John H. Walsh is a Partner in Sutherland's Financial Services Group and a member of the Securities Enforcement and Litigation Team. As a 23-year veteran of the Securities and Exchange Commission (SEC), John played a key role in creating the Office of Compliance Inspections and Examinations (OCIE), which administers examinations of the nation's registered entities, including broker-dealers, investment managers, funds, self-regulatory organizations, and others.
At the OCIE, John designed and implemented the SEC's securities compliance examination practices, first as a Senior Advisor for Compliance Policy and then, most recently, as Associate Director-Chief Counsel. In 2009, at the peak of the financial crisis, he served as OCIE's Acting Director and led a massive retraining of examination staff on anti-fraud techniques, including examination and certification of hundreds of staff as Certified Fraud Examiners. Until a permanent director was appointed in January 2010, he also testified before Congress and responded to inquiries from the Inspector General, the Government Accountability Office, Congress, and the Financial Crisis Inquiry Commission.
Prior to his tenure at OCIE, John was Special Counsel to former SEC Chairman Arthur Levitt from 1993 to 1995. From 1990 to 1993, he worked in the SEC's Division of Enforcement, serving first as Senior Counsel and then as Chief of the Branch of Regional Office Assistance where he regularly appeared before the Commission's Closed Meetings to present and discuss regional office enforcement cases. He also advised the commissioners and staff on securities laws and agency policy. John began his career with the SEC in 1988 as an attorney in the Office of General Counsel.
John has held several high-ranking positions on committees and task forces during his tenure with the SEC. He served on the Executive Committee (the newly formed governing body for the SEC's National Examination Program) and was Co-Chair of the Executive Committee's Steering Committee on Compliance, Ethics, and Internal Controls. In 2010, John was a member of the Self-Assessment Leadership Team studying the reform of SEC examinations and, in 2007, led a study on Refunds, Sales Practices, and Revenues from Periodic Payment Plans. He has also been an active member of SEC task forces studying the Regulation of Public Utility Holding Companies and the Fair and Efficient Administrative Proceedings. In 2010, and again in 2011, John's team received the SEC's Law and Policy Award for its work on the Dodd-Frank Act.
John is a Certified Fraud Examiner and frequently speaks on issues such as the compliance implications of the financial crisis, dangers of identity theft, and issues to consider in an annual compliance review. He is a recognized author on securities regulation and compliance, and has published articles in Harvard International Law Journal, Columbia Business Law Review, Business Lawyer, and many others.
Professional Honors and Awards
· Recipient, SEC Law and Policy Award (2011)
· Recipient, SEC Law and Policy Award (2010)
Publications and Speaking Engagements
· Author, "Criticism and Self-Criticism: Law and Compliance in a Revolutionary Time," ABA Section of Litigation (March 26, 2012)
· Author, "Combating Fraud in the Caribbean Region: Lessons from Recent Events," George Mason Journal of International Commercial Law (December 2011)
· Author, "Update on the SEC Examination Program: Risk Assessments and the Selection of Firms for Review," Practical Compliance and Risk Management for the Securities Industry (April 2008)
· Author, "Can Regulation Protect 'Suckers' and 'Fools' from Themselves? Reflections on the Rhetoric of Investors and Investor Protection under the Federal Securities Laws," Journal of Business & Securities Law (2008)
· Author, "Institution-Based Financial Regulation: A Third Paradigm," Harvard International Law Journal (2008)
· Speaker, "SEC Exam Hot-Spot and Guidance to Prepare for Examination," IA Compliance Best Practices Summit (March 15, 2012)
· Panelist, "Code of Ethics," IAA Investment Adviser Compliance Conference (March 8, 2012)
· Speaker, The Ascendant Compliance Conference (March 5-7, 2012)
