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Indek  \nMorgan, Lewis & Bockius LLP  \nJonathan Polk  \nFederal Reserve Bank of New York  \nGrace Vogel  \nFINRA  \nI. INTRODUCTION1  \nThe handling of regulatory examinations is an important part of the duties and responsibilities of many compliance and legal professionals. In today’s regulatory climate, where the SEC and FINRA intensely scrutinize firms’ activities, it is critical to understand the regulatory examination process and the key issues relating to such inspections. This outline discusses several important topics in an effort to provide information concerning regulatory examinationsand to furnish practical guidance on the handling of such inspections.  \nII. BACKGROUND INFORMATION ON REGULATORY EXAMINATIONS  \nA. Types of Examinations  \n1. Routine examinations typically involve an inspection of a firm’s financial, operational and sales practice compliance to determine whether it is in compliance with applicable laws, rules and regulations and generally follow a set schedule and procedures.2  \n2. Cause examinations are typically triggered by events that would require firms to make certain filings such as on Forms U4 and U5 or pursuant to new FINRA Rule 4530. For example, a regulator may initiate a cause examination based upon an employee’s termination for cause, as a result of a customer complaint or series of complaints regarding a broker or a particular type of investment (e.g., annuities or principal protected notes) . Cause examinations may also result from arbitration referrals, surveillance triggers or referrals from other securities regulators.  \n3. Sweep or special examinations typically involve several firms that are scrutinized relating to a specific industry issue. Recent examples of sweep examinations include those relating to spread-based structured products, conflicts of interests, and alternative trading systems. (Further information on sweeps can be found in section V. below.)  \n4. FINRA also conducts examinations of branch offices and market regulation exams focusing on compliance with various trading and market conduct rules.  \n1 This outline was drafted by Ben A. Indek, a partner of Morgan, Lewis & Bockius LLP. Sections II, III and IV are edited and enhanced versions of outlines developed by a number of individuals for use in connection with past SIFMA Compliance and Legal Society and National Society of Compliance Professionals seminars. Mr. Indek is greatly indebted to the work of those persons and wishes to acknowledge their efforts. This outline was prepared in February 2013. The outline represents the views of Mr. Indek and not those of the other panelists and their organizations. © Morgan, Lewis & Bockius LLP.  \n2 Both the SEC and FINRA have posted various written materials, webcasts and podcasts on their websites relating to the routine examination process. The materials provide an overview of their examination programs and practical guidance on preparing and handling inspections. Cites to such materials are included below.  \nDB1/ 72914298.1  \n5. In addition to routine, cause and sweep exams, the SEC also conducts“oversight” examinations of firms that have been recently inspected by FINRA. In an oversight examination, the SEC is evaluating a firm’s compliance with relevant rules and the efficacy ofFINRA’s examination  \n3  \nprogram.  \n6. At the Federal Reserve, the vast majority of its insights and intelligence is gathered through its day-to-day contact with firms through its “continuous monitoring” program. This process includes having large on-site teams atthe major institutions covered by the Federal Reserve.  \nIII. THE EXAMINATION PROCESS  \nA. Notice of Commencement of Exa","cbCaitSlKNlkCpk5","https://ap.wps.com/l/cbCaitSlKNlkCpk5","pdf",76551,25,"English","# Introduction\n## Background information on regulatory examinations\n### Types of examinations\n# The examination process\n## Notice of commencement of exam\n### Notice\n### Benefits of notice","[{\"question\":\"What are the main types of regulatory examinations discussed?\",\"answer\":\"The outline distinguishes routine examinations, cause examinations, sweep or special examinations, and additional examinations such as branch office and market regulation exams.\"},{\"question\":\"When do cause and sweep examinations typically get triggered?\",\"answer\":\"Cause examinations are triggered by events requiring filings or by factors such as termination for cause, customer complaints, arbitration referrals, or surveillance triggers. Sweep or special examinations typically scrutinize multiple firms tied to a specific industry issue.\"},{\"question\":\"Why is notice of an examination important for firms?\",\"answer\":\"Notice supports advance production of requested materials and helps firms locate and organize documents, improving overall exam orderliness and readiness of supervisors and compliance personnel.\"}]","Examinations From the Regulators’ Perspective | PDF",1790400762,63]