Present and Former Regulators Discuss Current SEC and NFA Examination and Enforcement Environment (Part One of Two)

A session at the 2019 National Conference of the National Society of Compliance Professionals (NSCP) offered the perspectives of present and former regulators on the current examination and enforcement environment at the SEC and the NFA. Bruce Karpati, chief compliance officer at Kohlberg Kravis Roberts & Co. L.P. and former Co‑Chief of the Asset Management Unit of the SEC, moderated the discussion, which featured Patricia Cushing, NFA Director of Compliance; Daniel S. Kahl, Associate Director and Chief Counsel of the SEC Office of Compliance Inspections and Examinations; and Anthony S. Kelly, partner at Dechert and former Co‑Chief of the SEC Asset Management Unit. This two-part series summarizes the panelists’ key insights. This first article explores the NFA’s focus on commodity pool operator internal controls; the SEC’s regulatory issues and priorities; notable examination experiences; compliance programs; regulatory resources; responsible investing; and common issues involving private funds. The second article will review cybersecurity, digital assets and data privacy. For coverage of an NSCP survey, see “Surveys Show Cyber Risk Remains High for Investment Advisers and Other Financial Services Firms Despite Preventative Measures” (Jul. 20, 2017).

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