Independent Monitoring & Independent Consulting

  • Serving as Independent Consultant to a diversified financial services company in reviewing its Rule 506 policies and procedures.
  • Serving as Independent Examiner for a Swiss banking institution in connection with the Department of Justice Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks.
  • Serving as Independent Consultant to a global financial institution to review and test its policies respecting compliance with Section 9(a) of the Investment Company Act arising out of the institution’s SEC settlement regarding its underwriting of securities.
  • Serving as Independent Monitor to a fund manager and its principal to review and assess the manager’s policies, practices, controls, recordkeeping and disclosures relating to conflicts of interest, affiliated transactions and cash management pursuant to their settlement with the SEC.
  • Serving as Independent Consultant to a broker-dealer in connection with its Municipalities Continuing Disclosure Cooperation settlement.

Looking Forward

Despite substantial changes in leadership and regulatory philosophy in Washington, D.C., we believe that the SEC, Department of Justice, and FINRA will continue to require independent monitors and independent consultants in settlements where the regulatory authority wants assurance that remedial measures have been implemented and are operating effectively. One trend gaining traction is for entities to have the independent review completed before entering into the actual settlement so that firms receive credit for effective remediation as part of the settlement terms.