Compliance Officers have lately found themselves backed to a corner following the new enforcement actions which hold them accountable for the wrong doings of their firms. A career that was on a high demand following the need by banks to have someone oversee their internal issues as well as help them adapt to new regulations is now in jeopardy. Quite a number of officers quit their jobs last year. According to Daniel Solo, most of those who left were in charge of financial crime and anti-money laundering. New York governor, Andrew Cuomo, supports a move by a principal financial regulator to seek authority to raise criminal charges against compliance officers in some instances. This accountability is making people who are experienced to think twice before joining the profession making it hard for banks to find replacements once their officers quit.
Helane L. Morrison is the Chief Compliance Officer, Managing Director and General Counsel of Hall Capital Partners LLC. Morrison holds a J.D. from the University of California, school of law and a Bachelor of Science in Journalism at the University of Northwestern. She worked under both Hon. Richard A. Posner of Court of Appeal and Justice Harry A. Blackmun of Supreme Court as a law clerk. From there she joined a private practice in 1986. Starting with Howard, Rice, Nemerovski, Canady, and Falk & Rabkin where she made partner in 1991. Here she mainly dealt with cases against SEC, business litigation and defended actions of private securities. In 1996, Ms. Morrison left the firm and joined the SEC, San Francisco office as the head of enforcement. Here she represented SEC against financial, business, legal, news media and government agencies.
In 1999, she succeeded David Bayless to join the few female District Administrators of SEC and later became Regional Director. Here she was in charge of regulatory matters, litigation and securities enforcement in Washington, Northern California, Alaska Northern Nevada, Oregon Montana and Idaho. At the moment, she is a member of Executive Committee of Hall Capital Partners LLC, a member of Hedge Fund a subcommittee of American Bar Association and also a board member of Regional Parks Foundation. Occasionally she gives a speech on both compliance and legal issues affecting private funds and investment advisers. For more information, check out her Bloomberg profile or connect with her on LinkedIn.