Compliance Newsflash – October 4, 2017

October 5, 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.

Advisor Exams Uncover Cybersecurity Deficiencies: NASAA
On September 25, 2017, InvestmentExecutive.com reported that a series of more than 1,200 co-ordinated examinations of state-registered investment advisors by state securities examiners uncovered nearly 700 deficiencies involving cybersecurity, announced by the North American Securities Administrators Association (NASAA) at its annual conference in Seattle. The reviews, which covered firms in 37 states, were carried out between January and June of this year.
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Andrew Calamari, Regional Director of the SEC’s New York Office, to Leave the Agency After 17 Years of Service
On September 28, 2017, the SEC announced that Andrew M. Calamari, Director of the agency’s New York Regional Office, is planning to leave the agency in October after 17 years of service. Since late 2012, Mr. Calamari has led a staff of approximately 400 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. Mr. Calamari also is one of the inaugural Co-Chairs of the Division’s Broker-Dealer Task Force, a national task force formed in late 2013 to focus on current issues and practices within the broker-dealer community and to develop national initiatives for investigations.
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