NEW YORK - To illustrate just how dramatically the compliance landscape has changed within the money management industry in recent years, Richard Marshall recalled his days as an examiner in the New York office of the Securities and Exchange Commission during the 1980s.

"At that time, we were on a 40-year inspection cycle," said Marshall, now a partner with Kilpatrick & Lockhart in New York and chairman of the Investment Adviser Compliance Forum, held here last week. "There was a registrant that we went to inspect that had been inspected 20 years earlier, in 1968, and they complained that we were harassing them. You got one inspection per career, that was the rule," he said.

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