SEC Promotes Compliance Veteran To Lead Exam Programs

May 06, 2013

By Cyril Tuohy

InsuranceNewsNet

Andrew J. Bowden, a legal, compliance and examination expert with significant oversight of financial advisors and broker-dealers, has been promoted to director of the Office of Compliance Inspections and Examinations, the Securities and Exchange Commission (SEC) announced.

Bowden, who joined the SEC in 2011 as a national associate director of the office, will be in charge of the SEC’s National Exam Program, the agency said.

The National Exam Program conducts inspections and examinations of SEC-registered investment advisors, investment companies, broker-dealers, self-regulatory organizations, clearing agencies and transfer agents.

SEC Chairwoman Mary Jo White praised Bowden for his “dedication, judgment, and leadership,” with regard to overseeing the investment advisor/investment company examination program.

"Drew also has been very engaged in strengthening employee engagement, training and development,” White said in a statement. “During his time here, he has earned the trust and confidence of his colleagues, our regulatory partners and the industry.”

Bowden, in a statement, said he was “grateful for this opportunity to continue to work with the talented and dedicated team” in the Office of Compliance Inspections and Examinations.

His appointment comes at an important time for financial advisors as the SEC reviews the role and responsibilities that advisors owe their clients. In March, the National Exam Program issued a “risk alert” after it found some advisors to be deficient in the way they handled the custody and safety of client assets.

Before joining the SEC, Bowdenspent 17 years at Legg Mason in a variety of legal, compliance and senior business roles related to the mutual fund’s broker-dealer and investment management businesses. He also served on the Board of Governors and Executive Committee of the Investment Advisors Association.  He has a law degree from the University of Pennsylvania,

He succeeds Carlo V. di Florio who led the National Exam Program for more than three years. Di Florio was named the new executive vice president of risk and strategy for the Financial Industry Regulatory Authority, FINRA announced separately.

Di Florio will start at FINRA on June 24.

Cyril Tuohy is a writer living in Pennsylvania. He has covered the financial services industry for more than 15 years. He has also written about food, restaurants and travel. He can be reached at [email protected]

© Entire contents copyright 2013 by InsuranceNewsNet.com, Inc.  All rights reserved.  No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.


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