SEC Changes Gears over E-mail Requests

The Securities and Exchange Commission is planning to conduct a policy change with regards to requesting e-mail from investment advisors and mutual funds. The watchdogs will now request managers of specific business units to produce email, as opposed to requesting the e-mail history of an entire organization, according to data tracked by Compliance Reporter.

As the result of the new risk-based approach developed by the SEC, details of which are not yet disclosed, the Office of Compliance Inspections and Examinations (OCIE) will no longer target chief compliance officers for this matter and instead concentrate on heads of specific business units such as operations and trading where risk is considered to be greater, according to Compliance Reporter.

"We're trying to give CCOs space in which to do their job," said the chief council of OCIF John Walsh.