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Thursday, March 18, 2010

OCIE's New Head Outlines His Vision

Reported by Armie Margaret Lee

Nearly two months after taking the reins at the SEC's Office of Compliance and Examinations, Carlo di Florio appeared before mutual fund industry professionals and outlined his vision at the ICI Mutual Funds and Investment Management Conference in Phoenix on Wednesday.

The session gave some fundsters their first look at di Florio since becoming OCIE'S chief on January 25, and provided them the chance to air their concerns and offer suggestions.

di Florio told the audience that he sought to bring "a process to take a fresh look at how we go about our mission day in and day out."

He outlined five focus areas, among them sales practice issues, suitability and marketing. "This is compounded by new practices such as the retailization of complex products," he said.

The other four focus areas, he said, are control environment, fraud, conflicts of interest and portfolio management and trading focus.

"We want you to catch the bad guys. We just don't want you to destroy us in the process," quipped Fred Nasta, head of JPMorgan Funds Management's legal department, who moderated the panel discussion. 

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