Compliance Newsflash – December 20, 2017

December 21, 2017

DLA is committed to keeping our clients and friends updated on relevant news and topics in the industry by distributing a weekly Compliance Newsflash. We hope this provides you with helpful and insightful information for you and your firm! Join our mailing list by clicking here: DLA Newsflash Registration.

SIFMA sees SEC Fiduciary Rule Proposal within 18 Months
On December 12, 2017, reported that SIFMA officials are optimistic the SEC will develop its own fiduciary rule proposal during the 18 months that full implementation of the Labor Department’s existing rule has been delayed. “I think they can get it down if they want to,” said SIFMA President and CEO Ken Bentsen, at a press conference in New York, about the state of the financial services industry. “I think they’re committed to doing this,” added Bentsen, recalling conversations he’s had with SEC Chairman Jay Clayton and Labor Secretary Alexander Acosta and public statements by the two officials. “That is different than in the prior administration where the commission felt they had to stand aside. “We take the chairman at his word that this is one of his top priorities to get this done … that the conversation between the commission and the Department of Labor has been substantive, that they recognize that there has to be much more interaction, interoperability among any standards and that multiple standards unnecessarily is not a good outcome.”
For more information, click here.

Marc P. Berger Named Director of New York Regional Office
On December 18, 2017, The Securities and Exchange Commission announced that Marc P. Berger had been named Director of the New York Regional Office. He will join the agency in January 2018. Mr. Berger is presently global co-head of Ropes & Gray LLP’s Securities and Futures Enforcement Practice. Before joining Ropes & Gray, Mr. Berger spent 12 years as an Assistant U.S. Attorney in the Southern District of New York, including serving as Chief of that office’s Securities and Commodities Fraud Task Force. In that role, he supervised the investigation and prosecution of some of the nation’s highest profile financial and investment fraud cases, including the largest crackdown on hedge fund insider trading in U.S. history. Mr. Berger also has significant experience conducting and investigating violations of the federal securities laws, as well as extensive trial and appellate experience. Mr. Berger will lead a staff of more than 390 enforcement attorneys, accountants, investigators, and compliance examiners involved in the investigation and prosecution of enforcement actions and the performance of compliance inspections in the New York region. The New York office has responsibility for the largest concentration of SEC-registered financial institutions, including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds, and hedge funds
For more information, click here.