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The Evolving Role of the CCO Lorna Schnase Kurt Wachholz.

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Presentation on theme: "The Evolving Role of the CCO Lorna Schnase Kurt Wachholz."— Presentation transcript:

1 The Evolving Role of the CCO Lorna Schnase Kurt Wachholz

2 Session Overview Current Climate SEC Focus and Initiatives Role of the CCO

3 Current Climate State of FluxMultiple VoicesSystemic Reform

4 The Dilemma for Compliance RULES PRINCIPLESVERSUS Mandated Designated

5 SECs Focus Areas Harmonization between Advisers and Broker Dealers Form ADV Anti-Fraud (detection of fraud, Ponzi schemes, etc.) Privacy – Information Security

6 Other SEC Current Initiatives Adviser Political Contributions (Pay to Play rules) Hedge Funds Credit Default Swaps Dark Pools Asset-backed Securities Valuation Fund Board Oversight of Portfolio Trading Practices

7 Regional CCOutreach Attention

8 Division of Enforcement Update Initiatives Specialization Streamline Processes Office of Market Intelligence Foster Cooperation Strategic Use of Resources


10 Assessing Your Role Today Responsibilities Resources Reporting Liability $

11 Understanding Ownership Regulatory Rules and Requirements (CCO & Legal) Firm Policies (Management & CCO) Procedures (Management, Operations & CCO) Supervision (Management) Performance (Operations) Reporting (Operations) Evaluation (Management) Audit (CCO) Test (CCO) includes reports Update (CCO, Management, & Operations)

12 Evolving Tools Automation Manual Databases Spreadsheets

13 Leverage what you have TechnologyInformation SourcesOrganizationsRelationshipsSkillsMessage

14 Top 5 Things To Stay Ahead of the Curve 1. Leverage Free Resources 2. Participate in a local compliance discussion group 3. Utilize the standardized document request list 4. Attend SEC CCOutreach seminars 5. Focus on automation

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