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Sutherland Partners Brian L. Rubin and Cheryl L. Haas are speaking on a Webinar: New Trends in Regulatory Exams and Best Practices for Dealing With Regulators, Tuesday, June 9, 2009, from 2:00–3:30 p.m. ET.
In this era of Madoff, the regulators are getting tougher. They want answers to their inquiries faster. Their expectations are higher, and they’re under pressure to scrutinize firms closer. They’ve launched sweeps in several areas, including risk management, linkages to investment advisers and custody arrangements.
Both the SEC and FINRA are emphasizing a "culture of compliance" demonstrated by senior management’s involvement with the compliance process. Also under the microscope are the areas of supervision of branch offices, whether products marketed as safe really are safe, the adequacy of compliance programs at recently merged institutions, and whether disclosures are sophisticated enough to project product performance in a changing marketplace.