The Securities and Exchange Commission (SEC) ‘s Office of Compliance Inspections and Examination (OCIE) released information about its new priorities for 2020. According to the release, these priorities contain topics such as investor protection, ensuring market integrity, and supporting the responsible capital formation. The office also announced the SEC’s national exam program finished. Its input will help to improve different industry practices, determine and supervise various risks, and in case of misconduct, react quickly.
SEC’s office thinks that advancements in financial technologies, including digital assets, need closer attention and review. If the investors don’t fully recognize the differences between traditional and digital products, they can make wrong decisions. It’s especially important now, as the digital assets market is growing rapidly and contains so many risks for beginners.
OCIE plans to continue the SEC-registered firms’ investigation. These firms are all affianced in the digital asset field. The audit process mainly contains six areas: supervision of employees outside of business activities, portfolio management and trading practices, investment suitability, pricing and valuation, the safety of client funds and assets, and the effectiveness of compliance programs and controls.
The Financial Industry Regulatory Authority (FINRA) will also undergo the examination by the Compliance Officer. The inspection includes an organization’s regulatory programs and operations. It will also assess the quality of FINRA’s examinations of municipal advisors and broker-dealers.
The European Securities and Markets Authority (ESMA) released “Strategic Orientation 2020-22”, expressing caution about the cyber dangers. ESMA plans to work with national regulators to prevent cybercrime. Several other organizations in the U.S. and Europe also made announcements during the last days. They determined different angles in the digital assets market, which needs exploration or restriction.
Meanwhile, ESMA talks about the importance of acknowledging the risks which may arise from digitalization. It intends to study actively all the new opportunities offered by technology.
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