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Securities Compliance Podcast: Compliance in Context

The 11th episode of the Securities Compliance Podcast: Compliance in Context discusses practical advice and takeaways that focus on a real-life, tough lessons other compliance professionals and regulators have learned on the front lines of their industry.

For the interview segment, host Patrick D. Hayes welcomes in Rob Kaplan and Bruce Karpati. In sharing their experiences as former Co-Chiefs of the Asset Management Unit, Bruce and Rob discuss the role of SEC Enforcement and its impact on the industry. 

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  • What is the role of the Division of Enforcement in the industry, and how does the SEC send a strong message in enforcement cases?

  • Review the concept of “regulation through enforcement”

  • Were there consistent failures or compliance violations in the cases you saw in the Asset Management Unit?

  • Discussion of how negotiations that occur in an enforcement case can result in unintended consequences affecting the industry

  • Analyzing the lines between clearly violative activity and “minor” violations

  • Identifying the top one or two lessons learned from each of these cases and the biggest takeaways for compliance


“The good public policy when an enforcement matter comes out and it says you cannot do X, right. You cannot have loans to affiliates that are not properly documented because we don't like that. It's when next time somebody comes to the chief compliance officer and says, hey, we're thinking about making this loan to affiliates that they say you know what “[t]here's this enforcement case that says you can't do that,” or the CEO has been waiting or other compliance professional or the GC has been waiting for a case to come out on point to be able to arm them in discussions with the business side to help set the standards.”

“If you’re sitting on the compliance side and you read one of these summaries of these orders and you’re still confused as to what you actually have to do, that’s a real problem.”

“That to me is the risk: Is that you don’t take something small seriously. You have disclosures that ignore it, it snowballs, and then you have a pattern and practice as it goes on, that you could have really avoided and you don’t know how to get yourself clean.”

Podcast Episode 11

About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast, "Compliance in Context" presented by Calfee, Halter & Griswold and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Senior Counsel and leader of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify and Stitcher.

The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.


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Susan M. Kurz
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