Resources · Guides
What an SEC examination actually is, how document production and deficiency letters work, and when to bring in counsel. This page explains the work. SEC compliance attorney for RIAs and funds is the practice URL if you need representation.
01 · The exam
Most firms meet the Division of Examinations as a request list, not a subpoena. Treat the first production as the record the staff will quote later.
The Division of Examinations reviews advisers and funds against the Advisers Act, the Investment Company Act, and the firm’s own filings. A typical cycle starts with a document request list, then interviews, then a deficiency letter or a close-out. It is supervision, not a lawsuit — until it is referred.
RIAs, exempt reporting advisers that still file, registered funds, and some fintech platforms that look like advisers. First-time registrants often meet the staff first as comments on Form ADV, not as a full presence exam.
Counsel who has sat on the staff side of the table, can read a request list, and can write a response the staff will accept. FinTech Law’s founder served in the SEC Division of Investment Management. The conversion URL is the SEC compliance practice page — this guide is the explainer.
02 · Document production
Expect the compliance manual, Form ADV, advisory agreements, trading records, marketing, code of ethics, and a sample of client files. Produce what you have. Do not invent a program in the PDF you send on Friday.
CCOs, traders, and founders get asked how the manual works in real life. Inconsistent answers are how a routine exam becomes a deficiency on supervision.
Follow-up requests are normal. A second list after interviews is not automatically an enforcement path. Silence, late production, or a story that contradicts the ADV is what changes the tone.
03 · Deficiency letters
Google already shows this firm for “deficiency letter” “initial registration” SEC. The work is Form ADV staff comments — usually RAUM, related persons, custody, and fees — so the filing can go effective. That sits on the RIA attorney page. If you are choosing ERA vs RIA before you file, use Launching a private fund.
Staff comments on an initial Form ADV are often called a deficiency letter. They are not an enforcement action. Typical asks: RAUM, related persons, custody, and fee language. Answer them so the filing can become effective.
After a presence exam, the staff may list failures: marketing rule, custody, books and records, or a compliance program that exists only on paper. Each item wants a date, an owner, and a document you can show next time.
Do not ignore the letter. Do not over-admit. Do not promise a remediation you cannot staff. A clean, dated response beats a long narrative.
04 · Remediation
Map each finding to a policy change, a training note, or a filing amendment. The staff reads whether you can operate the fix, not whether you can write about it.
Repeat findings, lying to examiners, or investor harm move the file to Enforcement. That is a different posture: hold the record, limit volunteer statements, and treat interviews as testimony.
05 · Counsel
If you have a request list, a staff comment letter, or a deficiency you have not answered, start a qualified intake. The practice page is the conversion URL; this guide is how to talk about the work.
This guide is informational, not legal advice, and it is not an offer of representation. Facts, exam priorities, and staff practice change. Confirm the path that fits your firm before you file or respond.