Spring 1987
December 1987
June 1988
July 1988
October 1989
June 2001
April 2003
July 2003
February 2004
October 2007
November 2010
December 2010
February 2011
October 2013
June 2015
August 2015
November 2015
December 2016

Jacqueline Hallihan creates National Society of Compliance Professionals; addresses industry need for networking and offers a voice


“In the spring of 1987, Ms. Richards was in search of a support organization for investment advisers – a place to call with questions, an association that would provide networking and educational opportunities. After placing calls to existing organizations it became clear that this type of association did not exist. And so, following an informal luncheon meeting of a number of compliance people, Ms. Hallihan responded to the need by forming the National Society of Compliance Professionals, Inc.”               – NSCP Currents, December 1987

NSCP responds to the growing need for regular thought leadership and a place to share ideas by creating its Newsletter


The first issue of NSCP Currents is released! Review it here!

 

 

 

 

 

                                                                                                      The message resonates, as word spreads, membership grows                                                                                                                                                                  

 


The 1st Membership Drive was June 22,1988 with 410 active members at the time

  • Annual membership dues in 1987 were $350
  • Today, annual membership dues are $450


NSCP creates its annual membership meeting, a place to gather and share, now one of the industry’s most well respected educational and networking events                                                                                                                


The First Annual Meeting of NSCP Members (now NSCP National Conference) was held in New York City on July 28, 1988.

Read the original event agenda here!

 

Continuing its commitment to networking and thought leadership, NSCP hosts its first Regional Conference (now Spring Conferences) in New York City on October 18, 1989                


“In the morning, ‘Supervision and the Compliance Manual’ was our focal topic. Ed Venit (Kelley Drye & Warren, Attorney, NSCP member and this meeting’s chairperson) had prepared a ‘mock’ compliance manual to be dissected by the discussion’s panel participants.”


“The three subtopics which provoked the most group discussion were ‘The Compliance Officer’s Role,’ ‘What to Do When a Regulator Visits,’ and “Insider Trading.'”                                                     – NSCP Currents, December 1989

 

It was time for a change of scenery


NSCP moves from Lakeville, CT to our current location in Cornwall Bridge, CT.

 

Compliance Programs Rule | NSCP cautions Commission, “a ‘one-size-fits all’ approach is unworkable”                                                                                                     


Comments on Proposed Rule – Compliance Programs of Investment Companies and Investment Advisers 


“The NSCP strongly supports the Commission’s efforts to enhance and strengthen compliance programs at investment advisers and investment companies, but nevertheless is concerned about the nature and scope of the Proposed Rules. In particular, the NSCP is concerned that the Proposed Rules would be interpreted to require the same compliance program of all advisers, without consideration of the diversity of the investment advisory industry and the fact that investment advisers range from firms which employ a small number of personnel to firms with offices in several countries and thousands of employees. We do not believe that a single set of compliance policies and procedures is appropriate to such a diverse group or would achieve our shared goal of enhancing compliance within the asset management industry.”

 

 

Certification by CCO | NSCP challenges Proposed Rule suggesting it will increase personal liability, does not establish clear standards, and could diminish the effectiveness of CCOs


NSCP Comment Letter to NASD on Proposed Amendments to NASD Rule 3010; Proposed IM-3010-1; and Notice to Members 03-29 – Certification by Chief Executive Officer and Chief Compliance Officer


“The NSCP strongly supports the NASD’s efforts to enhance and strengthen
compliance programs at broker-dealers, but nevertheless is concerned about the Proposed
Rule’s requirement for CCO certification. In particular, the NSCP is concerned that the
Proposed Rule would alter the CCO’s roles and responsibilities within a broker-dealer in ways that would be detrimental and could expose CCOs to new, unwarranted, and fundamentally unfair personal liability. The NSCP respectfully suggests that other measures are more likely to achieve the stated objective of improving compliance efforts at broker-dealers without the undesirable consequences of the Proposed Rule.”

 

Final Rule 38a-1 | NSCP cautions the Commission on lack of guidance and cites that much of what the rules contemplate would place an “insurmountable” burden on the CCO 


NSCP Comments on Final Rule 38a-1 – Compliance Programs of Investment Companies and Investment Advisers


“The NSCP strongly supports the Commission’s efforts to enhance and strengthen compliance programs at investment advisers and investment companies, but nonetheless is concerned with the nature, scope and lack of specificity in the Rule. Our views, as well as our concerns over the broad definition of “Material Compliance Matter,” are discussed below.

