect yourself and your company. Using this service shows that you are dedicated to maintaining compliance standards. However, if you don’t get a lawyer, you could be on the hook for a hefty fine. Even first-time offenders can expect large fines. Thus, an SEC mock exam is critical to your firm’s financial health. In many cases, a firm’s insurance company will offer discounts or subsidize the cost of a mock exam if they hire a reputable company to conduct it.

Learn What Documents SEC Will Request

An SEC mock exam does more than ensure you comply. It will also make the process of gathering and providing documents much easier during a real SEC exam. Many firms are overwhelmed by the number of documents they have to supply. Karen Bordonaro, the CCO for Demming Financial Services Corp, provides an excellent example of this. When her firm underwent its first SEC exam, the staff was instructed to provide documents that covered 18-20 areas. This was a limited-scope exam, and it still took two employees up to 10 hours a day for five days to get all the necessary documents. You can save time and money by learning what will be expected through a mock exam.

Avoid Investigations With An SEC Mock Exam

Undergoing an SEC mock exam can help you avoid triggering an investigation of your firm. If your firm is investigated, you can expect to lose clients. This is especially true if you manage high and ultra-high-net-worth clients, charities, or pension funds. Your clients might lose trust in you, even if you take care of the problems and get back in compliance. Avoid this problem by using our SEC mock exam services. By fixing the problems now, you won’t have to worry about a lengthy investigation that can harm your firm’s reputation and financial standing. Contact us to set up a consultation.

Not your daddy's law firm

How we're different

We take a no-nonsense approach to solving your problems. Forget about one-size-fits-all solutions; we roll up our sleeves and craft strategies that fit your financial business like a glove. We’re not just lawyers – we’re compliance partners, financial enthusiasts, and problem solvers.

We get it – you need answers, and you need them now. That’s where we come in, offering a blend of big-firm resources with the kind of personal attention you’d expect from a smaller one.

But what really sets us apart? We’re all about your success. Compliance is just the start; we’re here to help you thrive. We know the ins and outs of the financial world, and we’re not afraid to think outside the box to help you reach your goals while playing by the rules.

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“It’s important that you look at your legal provider and who it is you have invested in to protect your business, so there are a few things you should be asking your lawyer. First, do they know what the heck you’re doing? Do they know the services you provide? The fees you’re charging? Do they understand securities? One of the problems I see when there is a legal action or when there’s an enforcement action, is that so many of you are going to attorneys that have ZERO securities experience! You’re going to, God forbid, a general practitioner!! That’s not the kind of lawyer you want, you want a securities attorney! You want them to understand your business.

— Leila Shaver Founder

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