More On Legal & Compliancefrom The Advisor's Professional Library
- The Few and the Proud: Chief Compliance Officers CCOs make significant contributions to success of an RIA, designing and implementing compliance programs that prevent, detect and correct securities law violations. When major compliance problems occur at firms, CCOs will likely receive regulatory consequences.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
The SEC announced Thursday that George Canellos, currently deputy director of the Division of Enforcement, has been named acting director, and that David Bergers, director of the SEC’s Boston Regional Office, has been named acting deputy director of the Enforcement Division.
Both men will assume their new roles Feb. 8; Robert Khuzami, director of the Division of Enforcement, is leaving the SEC on the same day.
SEC Chairwoman Elisse Walter said in a statement that “George’s proven intellectual abilities and creative approach to problem solving have made him an extremely effective advocate for investors and make him ideally suited to serve as acting director. As deputy director, he helped to oversee a division that brought record numbers of enforcement actions and some of the most complex cases in the agency’s history.”
Khuzami said in the same statement that “George is highly respected for his intellect, prosecutorial instincts, and commitment to tough and fair enforcement of the federal securities laws. His service will benefit both the SEC’s talented and hardworking staff and the investing public.”
Canellos, 48, has been the division’s deputy director since June 2012 and has been instrumental in developing the division’s Cooperation Program; in generating numerous programmatic, policy and legislative initiatives; and in critical decisions on national priority enforcement actions.
Canellos is a graduate of Harvard College and Columbia University School of Law.
Walter said that Bergers “is an extremely talented attorney who has a successful track record leading the Boston Regional Office. Having worked at the SEC for 13 years, he has a deep understanding of the division, agency, and laws we enforce. And he has a true appreciation for the significant impact that the work of the SEC has on investors.”
Bergers, 45, has headed the SEC’s Boston Regional Office since 2006. The office oversees more than 1100 investment advisors, 60 mutual fund complexes and 375 broker-dealers in Massachusetts, Connecticut, New Hampshire, Maine, Vermont and Rhode Island.
He served at the SEC from 1998 to 2000 and returned in 2001, and has served in various enforcement positions, including head of SEC enforcement in Boston. He has headed hundreds of SEC investigations into investment and financial fraud, insider trading and other securities law violations.
According to the SEC, Bergers has practiced with law firms in the Philadelphia and Boston areas and served as a vice president and assistant general counsel of a regional broker-dealer and affiliated investment adviser in Boston. He received his bachelor’s degree from Eastern Nazarene College and his law degree from Yale Law School.