Services
SEC Compliance Consultants
Don’t let changing regulatory requirements and investor expectations keep you up at night. HighCamp’s former regulators and SEC compliance consultants streamline and organize your compliance processes so you have the peace of mind to know your compliance program passes its next test.
HighCamp offers a comprehensive suite of services tailored to your compliance needs.
On-Demand Consulting
- SEC Registration
- SEC Examination Support
- Regulatory Filings
- Compliance Program Testing
- Telephone & Email Consulting
Get Support from Former SEC Examiners
From day one of our engagement with our clients, we are prepping them to be ready for an SEC examination. Every policy drafted, request list issued, deliverable written, and consultation is curated through years of experience performing and navigating clients through examinations.
Spot Red Flags
Enjoy peace of mind knowing we have your back. We review and proactively monitor your risks for anything that might cause a compliance issue.
Give LPs the Diligence They Expect
We are business owners that happen to be compliance experts. This unique perspective not only helps us manage our client’s next SEC exam, but also provides leading industry insights to ensure they ace the next investor operational due diligence meeting.
FAQs
When should we expect to be examined by the SEC?
The SEC’s Division of Examinations (EXAMS) historically has examined up to 15% of SEC-registered investment advisers each year. Due to recent staff attrition, that number likely will be lower in the years ahead. Each region and the Private Fund Unit operate through a risk-based process, resulting in some advisers being examined more frequently than others, rather than on a fixed cycle. Advisers that are newly registered and have not yet been examined are often targeted as part of the “never-before examined” initiative.
What are common deficiencies cited by the SEC as part of examinations?
EXAMS issues annual priority letters and periodic risk alerts that highlight common focus areas. However, given the SEC’s risk-based approach to examinations, managers should independently assess and inventory their unique compliance risks.
What are the most common mistakes that you’ve seen during SEC examinations?
An organized, professional team and a healthy dose of common sense are usually enough to navigate most examination inquiries successfully. The most common mistakes stem from being unprepared, including failing to produce records promptly, inadequately preparing employees for examiner interviews, and not addressing prior annual review findings or past exam deficiencies.
When should we get a mock SEC exam?
There is no one-size-fits-all answer. Timing depends on factors such as recent examination history, investor interest, compliance team experience, and recent changes to staff or business operations. As a general industry benchmark, conducting a mock exam every few years is a reasonable approach.
How should we evaluate Chief Compliance Officer Liability?
Compliance obligations ultimately belong to the firm, not solely the CCO. However, there are situations where CCOs have faced personal liability, making this an important consideration. HighCamp summarized SEC Commissioner Peirce’s support of a CCO liability framework proposed by the New York City Bar Association’s Compliance Committee, which outlines six questions for evaluating when CCO liability may be appropriate.
When should we document compliance violations — and when should we not?
There are competing views on this challenging topic. Regulators often take the position that if something is not documented, it did not happen. Proactive documentation can help frame the issue before a regulator does. On the other hand, overly detailed documentation may invite additional scrutiny. Striking the right balance is an art in itself. Certain events require documentation, such as matters governed by client documents or code of ethics rules, but significant gray areas remain. The key is ensuring internal alignment and maintaining evidence of corrective actions taken in response to documented violations.
How do we stay informed about SEC priorities and investor expectations?
There are many valuable resources available to CCOs. Local GC, CFO, and CCO roundtables can provide practical insights and peer perspectives. The SEC also publishes annual exam priorities, risk alerts, and guidance updates. In addition, subscribing to updates from law firms and consultancies can provide useful practitioner analysis of SEC developments. HighCamp also summarizes key developments affecting private fund managers in its quarterly client letters.