In January, the Securities and Exchange Commission announced in its annual exam priorities for 2014 that it wanted to emphasize exams on never-before examined firms that had been registered before 2012. Then in February, the SEC officially announced its never-before-examined initiative. It looks a lot like the presence exams.
Unlike other exam letters, this one explicitly states that it is part of OCIE’s never-before-examined initiative. It sounds like an on-site visit is not part of the initial protocol. But this may vary from region to region.
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