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Securities Compliance Podcast: Compliance in Context

On episode two of season two of the Securities Compliance Podcast: Compliance in Context , host Patrick D. Hayes reviews recent recommendations from multiple SEC Commissioners on how to improve access to private capital.

For the interview segment, Patrick welcomes in Mark Kim, CEO of the Municipal Securities Rulemaking Board to discuss the exciting developments happening at the MSRB, particularly on the technology and data side of the industry. 

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  • SEC Commissioners weigh in on how certain underrepresented founders and investors can get access to capital

  • Commissioner Lee suggested the SEC evaluate how its regulations impact such communities

  • Commissioner Peirce recommended that the SEC provide greater flexibility to the accredited investor definition and individuals serving as “finders”


  • The mission of the Municipal Securities Rulemaking Board.

  • The pillars upholding the MSRB.

  • Providing infrastructure to MSRB

  • The business case for cloud migration

  • Data privacy and information security

  • Transition away from LIBOR and related challenges

  • ESG in the municipal securities market


  • SEC issued emergency enforcement action against an alleged Ponzi scheme straight out of Hollywood


“But that's not the only thing that Congress mandated us to do. Reading the Exchange Act, Congress also mandated the MSRB to establish information systems that promote a fair and efficient market, that facilitate capital formation. And those information systems, is what I mean by our core pillar of technology. It's the technology systems that undergird the market.”

“Technology is fundamentally intertwined with compliance.”

Podcast Season 2 Episode 2

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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