The Securities Compliance Podcast Season 4 Episode 1 - Recent Trends in SEC Examinations - Lessons From The Front Lines 

Podcast

Securities Compliance Podcast: Compliance in Context

In the premier of Season 4 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes welcomes Ranah Esmaili to do a deep dive on recent trends in the SEC examination space and kickoff the next iteration of our Lessons From The Front Lines series.  An SEC alum herself, Ranah shares some invaluable insights in many critical areas affecting a firm’s compliance program including disclosures, cybersecurity and information security, off-channel business communications, private funds, mutual funds, the new Marketing Rule, and much more. 

Interview with Ranah Esmaili

• What are some of the general examination practices you’re seeing right now?

• What are some of the key areas where you’re seeing this play out in examinations today? 

• In the areas of cyber and information security, where do you see exam teams focusing their efforts?

• Is the SEC focusing on the issue of off channel communications during examinations and what are they looking at?

• How can firms enhance their electronic communications policies, procedures and practices in anticipation for an exam?

• What is the focus in examinations in the private fund space?

• What is the focus in examinations in the mutual fund space?

• Now that the compliance date for the new Marketing Rule has passed, what’s the SEC doing on the exam front?

• What are some things firms can be doing post-Compliance date to ensure good marketing rule hygiene?

• Tips for firms that looking to prepare for exams

Quotes

10:07 - “We’re talking about environmental, social and government investing, so ESG. The SEC has been scrutinizing ESG investing out of a concern for green washing. And that term ‘green washing’ is basically the practice of making investments look more E, S, and G friendly than they really might be.”- Ranah Esmaili 

13:00 - “Compliance failures alone can really carry serious consequences. So when the SEC is focused on ESG compliance, policies, and procedures, that’s really not just an academic exercise. It can carry really serious consequences.”- Ranah Esmaili 

24:04 - “Firms can send out periodic compliance reminders, just so that the issue is always at the top of employees’ minds. They can conduct training. They can require employees to certify compliance with the firm’s policies and procedures. And they can conduct electronic surveillance, looking for indicators of unauthorized communications. To the extent that the firms are identifying employee violations of their [recordkeeping] policies, they should have a thoughtful approach for dealing with those violations, particularly where they find employees that have repeat violations.” - Ranah Esmaili 

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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, Partner 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.