December 17, 2018

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DBO Reports Increase In Adviser Examinations

The California Department of Business Oversight recently issued its annual Broker-Dealer/Investment Adviser report for the fiscal year ended June 30, 2017.  The DBO reports that it had 3,808 investment adviser firms licensed at year end.  These firms reported nearly 54,000 investment adviser representatives. 

In 2016/2017, the DBO reallocated its resources to increase the number of completed investment adviser examinations.  The DBO expects this trend to continue as it has instituted desk examinations for lower risk firms and has begun sending questionnaires to out-of-state firms.  The DBO also states that it has restructured its exam work modules to streamline examinations.  Of course, consumer complaints and regulatory referrals will likely increase the chances of a visit from the DBO's examiners.

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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm

Keith Paul Bishop is a partner in Allen Matkins' Corporate and Securities practice group, and works out of the Orange County office. He represents clients in a wide range of corporate transactions, including public and private securities offerings of debt and equity, mergers and acquisitions, proxy contests and tender offers, corporate governance matters and federal and state securities laws (including the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act), investment adviser, financial services regulation, and California administrative law. He regularly advises clients...