We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Validity Of The 'Reliance On Consultant' Defense

Law360, New York (December 1, 2016, 12:05 PM EST) -- Brian L. Rubin

Rebekah R. Runyon In a recent enforcement proceeding against an investment adviser (IA), the U.S. Securities and Exchange Commission rejected “reliance on compliance consultants” as a defense to violating the law.[1] Although the SEC’s rejection of the IA’s argument may appear to call into question the value of hiring consultants, if the proper steps are taken, IAs (as well as broker-dealers, or BDs) may still be able to retain consultants and defend themselves based on the advice they receive.


Last year, the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.