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Securities Compliance Podcast: Compliance in Context

Podcast Season 3 Episode 11

In the final episode of the Marketing Rule Master Class mini-series, the panelists build upon the lessons learned in the prior five episodes with a focus on key compliance considerations for implementing the Marketing Rule. Moderator Carlo di Florio with ACA, along with panelists Craig Watanabe with DFPG Investments, Chas Spiros with with ACA, and Julia Reyes with ACA, discuss implementation timelines and challenges, incorporating the right policies and procedures for your firm, training and educating key stakeholders inside your firm, and how technology can help with implementation, execution, and ongoing monitoring.

Season 3, Episode 11 Topics:

Interview with Carlo di Florio, Craig Watanabe, Chas Spiros and Julia Reyes

  • 02:12: Implementation timelines and main challenges

  • 17:51: Key consideration in drafting policies and procedures

  • 31:57: Key considerations in marketing approval workflows

  • 48:30: Setting a date for implementation and training

  • 54:40: Suggestion for testing and monitoring

  • 1:00:20: How can technology help with implantation, execution, and monitoring


02:27 - “It can be very helpful to break it down into distinct phases that are, maybe a little bit more manageable. So with regard to the task at hand–the marketing rule–I would break it down to four phases. 1, drafting your policies and procedures. 2, creating or modifying your marketing review workflows. 3, setting a date for implementation and training. And then 4th, performing testing and monitoring.” - Craig 

6:44 – “I can summarize my thoughts in one word, that is, assessment.  I think that each firm needs to do an assessment based upon how this rule will impact them and how based upon their assessment, then try to coordinate, and it might be helpful to go back to the four steps I outlined previously and design a timeline that makes sense to the firm.” - Craig

08:18 - “From a practical standpoint, one of the things that I’ve seen via our marketing reviews is really substantiation. You’ll be surprised how many firms will say, ‘We are the best at doing x, y, and z.’ And if Julia and I are in a review, we’ll say, ‘If the FCC were here on an exam, could you produce that in a relatively quick manner?’ and in most of the cases it’s no. It could be a rating, an award that they’re citing. That could be just where they’re getting some sort of impetus for why they are the best at what they do.” - Chas 

20:29 – “You can make decisions to go above and beyond the rule for operational continuity, ease and what you think works best to achieve the objectives of the rule. – Carlo

21:40 – “This is a real opportunity for compliance teams to gain parity with internal business groups that had not existed in the past.” – Chas

28:31 – “For us as compliance officers, we have to expand our horizons beyond the written word." – Craig

57:16 – “There are times we have seen inception returns back to 1988.  I think it might be worth taking a look at those really long histories to see if you still do have the substantiation.” – Julia

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, Partner 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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