Our Expertise
Guiding the Way to Solutions.
Regulatory Advice
Promontory is exceptionally well-positioned to help clients understand and satisfy the concerns of regulators. Our professionals have occupied high-ranking positions in financial regulatory agencies on four continents, including the Office of the Comptroller of the Currency, the Federal Reserve, and the Securities and Exchange Commission (SEC) in the US, the Financial Services Authority in the UK, the Commision Bancaire in France, the Bank of Japan, and the Australian Prudential Regulation Authority. As such, we have deep familiarity with these agencies and regulators. The regulators trust our judgment and respect our work. Our success in resolving formal regulatory orders speaks for itself. Our expertise has been proved in our work on behalf of clients who have matters before the agencies mentioned above, as well as those with matters before the Commodity Futures Trading Commission (CFTC), Department of Housing and Urban Development, Department of Justice, Federal Deposit Insurance Corporation, Federal Housing Finance Board, Federal Trade Commission, Financial Accounting Standards Board, and Office of Thrift Supervision in the US, and before other regulators in Europe and Asia.
Representative Engagements
A major financial institution was directed to retain an independent compliance consultant as part of an SEC enforcement action alleging late trading and market timing by its mutual fund affiliates. The institution selected Promontory to conduct a comprehensive analysis of supervisory, compliance, and other policies and procedures. Based on its findings, Promontory recommended a risk management and compliance structure and related controls to guard against: conflicts of interest, breaches of fiduciary duty, breaches of codes of ethics, and violations of federal securities laws. As required by the enforcement order, Promontory’s written report and recommendations were delivered to the client and to the SEC.
A monoline insurer, in the midst of making significant capital and liquidity enhancements, called on Promontory to advise and assist with communications and interactions with state and federal regulators, legislators and other interested parties.
A national securities exchange with an affiliated designated contract market sought Promontory’s expertise when it was time to draft and update trading rules and related member materials to govern trading on a new futures trading system. Promontory assisted and advised the client throughout the rule development and approval process with the CFTC.
Promontory assisted a private equity firm with its effort to establish or acquire an industrial bank. We assisted our client with the requisite applications for regulatory approval of the transaction, including assisting with the required business plan and financial projections. Promontory also advised the client on the appropriate structure for the transaction and on regulatory relations.