Independent compliance consultancies and court-appointed monitorships
Patomak experts serve as court-appointed monitors for global financial institutions regarding Commodity Futures Trading Commission, Federal Reserve, Financial Industry Regulatory Agency, and Department of Justice issues.
Patomak Global Partners act as independent compliance consultants during pending CFTC, Securities and Exchange Commission, and Federal Reserve actions pursuant to terms negotiated between regulators and respondents.
In this role, Patomak experts review and recommend improvements to supervisory, compliance, operational policies, procedures, information technology systems, trade surveillance, and controls.
The Patomak team assists counsel in legal, regulatory, and transactional issues involving major financial firms and collaborates with counsel to develop litigation strategies. The team then assists counsel with preparing for depositions and enforcement interviews. Patomak’s experience and vision help clients develop effective strategies to integrate and coordinate legal, public affairs, and government affairs resources.
Expert witness testimony
Because Patomak senior experts are authorities in their fields, they frequently provide expert testimony in trials, arbitration proceedings, and investigations. Their expertise spans domestic and foreign jurisdictions, with team members serving as experts before U.S. and foreign courts and regulatory bodies on behalf of clients among commercial banks, cryptocurrency companies, investment advisors, broker-dealers, public companies, and professional firms.
Examples of Patomak Global Partners engagements related to litigation support and enforcement include:
- Served as independent compliance consultant providing strategic advice and compliance support to several broker-dealers, pre-settlement, regarding off-channel communications and record retention requirements, including recommendations for vendor solutions, policies, procedures, control assessments, sample testing, communication channel inventories, and implementation.
Developed enhancements to the trade surveillance framework of a large bank’s futures commission merchant serving as an independent monitor subject to a CFTC and New York Attorney General settlement agreement.
In connection with a joint Federal Reserve and CFTC action, conducted an independent governance review for the board of directors of a systemically important financial marketing utility.
Served as an independent compliance consultant for a large global bank, making recommendations to improve swap dealer practices, policies, and procedures.
Served as an independent compliance consultant for a major financial firm regarding its internal audit function and information technology operations processes.
Served three years as a court-appointed monitor for a major non-U.S. swap dealer pursuant to a CFTC enforcement action, which included reviewing, assessing, and providing recommendations to enhance the firm’s swap reporting and related business continuity and disaster recovery programs.
Advised on enhancements to mortgage-backed securities sales practices and bond traders’ compensation policies and practices pursuant to an investment bank’s DOJ non-prosecution agreement.
- Conducted an independent and holistic review, analysis, and assessment of policies and procedures related to governance and clearing activities at a major clearinghouse.