More On Legal & Compliancefrom The Advisor's Professional Library
- The New and Improved Form ADV Whether an RIA is describing its investment strategy in advertisements or in the new Form ADV Part 2, it is important the firm articulates material risks faced by advisory clients and avoids language that might be construed as a guarantee.
- Client Commission Practices and Soft Dollars RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIAs failure to stay within the scope of the Section 28(e) safe harbor may violate the advisors fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients transactions.
The Securities and Exchange Commission (SEC) announced Monday that Paula Drake has been appointed an Associate Director to serve as Chief Counsel and Chief Compliance and Ethics Officer in the SEC’s Office of Compliance Inspections and Examinations (OCIE).
Starting Aug. 6, Drake will oversee a staff of eight lawyers and coordinate the efforts of attorney-advisors in the SEC’s 11 regional offices.
According to the SEC, Drake served most recently as general counsel and Chief Operating Officer at Oechsle International Advisors, LLC, where she was involved in all aspects of the investment management business, including registering investment advisors and establishing risk and compliance programs.
She has extensive experience managing litigation, regulatory relationships, examinations, audits and internal investigations, and recently completed eight years as a member of the Board of Governors of the Investment Adviser Association (IAA), the SEC says.
Before joining Oechsle, Drake was an attorney with the law firm of Ropes & Gray, and at Fidelity Investments. She is a graduate of Harvard Law School and received a Bachelor of Arts degree and Ph.D. in English from the University of Massachusetts.
“It’s very exciting to welcome Paula to our leadership team. Paula adds extensive legal, business and industry experience and expertise,” said OCIE Director Carlo di Florio, in a statement. “She will help us with the continued advancement of the national examination program, including leading the critical legal function, developing our national examination policy manual, and overseeing our internal compliance team.”