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Securities Compliance Podcast: Compliance in Context

On episode three of season two of the Securities Compliance Podcast: Compliance in Context , host Patrick D. Hayes does a deep dive on the 2021 Investment Adviser Section Report from the North American Securities Administrators Association highlighting 2020 activities for NASAA and its broader application to the compliance profession.  For the interview segment, Patrick welcomes in Lilian Morvay to provide listeners with valuable insights on the impact of insurance on compliance and how varying types of insurance (D&O, E&O, Cybersecurity, Professional Liability Insurance) affect how broker-dealers and RIAs are doing business today. 

Season 2, Episode 3 Topics:


  • NASAA April 2021 Investment Adviser Section Report highlighting 2020 activities

  • Metrics surrounding state registrants

  • Model Rule on Written Policies and Procedures

  • Compliance Grid

  • Cybersecurity Checklist and additional guidance


  • What is the purpose of insurance and the importance of risk transfer?

  • Detailing different types of insurance impacting broker-dealers and RIAs

  • The intricate details surrounding cybersecurity insurance

  • What to consider when purchasing professional liability insurance

  • What do you do if you have a claim?

What's On My Mind

  • Reviewing the life of hero firefighter Ed Pulaski

  • The Pulaski Axe

  • Why having the right tool can make all the difference


“One thing to consider from a client perspective, do you want to do business with a company that has not protected itself with a policy?” 

“If you think about have professional companies protect themselves, think about yourdentist, think about your doctor, think about your attorney, think about your accountant—these individuals are providing a professional service, and there are times when they will commit a negligent act; they will inadvertently cause injury to their client. And the clients, have the opportunity to recover any damages or any losses related to that injury. Those services are insured by professional liability policy. Professional liability insurance policies are also available to companies that are in the financial sector—broker dealers, registered investment advisers.” 

“It’s very important for broker-dealers when they are considering pursuing professional liability insurance, number one, to make sure that they have an insurance broker who’s very familiar with that type of policy.”

“Fortunately, there are a number of carriers that are extending coverage for broker-dealers and RIA’s for cyber.”

Podcast Season 2 Episode 3

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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