Compliance Newsflash – November 8, 2017

November 9, 2017

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FINRA Reform Getting Traction in Washington
On November 6, 2017, InvestmentNews.com reported that in a Washington dominated by partisan battles over health care and tax reform, something much lower profile but perhaps more important to brokers may be gaining momentum: Finra reform. The Financial Industry Regulatory Authority Inc., the industry-funded broker-dealer self-regulatory organization, is getting a fair amount of attention in the capital, according to David Burton, senior fellow in economic policy at The Heritage Foundation. A recent House oversight hearing addressed interest in Finra reform, as did the Securities and Exchange Commission nominees at their Oct. 24 hearing. Mr. Burton, a leading Finra critic, has himself has kept a spotlight on Finra by hosting an event with Finra president and chief executive Robert Cook on Oct. 6 and an event on Nov. 3 featuring think tank experts, industry and investor advocates.
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Charles Cain Named Chief of Foreign Corrupt Practices Unit
On November 2, 2017, the Securities and Exchange Commission announced that Charles E. Cain has been named chief of the Enforcement Division’s national specialized Foreign Corrupt Practices Act (FCPA) Unit that focuses on violations of the anti-bribery provisions of the federal securities laws. Since April 2017, Mr. Cain has served as Acting Chief of the FCPA Unit leading all aspects of the Enforcement Division’s national enforcement of the FCPA. Prior to being appointed Acting Chief of the FCPA Unit, Mr. Cain served as the Deputy Chief of the Unit since 2011. In 2013, Mr. Cain received the Irving R. Pollack Award recognizing his scholarship and professional expertise in co-authoring the Resource Guide to the U.S. Foreign Corrupt Practices Act setting forth a detailed analysis of the FCPA and providing insight into SEC and U.S. Department of Justice (DOJ) enforcement practices.
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