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The U.S. Securities and Exchange Commission (SEC) is going to place particular emphasis on digital assets, including cryptocurrencies, coins, and tokens, in the forthcoming year.
The SEC’s Office of Compliance Inspections and Examinations (OCIE) last week announced its 2019 examination priorities, which have been classified into six categories:
- Compliance and risk at registrants responsible for critical market infrastructure
- Matters of importance to retail investors, including seniors and those saving for retirement
- FINRA and MSRB
- Digital assets
- Cybersecurity
- Anti-money laundering programs
OCIE publishes its exam priorities every year to promote transparency of its examination program and offer insights into the areas it believes present potentially heightened risk to investors or the integrity of the U.S. capital markets.
"OCIE continues to thoughtfully approach its examination program, leveraging technology and the SEC staff's industry expertise,” said SEC Chairman Jay Clayton. “As these examination priorities show, OCIE will maintain its focus on critical market infrastructure and Main Street investors in 2019.”
Noting the significant growth of the digital asset market and the potential risks to retail investors, OCIE said it will continue to monitor the offer and sale, trading, and management of digital assets, and where the products are securities, examine for regulatory compliance.
“In particular, through high level inquiries, OCIE will take steps to identify market participants offering, selling, trading, and managing these products or considering or actively seeking to offer these products and then assess the extent of their activities,” it said.
“For firms actively engaged in the digital asset market, OCIE will conduct examinations focused on, among other things, portfolio management of digital assets, trading, safety of client funds and assets, pricing of client portfolios, compliance, and internal controls.”
