On November 19, 2020, the SEC’s Office of Compliance Inspections and Examinations published a risk alert providing an overview of notable compliance issues observed in registered investment advisers’ compliance programs.  The alert will serve as a useful checklist for advisers seeking to identify weaknesses in their own compliance programs and preparing for the inevitable SEC examination.  Our analysis summarizes this alert and provides several practical take-aways that advisers can consider when reviewing their own compliance policies and procedures.

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