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Securities Compliance Podcast: Compliance in Context

Podcast Season 3 Episode 4


On Episode 4 of Season 3 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes welcomes in Miriam Lefkowitz and John Walsh to review legends and myths from cultures around the world that teach us a lesson about life (and compliance) and help shine a light on some of the nuances and best practices we can glean from those stories to improve the compliance programs inside our respective firms. In the Headlines section, we look at the recent rulemaking on ESG Disclosures and Investment Company naming conventions. And finally, we’ll wrap up today’s show with another installment of Outtakes where we look at a new version of a pandemic fraud that provides compliance professionals with similar lessons to communicate inside our respective firms.

Season 3, Episode 4 Topics:

Interview

  • 7:11: Introduction to compliance in mythology

  • 12:48: Background on classical mythology

  • 15:30: The mythological tale of Metis

  • 19:54: Securities compliance lessons we can learn from the tale of Metis

  • 31:20: The mythological tale of Bodhisattva Guan Yin

  • 36:20: Securities compliance lessons we can learn from the tale of Bodhisattva Guan Yin

  • 46:34: The mythological tale of Anansi the clever spider

  • 51:33: Securities compliance lessons we can learn from the tale of Anansi the clever spider

Quotes

21:07 - “If we start with that approach and think about how we can build structure around that. Recognize that there are some elements, right, there are talents and weaknesses that often exist in people and I think that’s interesting. We can put some people in that corner. And then we bring in Metis, and Metis is a really interesting character. She’s prudence. I like thinking of compliance as having a lot of the qualities of Metis—prudence and wisdom to start.” - Miriam 

23:24 - “When you have a new product or a new business line or a new offering, what you need is a combination of both the cleverness and the wisdom of compliance and then the business. You need both elements to partner together to persuasively move forward.” - Miriam 

40:33 - “The King may not be an impressive character early on but he recognizes the error of his ways and he learns and it’s an extreme example, but all right, that’s what makes it a myth. I think it’s helpful that compliance can actually be a model and that it can be learned from.” - Miriam 

40:59 - “I like the idea that she’s open to all who call out to her. And the idea that all who suffer can reach out—call out to the Bodhisattva. And, Patrick, I suspect it’s not part of the original story, but I really like the term “compliance suffering.” It’s a new phrase, but it’s one I’m going to tell you right now, I will try to remember to attribute it to you, but I’m going to use it a lot. I like it. I may even reach out to the celestial Bodhisattva of compliance suffering from time to time.” - John 

43:50 - “With the right attitude you realize that, that’s the cost of doing business in a highly regulated industry. Regulations are designed with a good purpose which is, of course, to protect the markets, to protect the investors. And while it feels like a heavy burden, that’s inevitable, how we choose to deal with it, it’s on us. And compliance can really feed that.” - Miriam 

53:45 - “When you do catch the biggest snakes, all the other animals will cheer. Even if they didn’t before. And you have to wonder how much of it was because they were afraid. They want to root for you. Inside they were rooting for you. They eventually will root for you. But they’re depending on you to be the one that’s brave. Of course, we all know, Anansi is never afraid.” - John


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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Media Contact

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

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