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Agreements: SEC Exam Focus Item

You may be feeling like life is not as it once was; that business is running in a different way than it did before the pandemic. The SEC doesn’t seem to have any such feeling.

Examinations are continuing at what we believe to be an increased pace. Not only are the examinations coming quickly, but the Staff is also focusing on new topics. One of which is advisory agreements. Do your agreements detail the exact methodology by which fees are calculated? Is there a simple fee schedule or does the fee schedule specify if accounts are householded? Is margin specifically referenced, whether you use it or not? Does it consider the possibility that different assets might be held by different custodians? All of these topics are of concern.

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