IMP's Matt Gould was quoted in a FundFire article about the SEC's target increase for the number of exams on financial institutions and what it means for investment advisors. Read an excerpt from the article:
Asset managers should expect more frequent SEC data requests, says Matthew Gould, senior manager for IMP Consulting, a compliance consultant. Requests will likely skew heavily towards information that can easily be set into a database and cross checked against other firms and SEC records – such as asset holdings, trading data and client lists, he says.
Producing this type of information will drain resources for smaller shops, especially for detail-heavy requests, such as multiple data points relating to previous years trading activity – such as when, on which exchange and for how much trades occurred.