· Speaker, "Washington D.C. Thought Leaders and Privacy Risk Management: Information Security," Ascendant Compliance Conference (March 5-6, 2012)
· Speaker, "Top 10 for 2012: 10 Pending Developments All Wealth Management/ Compliance Lawyers Should Be Watching," Wealth Management/HIMCO Law and Compliance Law Day, Hartford, Connecticut (March 2, 2012)
· Speaker, "Hot Topics in Compliance," Wealth Management/HIMCO Law and Compliance Law Day, Hartford, Connecticut (March 2, 2012)
· Speaker, "Hot Topics for BDCs and IAs," Wealth Management/HIMCO Law and Compliance Law Day, Hartford, Connecticut (March 2, 2012)
· Speaker, "Legislative and Regulatory Update, including Dodd-Frank, FINRA Financial Rules Updates and Suitability," "Update on How to Handle Regulators," "Reflections on the Current Regulatory Environment" Sutherland Securities Symposium (February 2, 2012)
· Speaker, "Regulatory Hot Topics: What Your Firm Needs to Know," One Voice 2012: FSI Broker-Dealer Conference (January 23-25, 2012)
· Speaker, ICI Securities Law Developments Conference (December 13, 2011)
· Panelist, "Fraud and Money Laundering in Banking and Finance," The Knowledge Congress (December 6, 2011)
· Speaker, Webinar: SEC Inspections and Examinations in the Post Dodd-Frank World, PLI (November 21, 2011)
· Speaker, Webinar: SEC Exams: Proven-in-Practice Guidance to Survive and Thrive Before, During & After an Exam, IA Watch (November 15, 2011)
· Speaker, "BDC Compliance: Understanding the Regulatory Perspective," BDC Quick Call (November 2, 2011)
· Speaker, FIA Law and Compliance Conference (May 6, 2011)
· Speaker, Compliance and Ethics Forum for Life Insurance Ethics Summit (April 13, 2011)
· Speaker, "Broker-Dealer Inspection Workshop," 21st International Institute for Securities Market Development (April 13, 2011)
· Speaker, Ascendant Compliance Conference & Educational Services (March 30, 2011)
· Speaker, "IA Watch," IA Compliance Best Practices Summit (March 21, 2011)
· Speaker, IAA Investment Adviser Compliance Conference (March 10, 2011)
· Speaker, "Institutional Investor," Financial Technology Forum (February 16, 2011)
· Speaker, CCOutreach Broker-Dealer National Seminar (February 8, 2011)
· Speaker, APEC Regional Seminar on Market Supervision (December 13-17, 2010)
· Speaker, "Caribbean Group of Securities Regulators," 7th Annual Meeting and Conference: Combating Fraud; Lessons from Recent Events (November 26, 2010)
· Speaker, "Broker-Dealer Compliance & Examinations and their Relation to Enforcement," International Enforcement Institute (November 4, 2010)
· Speaker, National Society of Compliance Professionals National Meeting (November 1, 2010)
· Speaker, American Law Institute/American Bar Association Life Insurance Company Products: SEC Disclosure and Compliance (October 29, 2010)
· Speaker, Institutional Investor Legal Forum (October 19, 2010)
· Speaker, Michigan State University College of Law Midwest Securities Law Institute (October 15, 2010)
· Speaker, NRS Annual Spring Compliance Conference (October 5, 2010)
· Speaker, Investment Adviser Compliance Certificate Program: Codes of Ethics (October 4, 2010)
· Speaker, NASAA 93rd Annual Conference (September 27, 2010)
· Speaker, "Capitalize on Compliance," Ascendant Compliance Conference & Educational Services (September 27, 2010)
· Speaker, "IA Watch," IA Compliance Fall Conference (September 20, 2010)
· Speaker, "Rethinking Securities Regulation and the Role of the SEC: Oversight and Inspection of Regulated Entities: The Office of Compliance Inspections and Examinations," Georgetown University Law Center (September 15, 2010)
· Speaker, International Institute on the Inspection and Oversight of Market Intermediaries: The U.S. Regulatory Model for Market Intermediaries (July 6, 2010)
· Speaker, "Retirement Security in a Regulated Marketplace, Annuities in 2010 and Beyond: FINRA/SEC Perspectives on the Annuities Marketplace," Insurance Marketplace Standards Association & AARP (June 10, 2010)
· Speaker, "Investment Company Regulation and Compliance: Compliance Programs/Litigation," American Law Institute/American Bar Association (June 4, 2010)
