The Securities Compliance Podcast Season 2 Episode 4 - What's New at the NFA?

Podcast

Securities Compliance Podcast: Compliance in Context

On episode four of season two of the Securities Compliance Podcast: Compliance in Context , host Patrick D. Hayes spoke with Patty Cushing, Director of Compliance at the NFA, for an insider’s look at the examination process with the NFA, new areas of focus for the SRO, ideas around remote supervision, and much more.

In the Headlines section, Patrick does a deep dive into the recent buzz and regulatory activity surrounding cryptoassets, and finally, he wraps up today’s show with another installment of the What’s On My Mind segment, where he looks at the impact of gamification on the investment industry and the potential for new regulation.

Please tune in and subscribe for future episodes at ComplianceInContextPodcast.com.

Season 2, Episode 4 Topics:

Headlines

• Timeline of regulatory activity surrounding crypto and digital assets

• Views from SEC Chair Gensler

• Identifying the risks and opportunities in crypto

• El Salvador becomes the first country in the world to adopt Bitcoin as legal tender

Interview

• Background and mission of the NFA.

• The NFA examination process.

• The importance of educating member-firms.

• New NFA initiatives for 2021.

• Trends in enforcement

• How the NFA adjusted to COVID-19 work restrictions.

• Thoughts on remote supervision

What's On My Mind

• Reviewing the issue of Gamification and its impact on the market

• Finding the balance between investor protections versus overregulation

Quotes

“Our mission is officially to safeguard the integrity of the derivatives markets by and protect investors and ensure that our Members are meeting their regulatory responsibilities”

“It really has been a focus my entire career and it started from the top, I mean our Presidents and CEOs say to us, you know, one of our functions is education, and that includes Member education. If our if our mission is to safeguard the integrity of the derivatives markets and protect customers, the best way to do that is to have Member firms who are in compliance with the rules and regulations. Most Members want to do the right thing and so it's our job to make sure they understand what the rules and regulations require and if they do it. But it's also our job for those firms who don't want to follow the regulations that we identify them quickly and get them disciplined.”

“We’ve been successfully doing our jobs remotely and these inspections have been going well remotely. So, do we have to go back to what things were like pre-pandemic?”

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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.

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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.