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Securities Compliance Podcast: Compliance in Context

The fifth episode of the Securities Compliance Podcast: Compliance in Context™ covers"Origins of the SEC's Asset Management Unit."

Host Patrick D. Hayes covers the controversial issue of Chief Compliance Officer (CCO) liability and address recent remarks and recommendations from SEC’s Commissioner Hester M. Peirce to clarify CCO responsibilities. 

The interview segment features Rob Kaplan and Bruce Karpati discussing the origin story of SEC’s Asset Management Unit. Finally, we continue the History Has Your Back series by taking deep look into a letter from Julius Caesar to Cicero during the Roman Civil War to shine a light on opportunities for personal and professional growth.


  • When the Nail Fails–Remarks before the National Society of Compliance Professionals analyzing CCO liability


  • Origin Story: Asset Management Unit’s evolution and impact

  • SEC: Building the expertise in specialized areas, including five experts and fundamental areas of investment management

  • Process initiatives and improvements

  • Seeds of Collaboration: Leverage expertise across different SEC divisions

  • Conflicts of Interest represented the foundation for issues review by the AMU

  • NSCP Private Fund Forum

  • Horizon issues for private funds: supervisory responsibilities and valuation issues

History Has Your Back

  • Ancient Rome is split between two separate factions

  • In a letter to Cicero, Julius Caesar employs a strategy of mercy and empathy as a sign of true strength.

  • Compliance professionals can show real strength and gain credibility inside their firms through understanding and empathy


  • “Although founded in early 2010...Asset Management was a product of really an unfortunate coincidence of two...reputationally adverse issues that hit the SEC...Bernie Madoff Ponzi crisis.” - Rob Kaplan

  • “If you look at the two big things...Madoff and the financial crisis...what comes out of that was there was a lack of expertise.” - Bruce Karpati

  • “The mentality changed...there could be more organization around how you did things, there could be more expertise, and frankly, there could be a lot more aggressiveness because we had to act quickly.” - Bruce Karpati

  • “I feel very fortunate to have been in the unit…there’s so much productivity...impact on compliance....the Asset Management Unit is an enforcement mechanism...the industry has come a long way.” - Bruce Karpati

The Securities Compliance Podcast Episode 5

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.


Media Contact

Susan M. Kurz
Chief Marketing & Client Development Officer
216.622.8346 (office)
513.502.8950 (mobile)

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