All Talk: The SEC's Broken Broker-Dealer, Investment Advisor Examination Program

On February 21, the Office of Compliance and Examinations at the U.S. Securities and Exchange Commission published its, "Examination Priorities for 2013". The report includes a description of the regulatory review priorities for 11,000 registered investment advisers, 800 registered investment company complexes and 4600 registered broker-dealers with approximately 111 million customer accounts. However, the SEC's annual report, published last November, includes fiscal year 2012 performance metric...