· Speaker, "Compliance and Consumer Complaints Conference: What Makes Compliance a Profession?" Canadian Life and Health Insurance Association (May 13, 2010)
· Speaker, "2010 General Membership Meeting: The Regulatory Front, New Issues Impacting Compliance," FIA Law and Compliance Conference Investment Company Institute (May 6, 2010)
· Speaker, "Mutual Fund Seminar: Mutual Fund Regulation, An SEC Examiner's Perspective," University of Delaware, Alfred Lerner College of Business and Economics (April 28, 2010)
· Speaker, "FINRA Institute at the Wharton School of Business: Regulatory Panel," University of Pennsylvania (April 28, 2010)
· Speaker, SEC 2010 Southeastern Securities Conference for Regulators, Investigators, and Prosecutors, Defense Counsel Roundtable (April 22, 2010)
· Speaker, National Regulatory Services Annual Spring Compliance Conference (April 20-21, 2010)
· Speaker, "Investment Advisers, Funds and Broker-Dealers: a Training Program on Regulation, Inspection and Enforcement," Cayman Islands Monetary Authority and SEC (April 12-14, 2010)
· Speaker, "SEC Speaks in 2010," FIA Law and Compliance Conference (May 6, 2010)
· Speaker, "Futures Industry Association," Practising Law Institute (May 6, 2010)
· Speaker, "IA Week," IA Compliance Best Practices Summit 2010 (March 25, 2010)
· Speaker, "A Bold New World of Compliance," Ascendant Compliance Conference & Educational Services (March 11, 2010)
· Speaker, "Regulatory/Examination Developments," SEC 43rd Annual Northwest State-Federal-Provincial Securities Regulation Conference (March 4, 2010)
· Speaker, "Towards Effective Regulation and Development of an Efficient Capital Market in Africa," Kenyan Capital Markets Authority, U.S. Agency for International Development and SEC (February 22-26, 2010)
· Speaker, SEC, CCOutreach National Compliance Seminar (January 26, 2010)
· Speaker, "Madoff is Gone But Not Forgotten: A Review of the Potential Regulatory and Enforcement Impacts," FIA Law and Compliance Conference," District of Columbia Bar Association (January 19, 2010)
News
Settlement Sends Message that BD CEOs Can be Sanctioned if they Overload Part-time CCOs
February 6, 2012
The State of the Compliance Professional in 2012
Winter 2012 Thompson Reuters Accelus
Sutherland forms Response Team to Help Clients Address Whistleblower Claims in 2012
December 21, 2011
Internal Changes at SEC's Exam Division
December 6, 2011
John Walsh Still Has Compliance's Back After Stepping Down as SEC Exam Chief
November 2011 Reuters
BlackRock Praises Regulators' Coordination on Hedge Fund Secrets
October 31, 2011
Law360-Sutherland Nabs SEC Vet For Financial Services Group
September 16, 2011
SEC Associate Director and Chief Counsel John Haggerty Walsh Joins Sutherland
September 15, 2011
Legal Alerts
Legal Alert: Impact of the Jumpstart Our Business Startups Act (the JOBS Act) on Broker-Dealers
April 13, 2012
Legal Alert: Summary of Selected Programs from SIFMA Compliance & Legal Society's 2012 Annual Seminar
April 10, 2012
Legal Alert: Regulatory Watch List for 2012: The Shifting Landscape for Hedge Funds and Other Private Funds
February 8, 2012
Legal Alert: ERISA Participant Disclosure Will Not Violate SEC Advertising Rules
November 2, 2011
Legal Alert: Who Is Listening? The SEC Emphasizes Importance of Cybersecurity Disclosure
October 26, 2011
Publications
Criticism and Self-Criticism: Law and Compliance in a Revolutionary Time
March 26, 2012 Reprinted with permission from ABA Section of Litigation
Events
IA Compliance Best Practices Summit 2012
March 15-16, 2012
2012 IAA Investment Adviser Compliance Conference
March 8, 2012
Ascendant Compliance Conference
March 5-6, 2012
Sutherland Securities Symposium
February 2, 2012
One Voice 2012: FSI Broker-Dealer Conference
January 23-25, 2012
2011 Securities Law Developments Conference
December 13, 2011
The Knowledge Congress
December 6, 2011
Webinar: SEC Inspections and Examinations in the Post Dodd-Frank World
November 21, 2011
Webinar: SEC Exams: Proven-in-Practice Guidance to Survive and Thrive Before, During & After an Exam
November 15, 2011
BDC Quick Call
November 2, 2011
Broker-Dealer/Investment Adviser Compliance Roundtable
October 26, 2011