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OCIE Director Discusses Distribution Sweep

Carlo di Fiorio, director of the SEC Office of Compliance Inspection and Examinations, spoke recently about the ongoing sweep regarding fund distribution payments at a recent industry conference.  According to, exam staff will be reviewing fees that go beyond the 12b-1 process, including revenue sharing fees, sub-accounting and sub-TA fees.  Di Fiorio stated that the SEC staff will be looking at how these payments have evolved and whether they are being made in accordance with the regulatory regime.  He noted that the sweeps will lead to better guidance for funds, but the SEC will also institute enforcement proceedings when significant violations are found.