CLOSING REMARKS FOR THE INTERNATIONAL. CONFERENCE ON meet their own national needs including, for example activities in: workforce planning. we do have here, in this meeting today, national medical associations which were perfect examples of how to respond promptly to disasters, and we are very. It is a great pleasure for me to say a few words at the end of this conference Informing democracy: Building capacity to meet parliamentarians'.
With the advent of time, changes took place, and we were very glad that the organizers located Professor J F Prinsloo of the University of the North as the Chairman of the Organizing Committee.
Closing remarks for the conference “The future of retail payments: opportunities and challenges”
In the last few weeks, we were very fortunate to meet Professors Casey and Jacobs and also Mrs. Steenkamp of the University of Pretoria along with Natasha Harris of the University of the North who helped us significantly to make this a reality. On behalf of the sponsors, the International Nature Farming Research Center, it is with humility that I thank all of these people.
Their inputs were invaluable to make this event a reality. I do also wish to express our gratitude to the Director of the Ubuntu Center, Mr. Huibert Franke and his staff for agreeing to host a day of this conference. The sponsors express their thanks to them.
A conference becomes a success only if participants arrive. They are the lifeblood of a conference. Thus, we do express our sincere thanks to all of you who have come from over 37 countries to be with us today. Many CCOs told us that they would value a program dedicated to compliance practices of smaller advisory firms. This isn't surprising, given that more than half of all SEC-registrants have five or fewer employees.
Opening and Closing Speech for Banquet on March 15, ISO/IEC JTC1/SC6 BEPPU MEETING
In light of this, the first of these "Focused Seminars" will be dedicated to the particular issues faced by CCOs of smaller advisory firms. Watch our website for details on this Seminar. And, we welcome your suggestions for additional "Focused Seminars. These CCOs told us that they would value some plainer-speaking language when it comes to their obligations under the Advisers Act.
As you may know, almost 3, firms became registered with the SEC as investment advisers in just the last two years.
To help these newly-registered advisers become knowledgeable of their new compliance obligations, we prepared a "plain English" summary of the key provisions of the Advisers Act, along with a list of the resources available from the SEC for new firms.
We posted this information on our website, and we also e-mailed it to all newly-registered firms. While it was meant for new firms, I think it's a pretty good resource for all advisers. That program, which will be jointly sponsored with FINRA, will also feature a National Seminar in March of next year and will largely follow the format of this program. We are excited to open up a similar dialogue with broker-dealer CCOs, and we have you to thank for providing a successful model for us to follow.
Of course, the pinnacle of our CCOutreach program is the National Seminar, and we hope that today's National Seminar provides you with information that you can use in your compliance efforts.
The topics for today's seminar were largely derived from the issues that CCOs told us they were most interested in hearing about — so these are the topics on today's agenda. One thing we've heard very clearly from CCOs is that you want more information about "forensic" testing.
We hope to help answer that need with the handout that we've provided in your materials today — and it will be available on our website as well under www. This handout answers the basic question — what the heck IS "forensic testing" anyway? And, it also summarizes some of the forensic tests that can be used in the key compliance control areas.
SEC examiners use many of these tests to detect possible violations, and they can just as easily be used by CCOs as part of their compliance controls.
While none of these forensic tests are mandated, we're providing this information with the hope that you will find it useful as you consider forensic tests that might enable you to better oversee your firm's compliance activities. And, finally, because CCOs have told us that they value the opportunity to network with their peers, I hope that you will do so during the program, at breaks, and during lunch. I hope that you find today's National Seminar and the interaction with SEC staff and other CCOs to be valuable and that you will take away useful information that you can use.
As "Compliance Officer" for this event, I am required to provide the standard disclaimer.Great Openings and Closings
I am providing it for my remarks and for all other SEC staff who are speaking today — as a matter of policy the SEC disclaims responsibility for any private statement by any employee. The views that I and other SEC staff express at this event are our own, and do not necessarily reflect those of the Commission, the Commissioners, or other members of the staff.
And now, I'd like to introduce my colleague, the Director of the Division of Investment Management, Buddy Donohue, who will provide an overview of the topics on today's agenda, and their significance in the context of compliance challenges in our markets and specifically to asset management firms today. I heard some terrific ideas from the CCOs who participated in today's panels: Some ideas that I heard and jotted down included: I want to thank all of the speakers at today's event — the very able SEC staff, and the CCOs in particular who have generously provided their time, expertise and insights today.
We are grateful to them. I'd like to specifically acknowledge the very hard work by the SEC staff members who organized this National Seminar and indeed many of the other CCOutreach events — their efforts are noteworthy due to the value of this Seminar and the other CCOutreach events — but are all the more laudable because they are, after all, professional regulators and not professional conference organizers!!
Thank you for attending, and for all you do as CCOs every day.