S2:E9 | What's New at NASAA | Compliance In Context

The Securities Compliance Podcast: Compliance In Context

Welcome back to the Compliance In Context Podcast! On today’s episode, we welcome in the President of the North American Securities Administrators Association, Melanie Lubin, for an insider’s look into what’s happening at NASAA including new areas of focus like continuing education, Reg BI, senior investors, and much more.

In our Headlines section, the first-ever bitcoin-linked exchange-traded fund will began trading recently and the SEC provided comments on the regulatory issues involving GameStop trading from January of earlier this year.

Finally, we’ll wrap up today’s show with another installment of History Has Your Back, as we review a posthumous quote from one of the world’s most well-traveled chefs to better understand how we can maximize our knowledge in compliance.

Topics:

Headlines

• The first-ever bitcoin-linked exchange-traded fund (ProShares) began trading on 10/19/21.

• Four proposed bitcoin ETFs are in line for an October decision from the SEC on whether to approve, deny or delay their submissions (Valkyrie Investments, Invesco, and VanEck)

• In a new report, the SEC reviewed regulatory issues involving GameStop trading in January 2021.
• SEC Commissioners Hester M. Peirce and Elad L. Roisman criticized the report as too narrative
• Chair Gensler stated the review of the GameStop event presented the SEC with opportunities to further make the equity markets as fair, orderly, and efficient as possible.

Interview

• What is the NASAA and how was it formed?
• What is the mission of NASAA?
• What are some of the current initiatives the NASAA is really focused on now?
• Where does the IARC stand now?
• What did Phase I of NASAA’s Reg BI efforts look like?
• What changes have firms made since Reg BI has been adopted?
• What is NASAA working on in the senior investors space?
• What about Report and Hold?
• How can compliance officers can be the best defense in this area?
• What is the Whistleblower Act?
• What is the background on the Restitution Pool for defrauded?

History Has Your Back

• Quote from celebrity chef Anthony Bourdain demonstrates empathy and many of the soft skills important for compliance officers
• Taking the time to connect and understand our colleagues will pay dividends personally and professionally.
• The 2021 NSCP National Conference is just around the corner!

Quotes:

“And really the ultimate goal is for us to make a determination about whether the rule as it stands is really moving has raised the bar for how brokers act in relationship to their clients and is it really driving the behavior towards the customers best interest.” - Melanie Lubin

“This is important—here's the explanation: customers, particularly elderly customers, tend to be worried that somebody's going to get their hands on their money and all the things that we've taught them to be worried about—But [we] want them to understand that a trusted contact is not a power of attorney, but it's someone that if you’re the person you have a professional relationship with starts to get a little bit worried about what's going on, they could pick up the phone and call that other person.” - Melanie Lubin

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Compliance in Context