Press Release: SEC Staff Hold CCOutreach Program for SEC Investment Advisers in Europe
The SEC hosted a compliance outreach seminar in Luxembourg for over 50 European-based investment advisers registered with the SEC, aiming to strengthen adherence to U.S. securities laws and investor protection, with no fraud, charges, or penalties involved.
The SEC conducted its first CCOutreach seminar in Europe, co-hosted by Luxembourg’s CSSF, to educate over 50 compliance officers from Italy, Germany, the UK, Ireland, and Switzerland on U.S. federal securities regulations. The program covered compliance risk assessments, control testing, and common examination deficiencies, with no allegations of misconduct or financial penalties. This initiative, led by the SEC’s Office of Compliance Inspections and Examinations, was purely educational and designed to foster compliance among foreign advisers serving U.S. investors.
The SEC held its inaugural CCOutreach seminar in Europe on July 26, 2007, in Luxembourg, co-hosted by the Commission de Surveillance du Secteur Financier (CSSF), targeting over 50 compliance officers from SEC-registered investment advisers based in Italy, Germany, the UK, Ireland, and Switzerland. The event focused on best practices for establishing robust compliance programs, conducting risk assessments, testing internal controls, and addressing common deficiencies identified in SEC examinations. No fraud, misconduct, or enforcement actions were alleged; the program was strictly educational and preventive in nature. SEC officials, including Lori Richards and Ethiopis Tafara, emphasized the importance of supporting foreign advisers in complying with U.S. securities laws to protect American investors who rely on global advice. The initiative was part of the SEC’s broader CCOutreach program, jointly sponsored by the Office of Compliance Inspections and Examinations and the Division of Investment Management. The seminar marked a significant step in the SEC’s international outreach efforts to promote regulatory alignment and investor protection beyond U.S. borders. No financial penalties, charges, or investigations were associated with this event, underscoring its role as a proactive compliance tool rather than a punitive measure.
Extracted insights
- person american investors
- person ccoutreach program
- person ccoutreach seminar
- agency director of the sec's office of compliance inspections and examinations
- agency director of the sec's office of international affairs
- person ethiopis tafara
- person investment advisers
- person lori richards
- person luxembourg event
- person national seminar
- person regional seminars
- agency sec-registered foreign investment advisers
- agency Securities and Exchange Commission
- agency staff of the sec's office of compliance inspections and examinations
- Securities and Exchange Commission staff conducted CCOutreach seminar
- CCOutreach seminar included over 50 participants
- Commission de Surveillance du Secteur Financier hosted program
- CCOutreach program is designed to help investment advisers
- CCOutreach program features national seminar
- CCOutreach program features regional seminars
- Luxembourg event was first CCOutreach event in Europe
- Luxembourg event was conducted by staff of the SEC's Office of Compliance Inspections and Examinations
- Lori Richards is Director of the SEC's Office of Compliance Inspections and Examinations
- CCOutreach program provides opportunity
- Ethiopis Tafara is Director of the SEC's Office of International Affairs
- American investors rely on SEC-registered foreign investment advisers
- CSSF provided assistance
- CCOutreach program is sponsored by Office of Compliance Inspections and Examinations
- CCOutreach program is sponsored by Division of Investment Management
SEC Staff Hold CCOutreach Program for SEC Investment Advisers in Europe FOR IMMEDIATE RELEASE 2007-149 Washington, D.C., July 26, 2007 - Securities and Exchange Commission staff announced today that it conducted a CCOutreach seminar for European-based investment advisers registered with the SEC. The program included over 50 participants representing investment advisers registered with the SEC based in Italy, Germany, United Kingdom, Ireland, and Switzerland. The program was hosted by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The CCOutreach program is designed to help SEC-registered investment advisers and their chief compliance officers to establish robust compliance programs for the protection of investors. The program features a number of elements, including a national seminar in Washington, D.C., and regional seminars in the U.S. The program in Luxembourg was the first CCOutreach event in Europe for foreign-based, SEC-registered investment advisers. The Luxembourg event was conducted by staff of the SEC's Office of Compliance Inspections and Examinations, and included a discussion of topical compliance issues, including the process for conducting a compliance risk assessment, establishing and testing compliance controls, and common deficiencies found in SEC examinations. Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations, said, "The CCOutreach program provides an opportunity for SEC staff and industry compliance officers to share information, and to highlight effective compliance practices. We think that this dialogue helps to support the important role that chief compliance officers play, and helps to foster compliance with U.S. federal securities laws. We're very pleased that European advisers attended this event." Ethiopis Tafara, Director of the SEC's Office of International Affairs, added, "American investors rely on SEC-registered foreign investment advisers for advice and insights when investing globally. We are grateful for the assistance provided by the CSSF in helping us create this forum for the chief compliance officers of these firms." More information about the SEC's CCOutreach program, sponsored jointly by the Office of Compliance Inspections and Examinations and the Division of Investment Management, is on the SEC's Web site at http://www.sec.gov/info/ccoutreach.htm. http://www.sec.gov/news/press/2007/2007-149.htm Home | Previous Page Modified: 07/26/2007
SEC Staff Hold CCOutreach Program for SEC Investment Advisers in Europe FOR IMMEDIATE RELEASE 2007-149 Washington, D.C., July 26, 2007 - Securities and Exchange Commission staff announced today that it conducted a CCOutreach seminar for European-based investment advisers registered with the SEC. The program included over 50 participants representing investment advisers registered with the SEC based in Italy, Germany, United Kingdom, Ireland, and Switzerland. The program was hosted by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The CCOutreach program is designed to help SEC-registered investment advisers and their chief compliance officers to establish robust compliance programs for the protection of investors. The program features a number of elements, including a national seminar in Washington, D.C., and regional seminars in the U.S. The program in Luxembourg was the first CCOutreach event in Europe for foreign-based, SEC-registered investment advisers. The Luxembourg event was conducted by staff of the SEC's Office of Compliance Inspections and Examinations, and included a discussion of topical compliance issues, including the process for conducting a compliance risk assessment, establishing and testing compliance controls, and common deficiencies found in SEC examinations. Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations, said, "The CCOutreach program provides an opportunity for SEC staff and industry compliance officers to share information, and to highlight effective compliance practices. We think that this dialogue helps to support the important role that chief compliance officers play, and helps to foster compliance with U.S. federal securities laws. We're very pleased that European advisers attended this event." Ethiopis Tafara, Director of the SEC's Office of International Affairs, added, "American investors rely on SEC-registered foreign investment advisers for advice and insights when investing globally. We are grateful for the assistance provided by the CSSF in helping us create this forum for the chief compliance officers of these firms." More information about the SEC's CCOutreach program, sponsored jointly by the Office of Compliance Inspections and Examinations and the Division of Investment Management, is on the SEC's Web site at http://www.sec.gov/info/ccoutreach.htm. http://www.sec.gov/news/press/2007/2007-149.htm Home | Previous Page Modified: 07/26/2007