Bates News - 06-27-17

Bates Group Welcomes New Compliance Solutions Leader Michael Bernardo

Bates Group is pleased to announce the appointment of Michael “’Mike” Bernardo as Managing Director of Bates' Compliance Solutions (BCS) practice. Based in New York, Mike will use his decades of compliance and regulatory experience to lead and continue building BCS’ team of compliance Analysts, Experts and Consultants, overseeing all of BCS’ broker-dealer, RIA, cyber security, DOL Fiduciary Rule, AML compliance services, training, and client engagements.

Mike comes to Bates from PricewaterhouseCoopers (PwC), where he built and managed their broker-dealer regulatory team. He has proven experience providing consultative advice on all Regulatory, Compliance, and Operational aspects of the broker-dealer and RIA businesses, including: front office sales practices and supervisory processes for registered representatives and registered investment advisers; trading, including retail and institutional transactions, block trading, and trade allocations; financial controls, including policies, procedures, and processes for “FinOp” functions and regulatory reporting; operations, including margin, trade processing, fails, and Fed Funds; and back office compliance, including product reviews, active accounts, broker surveillance, and fee-based accounts. He has helped broker-dealers and investment advisers register new affiliated entities, performed annual compliance reviews and mock examinations, consulted on supervisory, compliance, risk, and internal audit matters for SEC, FINRA, and other rules and regulations, including the DoL Conflict of Interest Rule, and assisted numerous clients with their fiduciary (trust) accounts as part of their Reg 9 reviews. Mike also has extensive experience in special products, such as variable and fixed annuities, discretionary accounts, and mutual funds, and has worked with banks and insurance companies on product sales and supervision.

Mike previously worked at NYSE Regulation, reviewing floor broker and trading desk activities and trading patterns, and spent a decade at major securities firms, including Morgan Stanley, Smith Barney/Citigroup and UBS (then PaineWebber) where he was responsible for front office sales & supervision, surveillance, and back office compliance and operations. He was also the Operations Manager of a $5 billion branch office at UBS, overseeing brokers serving high-net-worth clients and portfolio managers (registered investment advisers) serving managed account clients. He began his career as part of the in-house Legal Support team at the Weehawken, NJ offices of PaineWebber.

“Mike is a very strategic hire for Bates,” said Bates Group President & CEO Jennifer Stout. “From a compliance practice perspective, Mike brings to this role experience and leadership that will tremendously benefit our clients and our firm. We welcome Mike to Bates Group and our Compliance Solutions Team.”  


About Bates Group:

Bates Group LLC has been a trusted partner to our financial services clients and their counsel for 30 years, delivering superior quality and results on a cost-effective basis. Voted a Best Securities Litigation Consulting Firm in 2015 and 2016 by readers of the New York Law Journal, Bates Group provides end-to-end solutions on legal, regulatory, and compliance matters for financial services firms and their counsel.  With a roster of over 100 financial industry and regulatory experts, Bates offers services in litigation consultation and testimony, regulatory and internal investigation matters, regulatory enforcement matters, AML solutions and staffing, compliance solutions, forensic accounting and fraud investigations, and damages consulting.

Our regulatory and compliance consulting division, Bates Compliance Solutions (BCS), consists of a team of experienced former regulators and compliance professionals, including CAMS-certified individuals. We provide a comprehensive set of compliance, regulatory and risk management products and consulting services along with continuing guidance and support tailored to the specific needs and requirements of our broker-dealer, IA, and bank clients, including extensive experience conducting AML investigations and comprehensive reviews and testing of AML compliance programs.


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