PRZOOM - /newswire/ -
New York, NY, United States, 2010/08/03 - "During these uncertain economic times, and in an effort to protect investors, the SEC has significantly increased its examination and enforcement initiatives" stated Dominick Sartorio, Director of Sales at Legacy Management Consulting Group, LLC.
"During these uncertain economic times, and in an effort to protect investors and the public at large, the SEC has significantly increased its examination and enforcement initiatives" stated Dominick Sartorio, Director of Sales at Legacy Management Consulting Group LLC.
U.S. Securities & Exchange Commission ("SEC") examinations can be routine or they can be based on specific cause. "Cause examinations will typically begin with an unannounced visit from the SEC" stated Anthony Urbano, Principal at Legacy. The purpose of the SEC examinations are to protect investors and the public by making determinations whether or not advisers are complying with the law, adhering to disclosures they may have provided to their clients, and implementing and maintaining appropriate programs to ensure compliance with the law. The SEC will continue to hire and appoint experienced personnel designed to strengthen SEC examinations.
Dominick Sartorio stated that as reported in the January 4, 2010 SEC press release 2010-1, on January 4, 2010, Mr. Carlo V. di Florio was named the Director of the SEC's Office of Compliance Inspections and Examinations ("OCIE"), which was formerly headed by Lori Richards. Mr. di Florio was formerly with PricewaterhouseCoopers ("PwC"), where he was a partner in the Financial Services Regulatory Practice and one of the PwC's national leaders in corporate governance, enterprise risk management, and regulatory compliance and ethics. As head of OCIE, Mr. di Florio is required to oversee the SEC's nationwide examination programs for investment advisers, broker/dealers, mutual funds, credit rating agencies, and self-regulatory organizations among other entities.
"A strong inspections and examinations unit is instrumental to the SEC's investor protection efforts. Investors rely on our examiners to ensure that their financial professionals comply with the law," said SEC Chairman Mary Schapiro, "Carlo brings the energy, insight, and experience necessary to ensure that we keep pace with the rapid changes in the industry and continue to build upon the reforms of the past year." also stated by the Chairman as reported in the release.
U.S. Treasury Circular 230 Notice: Any U.S. federal tax advice included in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal tax penalties.
The information contained herein was prepared by Legacy Management Consulting Group, LLC from public documents for general informational purposes. Its contents should not be construed as professional advice, and readers should not act upon the information contained herein without consulting a professional. This information is presented without any representation or warranty as to its accuracy, completeness or timeliness. Transmission or receipt of this information does not create any relationship with Legacy Management Consulting Group, LLC. Electronic mail or other communications with Legacy Management Consulting Group, LLC cannot be guaranteed to be confidential and will not imply nor create any relationship with Legacy Management Consulting Group, LLC.