  • A. Duties of the Fund’s CCO
  • B. “Material Compliance Matter'”

 

NSCP creates Self-Study Certification Program for industry professionals seeking personal, professional development                                                                           


The original NSCP Self-Study Exam Program – Certified Compliance Professionals Program (“CSCP”)  was launched October 15, 2007. This iteration of the CSCP Program was retired on December 31, 2015 with 176 total certification holders.

 

 

For Compliance – By Compliance | NSCP voices its stance on the SEC v. Theodore W. Urban                                                                                                                                                                                                                           


NSCP filed an Amicus Brief with the Securities and Exchange Commission In the Matter of Theodore W. Urban urging the Commission to clarify the role of a supervisor at a broker-dealer and to delineate clear standards regarding when a compliance professional has crossed the line into supervision.


A copy of NSCP’s brief is available for review here.

The year of the Census, NSCP embraces data in 2010 too, assembling data on the Compliance industry


The goal of the census was to discover, using real-time data, the make-up and status of compliance in our industry. We addressed the data in the following broad demographic categories:

  • Number of Compliance Staff at the firm
  • Experience
  • Education
  • Salary Ranges

A copy of the NSCP 2010 Census is available here.

A day in the life of a CCO, through the eyes of a CCO | NSCP organizes and delivers an on-site training for the SEC offering practical insight into the real day-to-day world of Compliance Officers.


NSCP, Board and Board Alumni present a one day SEC Staff Training Day                            


Review the meeting agenda here.

Continuing to honor those who seek tirelessly to advance the Compliance Profession


In the summer of 2013, Joan Hinchman retires after 27 years as Executive Director of NSCP. The Joan Hinchman Award is created, and awarded each year at the NSCP National Conference, to honor an individual who by example, action, and accomplishment has provided extraordinary service to the Compliance Profession.


Joan Hinchman Award Receipients:

  • October 2013: Lori Richards
  • October 2014: Richard Chase
  • November 2015: Paul Uhlenhop
  • October 2016: Rick Marshall

NSCP Announces the appointment of Lisa D. Crossley as Executive Director.  


With over 20 years experience in the industry serving as General Counsel and Chief Compliance Officer on both the broker-dealer and investment company/adviser sides of the business, Lisa started her journey with NSCP as a member, later serving on the NSCP Board of Directors. Lisa has been formally affiliated with NSCP since 2010 after accepting the role of Regulatory Liason, and would also serve as Deputy Executive Director (2012).


Lisa leads NSCP into the next generation of compliance serving the membership as an Agent for Change. Having profound respect for the mission of NSCP, and a thoughtful and deliberate approach to leading the organization through the next chapter, Lisa reflects upon lessons learned in her first year | CCO Turned Executive Director: Lessons in Year 1

National Society of Compliance Professionals Offers Input to the SEC on CCO Liability with a Letter to the Director of the SEC’s Division of Enforcement, Andrew Ceresney


On behalf of its membership, the National Society of Compliance Professionals (NSCP)
has submitted a letter to the Securities and Exchange Commission providing input
on emerging enforcement issues of compliance officer liability. NSCP’s compliance
officer members and the Commission share parallel interests in the values of market
integrity and investor protection. Guided by these values and through this letter, NSCP
seeks to respectfully provide the Commission the benefit of its members’ experience in articulating support for a strong and effective enforcement program, while recognizing the shared mission of compliance officers and the unique role they play in their firms.

 

 

                                                                                                                                                                                                                              NSCP partners with Utica College to breathe new life into CSCP, creating an On-line Program                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                


Announced on November 23, 2015, NSCP in partnership with Utica College re-releases its CSCP  On-line Training Program in connection with Utica College’s Masters program. The first graduating class completed the curriculum as of December 2016, which resulted in 15 new CSCP certification holders.                                                                          



 Adding a new twist to a classic meeting; NSCP’s first Regulatory Interchange* introduces combination session styles, peer only vs. regulator present, as NSCP facilitates a candid, yet confidential, dialogue between industry professionals and regulatory oversight


NSCP introduces its first Regulatory Interchange* with the SEC & NFA, December 5, 2016 at the Federal Reserve Bank in Boston, MA. 

Review the meeting agenda here.


*Renamed Interchange from Roundtable to better communicate the intention of the meeting to be a give and take of ideas and active communication between regulators and attendees.