The Securities Compliance Podcast Season 2 Episode 9 - What's New at NASAA

Podcast

Securities Compliance Podcast: Compliance in Context

On Episode 9 of Season 2 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes talks with the President of the North American Securities Administrators Association, Melanie Lubin, for an insider’s look into what’s happening at NASAA including new areas of focus like continuing education, Reg BI, senior investors, and much more. 

In the Headlines section, the first-ever bitcoin-linked exchange-traded fund will began trading recently and the SEC provided comments on the regulatory issues involving GameStop trading from January of earlier this year.

Finally, Patrick will wrap up today’s show with another installment of History Has Your Back, as he reviews a posthumous quote from one of the world’s most well-traveled chefs to better understand how we can maximize our knowledge in compliance.

Headlines 

• The first-ever bitcoin-linked exchange-traded fund (ProShares) began trading on 10/19/21.

• Four proposed bitcoin ETFs are in line for an October decision from the SEC on whether to approve, deny or delay their submissions (Valkyrie Investments, Invesco, and VanEck)

• In a new report, the SEC reviewed regulatory issues involving GameStop trading in January 2021.

• SEC Commissioners Hester M. Peirce and Elad L. Roisman criticized the report as too narrative

• Chair Gensler stated the review of the GameStop event presented the SEC with opportunities to further make the equity markets as fair, orderly, and efficient as possible.

Interview

• What is the NASAA and how was it formed?

• What is the mission of NASAA?

• What are some of the current initiatives the NASAA is really focused on now?

• Where does the IARC stand now?

• What did Phase I of NASAA’s Reg BI efforts look like?

• What changes have firms made since Reg BI has been adopted?

• What is NASAA working on in the senior investors space?

• What about Report and Hold?

• How can compliance officers can be the best defense in this area?

• What is the Whistleblower Act?

• What is the background on the Restitution Pool for defrauded?

History Has Your Back

• Quote from celebrity chef Anthony Bourdain demonstrates empathy and many of the soft skills important for compliance officers

• Taking the time to connect and understand our colleagues will pay dividends personally and professionally.

• The 2021 NSCP National Conference is just around the corner!

Quotes

“And really the ultimate goal is for us to make a determination about whether the rule as it stands is really moving has raised the bar for how brokers act in relationship to their clients and is it really driving the behavior towards the customers best interest.” - Melanie Lubin

“This is important—here's the explanation: customers, particularly elderly customers, tend to be worried that somebody's going to get their hands on their money and all the things that we've taught them to be worried about—But [we] want them to understand that a trusted contact is not a power of attorney, but it's someone that if you’re the person you have a professional relationship with starts to get a little bit worried about what's going on, they could pick up the phone and call that other person.” - Melanie Lubin

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About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Senior Counsel and leader of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify and Stitcher.

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The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.