New CCH Guide Helps Ensure Supervisory Control For Sales Of Securities, Eases Burden Of Enforcement Proceedings

(RIVERWOODS, ILL., June 1, 2000) – The crackdown by federal and state securities regulators on financial services providers that fail to maintain supervisory controls to prevent against securities laws violations is increasing, according to CCH INCORPORATED (CCH), a leading provider of securities and banking law information. At the same time, thrifts, broker-dealers, life and annuity companies, future merchants and commercial banks are creating complex, commingled new products with disparate regulatory compliance controls. Charting a course for compliance can be byzantine.

Now, CCH has published Managing Marketeers – Supervisory Responsibilities of Broker-Dealers and Investment Advisers, to help those engaged in the sale of securities protect against significant liabilities for failing to supervise.

This survival guide provides the appropriate guidelines for multiservice financial firms to follow to avoid the high cost of violations and keep consumer confidence in their firms strong. (496 pages, $159. To order or for more information, call 1-800-248-3248.)

Written with the expert insight of leading securities law practitioners and former Securities and Exchange Commission (SEC) enforcement authorities, Managing Marketeers provides detailed guidance on the supervisory policies and practices that securities firms, as well as banks, thrifts and insurance companies engaged in securities activities, must have in place.

"Firms that fail to develop the necessary supervisory controls over the sale of securities will discover, as so many have in the past, that unsupervised activity generates liability, not revenue," noted book co-author Ralph C. Ferrara, former SEC General Counsel and a partner in the law firm of Debevoise & Plimpton.

Authoritative Guidance, Every Step of the Way

The Securities and Exchange Commission, Self-Regulatory Organizations and other federal and state regulatory agencies have increasingly emphasized the responsibility of broker-dealers, investment advisers and insurance companies to have an invulnerable system of supervisory policies and procedures designed to ensure that their employees comply with applicable laws.

Managing Marketeers not only covers what a firm needs to know about the requirements for establishing and maintaining controls over securities sales, but also provides thorough treatment of enforcement proceeding processes should a firm be the subject of a failure to supervise action.

The new guide examines enforcement actions brought against broker-dealers and investment advisers and identifies the types of problems that can cause a firm to be sanctioned for a failure to exercise reasonable supervision.

Step-by-step, Managing Marketeers guides the reader through:

  • Broker-dealer failure to supervise proceedings
  • Investment adviser failure to supervise proceedings
  • Supervisory requirements to detect and prevent insider trading violations
  • Direct and collateral consequences of SEC failure to supervise proceedings
  • SRO supervisory requirements
  • Supervisory requirements for banks and thrifts engaged in securities activities
  • Supervisory requirements for insurance companies engaged in securities activities
  • State law requirements

A comprehensive guide to the governing statutes, regulations and interpretative materials on supervisory controls, Managing Marketeers is an invaluable reference source for financial managers, compliance officers and attorneys who deal with supervisory issues on a day-to-day basis.

About the Authors

Ralph C. Ferrara is the managing partner of the Washington D.C. office of Debevoise & Plimpton, where his securities regulation practice includes representing the subjects of government and self-regulatory enforcement proceedings. Prior to joining the firm, he served as General Counsel of the Securities and Exchange Commission.

Phillip D. Parker joined Debevoise & Plimpton as counsel in its Washington D.C. office after two decades on the staff of the Securities and Exchange Commission, where he was a Deputy General Counsel and Chief Counsel of the Division of Enforcement. He regularly represents firms and individuals in enforcement and regulatory matters before the Commission.

Colby A. Smith is a partner in the Washington D.C. office of Debevoise & Plimpton. His practice focuses on a wide range of litigation matters, with an emphasis on internal corporate investigations and securities litigation.

Pricing and Availability

To order, or for more information on the 496-page book Managing Marketeers – Supervisory Responsibilities of Broker-Dealers and Investment Advisers, call 1-800-248-3248 or visit Single copy price is $159, plus additional tax, shipping and handling. Quantity discounts and school adoption pricing available.


CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, insurance, banking, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer U.S. The CCH web site can be accessed at The CCH Business and Finance Group site can be accessed at

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EDITORS NOTE: Members of the press interested in an editorial review copy of Managing Marketeers – Supervisory Responsibilities of Broker-Dealers and Investment Advisers should contact Leslie Bonacum, 847-267-7153 or