[13511]
May 15, 2001
TO: BROKER/DEALER ADVISORY COMMITTEE No. 12-01
CLOSED-END INVESTMENT COMPANY MEMBERS No. 16-01
COMPLIANCE ADVISORY COMMITTEE No. 21-01
INVESTMENT ADVISER ASSOCIATE MEMBERS No. 6-01
INVESTMENT ADVISER MEMBERS No. 9-01
OPERATIONS COMMITTEE No. 18-01
SEC RULES MEMBERS No. 41-01
SMALL FUNDS MEMBERS No. 14-01
TRANSFER AGENT ADVISORY COMMITTEE No. 35-01
UNIT INVESTMENT TRUST MEMBERS No. 18-01
RE: SEC DOCUMENT REQUEST LIST IN CONNECTION WITH REG. S-P COMPLIANCE
EXAMINATION
A recent examination of a member of the Institute by the SEC’s Office of Compliance
and Inspections and Examinations and a regional SEC office included a review of the member’s
compliance with Reg. S-P. In anticipation of this examination, the SEC provided the investment
company member, which is affiliated with a bank holding company, a bank, a broker-dealer,
and an investment adviser, an extensive list of documents relating to Reg. S-P that the
examiners wanted to review during the examination. Attached is the list of requested
documents.
Aside from this one examination, the Institute has not heard of other members receiving
similar requests. Indeed, other members that have recently been examined by the SEC have
reported that the portion of their examination relating to Reg. S-P only involved the SEC staff
questioning them about their implementation of the Regulation and reviewing their privacy
notices.
Staff of the SEC have repeatedly announced in various public forums that they
anticipate including compliance with Reg. S-P as part of the examination process, particularly as
of July 1, 2001, the date by which all financial institutions must be in compliance with the
Regulation. In connection with such examinations, the staff has additionally announced that, in
addition to ensuring compliance with all the requirements of the Regulation, they will be
reviewing a firm’s compliance with its own privacy policy.
Tamara K. Reed
Associate Counsel
Attachment
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