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

A panel of current and former regulators spoke at a session of the 2019 National Conference of the National Society of Compliance Professionals. Speakers included Bruce Karpati, chief compliance officer at Kohlberg Kravis Roberts & Co. L.P. and former Co‑Chief of the Asset Management Unit of the SEC, who moderated the discussion; Patricia Cushing, NFA Director of Compliance; Daniel 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. Our two-part series summarizes the insights from that panel. This second article reviews the panel’s discussions on cybersecurity, digital assets and data privacy. The first article covered 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. See “CFTC Enforcement Division Aims to Foster ‘True Culture of Compliance,’ According to Report” (Jan. 16, 2020).

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