WASHINGTON - For chief compliance officers, dealing with an SEC examination can be a painstaking process with many pitfalls.

One inquiry from the Office of Compliance Inspections & Examinations could last as long as three months, according to Joe McGill, executive director and compliance officer at UBS Global Asset Management. McGill has fielded six inquiries from the Commission in the last year, as different regional branches have asked for written justifications of its policies and procedures. They will no longer take your word for it, he said.

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