If you want to ace your examinations by the U.S. Securities and Exchange Commission, remember these three phrases: fund governance, fraudulent activities and performance and advertising.

These are 2012's big exam focuses outlined by the SEC's Office of Compliance, Inspections and Examinations in a report released February. Attorney Paul Miller is making sure all of his mutual fund clients are cramming accordingly.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.