United States

Most often cited deficiencies in recent OCIE examinations


The Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert, Top Compliance Topics Observed in Examinations of Investment Companies and Observations from Money Market Fund and Target Date Fund Initiatives. This Risk Alert provides information about the most often cited deficiencies and weaknesses that the OCIE staff observed in its recent examinations of registered investment companies, including those related to the following topics:

  • The fund compliance rule
  • Disclosures to investors
  • The Section 15(c) process
  • The fund code of ethics rule

In addition, the Risk Alert includes observations by the staff from a national examination initiative focused on whether money market funds (MMFs) complied with the amendments to the rules governing MMFs that became effective in October 2016. OCIE staff also examined selected target date funds (TDFs) to determine whether the TDFs’ assets were invested according to the asset allocations stated in the funds’ prospectuses and whether the associated investment risks were consistent with fund disclosures.

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