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Special Counsel Gary DeWaal Quoted in IA Watch Article on Outsourcing and Compliance Responsibilities

Firm News | January 22, 2015

Gary DeWaal, special counsel in the Financial Services group, was quoted extensively in an IA Watch article discussing FINRA's 2015 focus on compliance, regulatory obligations and outsourcing glitches. Noting that broker-dealers need to select third-party vendors carefully, Gary said, "The regulatory view is, 'That is too bad. You had the regulatory obligation. Whether or not you did it yourself or relied on a third party is irrelevant.'" He suggested that broker-dealers pay close attention to the third party’s technological capabilities and organization: "Make sure they have the system you need. Make sure they have a business continuity plan. Make sure the person has competence and a proven track record and stays on top of relevant industry developments." ("FINRA Emphasizes That Outsourcing Doesn’t Diminsh Compliance Responsibilities," January 22, 2015)

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