More On Legal & Compliancefrom The Advisor's Professional Library
- Pay-to-Play Rule Violating the pay-to-play rule can result in serious consequences, and RIAs should adopt robust policies and procedures to prevent and detect contributions made to influence the selection of the firm by a government entity.
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
LPL Financial announced Friday that it has hired James Shorris, a former top enforcement official at FINRA, as executive vice president and associate counsel for regulatory and compliance policy.
Shorris, who will be based out of Boston, will serve as both a member of LPL Financial’s legal department and its government, risk and compliance (GRC) management team, and will also work to address regulatory inquiries and enforcement matters, as well as regulatory examinations, LPL says.
He will also be responsible for evaluating GRC’s supervisory policies, practices and related business processes. In addition, Shorris will assist with the firm’s government relations strategy and efforts in Washington, D.C.
Shorris joins LPL, the nation’s largest independent broker-dealer, after having 26 years of legal and financial services experience under his belt, most recently at the FINRA where he has served in multiple leadership positions over the past eight years, most recently as executive vice president and executive director of enforcement.
In this role, Shorris was responsible for the day-to-day operational management of the enforcement department, supervising cases involving mutual fund sales and distribution practices, variable annuity suitability, fixed-income pricing, and anti-money laundering failures.
He also developed and implemented enforcement policy, supervised regional and home office investigative and litigation functions, coordinated with the Securities and Exchange Commission and other regulators, and responded to congressional and Government Accountability Office inquiries.