“The need for comprehensive yet effective control functions is at an all time high. I am committed to helping firms ensure they have a “best in class” control program that not only exists on paper, but is working, has been embedded in the firm's culture and is sustainable. ”
Patricia Solfaro has been assisting broker-dealers and investment advisers for the past 15+ years with compliance matters and compliance programs, new business and product development and distribution, disputes, litigation, inquiries, investigations and regulatory enforcement matters. She has served as a trusted advisor to senior management at various financial services firms over the years. Prior to joining Bressler, Patricia was Managing Director and Head of Compliance for Barclays Wealth and Investment Management US. She was also a member of the Executive Committee. In these roles, Patricia provided strategic advice to senior management and the firm on compliance, regulatory and business matters. While at Barclays, Patricia undertook a comprehensive review, design and revamp of the compliance program (broker-dealer, investment advisory and core compliance). Patricia was also instrumental in the review, design and implementation of the business risk and control function. She was designated as a Barclays’ Values Leader and led efforts to further embed compliance and the values of Barclays. The position also involved ongoing regulator engagement, regulatory examination preparation and the handling of open/threatened regulatory examinations, internal investigations and compliance reviews.
Her coverage responsibility included all aspects of a wealth management compliance program from a product and technical, compliance advisory and core compliance standpoint. Some of the products supported by the wealth compliance program included investment advisory, structured investments, hedge funds, fixed income, equities and brokerage. Core compliance coverage consisted of policy and training, personal account dealing, outside business activities/outside interests, gifts and entertainment, compliance risk identification and assessment, monitoring and testing/surveillance, regulatory change management, annual compliance plan and management information reporting. Other areas of responsibility included meaningful participation in the New Product Approval Process, Reputational Risk Process and Enforcement/Disciplinary Process.
Prior to Barclays, Patricia worked for nearly 10 years at Credit Suisse Securities LLC, where she held a number of senior roles on the legal and the compliance side. She served as Head of Private Banking Compliance, managed the litigation docket for the Private Bank and held the role of Counsel to the Head of Compliance for Credit Suisse. She was also a member of the Private Banking Operating Committee.
In her role as Head of Private Banking Compliance, Patricia was responsible for the compliance organization supporting the Private Banking Division in the US. Coverage included the UHNW/HNW brokerage operation, the investment advisory offering (Discretionary Managed Accounts, Managed Accounts, Family Wealth Management and Investment Management Consulting), various product desks (e.g., structured products, alternative investments, F/X, lending and deposits, insurance, fixed income, equities, options, futures) in addition to the Corporate and Executive Services group. The position also included the provision of strategic advice and support to Senior Business Management on day-to-day business operations, as well as new business initiatives. Regulator engagement and assistance with regulatory matters were required.
In her role as Director of Private Banking Litigation, Patricia was responsible for the management of the securities litigation/arbitration docket for the Private Bank on a national basis. She provided oversight and assistance with internal reviews, regulatory investigations, exams and inquiries, regulatory filings, litigation reserves and cost reduction initiatives. She supervised outside counsel and partnered with Compliance on the development and implementation of remedial measures.
Patricia started her career at Credit Suisse as Counsel to the Head of Compliance. In this role, she provided advice and support to the Head of Compliance as well as others within the Americas Compliance Department on various compliance, regulatory and reputational risk issues. She supported the Head of Compliance in his vision and the execution of a revamp of the Americas Compliance Program. She managed and drove core compliance as well as business-specific compliance initiatives in the following areas: equities, fixed income, investment banking, research, private equity and private client services. She prepared compliance policies and training materials, monitored regulatory developments and assisted with required implementation. Prior to Credit Suisse, Patricia served as an attorney and Assistant Manager of the Early Dispute Resolution Group at UBS Financial Services Inc.
Patricia began her career in 1998 as a law clerk to the Honorable William A. D’Annunzio of the N.J. Appellate Division. She then went into private practice with Bressler and focused on employment, securities and regulatory matters.
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Bressler, Amery & Ross is a proud sponsor of the 2017 SIFMA Compliance and Legal Society St. Louis Regional Seminar. The seminar will feature presentations by leadin… Read more
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