SEC Regulatory Enforcement Actions in the UK – Are you ready?

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• published: 21 Nov 2014
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Cordium, together with Sidley Austin, Baronsmead, and Apsley are pleased to present our webinar, ‘SEC regulatory enforcement actions in the UK – are you ready?’ This webinar focused on the current risks posed by SEC enforcement investigations for SEC Registered Investment Advisers and Exempt Reporting Advisers, as well as, how a detailed response program can save you time and money if and when the SEC comes knocking on your door. We also discussed how a proactive response plan can impact your Professional Liability premiums. In 2013 alone, the SEC opened 908 investigations (up 13% on 2012) and obtained 574 formal orders of investigations (up 20% on 2012). From the tone of Mary Jo White’s speech at the Securities Enforcement Forum in September 2013 these statistics should perhaps not come as a surprise: "We are casting our nets wider, and using nets with smaller spaces, paying attention to violations and violators regardless of size…...I recognize the SEC cannot literally be everywhere, but we will be in more places than ever before." As soon as a request is received from enforcement, there is no time for a firm to get its house in order. Most firms focus on mock audits to be prepared in the event of a routine examination from the SEC. Mock audits and other forms of periodic review and testing are efficient processes to identify compliance deficiencies that could arise as part of the examination process. They do not however, prepare firms to deal with practical issues related to the investigation process itself, if an issue is referred to enforcement (regardless of whether there is merit to the issue). Are you prepared in the event that one does? Failure to manage the enforcement risk associated with an investigation can lead to significantly higher costs, loss of investor assets and key employees. Talking Points: - Current climate – what are the motivations behind enforcement actions? - UK-based managers versus US-based managers – is anyone exempt? - Enforcement pre-planning versus audit prep – what’s the difference? - What are the costs associated with current Asset Manager enforcement actions? - How does a strategic enforcement plan put you on front the foot? - Can a proactive response plan impact your Professional Liability premiums? Speakers: - Bill Mulligan, Partner and CEO, Cordium - Barry W. Rashkover, Partner, Sidley Austin LLP - Kurt Alfrey, Co-Founder, SEA LLC - David Heathfield, Partner and General Counsel, Baronsmead Partners LLP - James Lawrie, Head of Asset Management Underwriting, Apsley Speciality Limited