Review and Analysis of OCIE Examinations of Bernard L. Madoff Investment Securities, LLC, Report No. 468

摘要

This report presents 37 specific and concrete recommendations designed to improve nearly every aspect of OCIEs operations. Many of these recommendations are summarized as follows: The FTI Engagement Team recommends that examiners be provided access to industry publications and databases, and protocols be established for analyzing information from these outside sources. The report recommends that OCIE establish a specific protocol that explains how to identify red flags and potential violations of securities laws based on the information gleaned from these sources. The report further recommends the implementation of a collection system for capturing information in tips and complaints, a requirement that OCIE annually review and test the effectiveness of the new system, and that procedures be put in place to ensure that all OCIE-related tips and complaints are vetted within 30 days of receipt and examinations commence within 60 days of receipt.