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Full-Text Articles in Securities Law
The Vanishing Supervisor, James A. Fanto
The Vanishing Supervisor, James A. Fanto
James A. Fanto
This Article begins with two stories that are emblematic of related trends in broker-dealers: the importance of compliance officers and the significance of technology for the oversight of brokers and their activities. The stories also point to the lessening role of the supervisor who is “on the ground” in the branches of these firms. The diminished position of the mid-level supervisor is surprising, even shocking, in the federal regulation of broker-dealers. The history of this regulation reveals that Congress, the Securities and Exchange Commission (“SEC”) and self-regulatory organizations (“SROs”) like the Financial Industry Regulatory Authority (“FINRA”) sought to prevent broker …
Surveillant And Counselor: A Reorientation In Compliance For Financial Firms, James A. Fanto
Surveillant And Counselor: A Reorientation In Compliance For Financial Firms, James A. Fanto
James A. Fanto
This Article argues that the compliance officer should play a major role in the ongoing reform of financial firms because compliance is now well established and accepted and compliance officers are close to decision-making at all levels of a firm. The contention is that the role of compliance must be rethought and reoriented if it is to contribute fully to the reform. Compliance officers now ensure that the firms and their employees comply with the numerous laws and regulations governing them and their activities, primarily by producing detailed compliance procedures and policies and then revising, and monitoring compliance with, them. …