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

Regulators will continue to require independent monitors and consultants as part of their settlements where the authority requires assurance that the settling party will implement remedial measures and review operational effectiveness and compliance. While DOJ emphasis on monitorships leveled under the Trump Administration, alternative regulatory and financial authorities, and state level agencies have increased their use of independent monitors to address corporate and institutional deficiencies. Further, the consideration of independent assessment of remediation measures during internal reviews of potential regulatory or procedural filings adds significant value to proposed settlements and investigative resolutions.