The Securities and Exchange Commission today announced that Lourdes Caballes and Michael Rufino have been named Associate Directors of the Office of Compliance Inspections and Examinations (OCIE) Broker-Dealer Examination Program in the New York Regional Office. Together, Ms. Caballes and Mr. Rufino will oversee a staff of nearly 80 accountants, examiners and attorneys responsible for inspections of SEC-registered broker-dealers in New York and New Jersey. Ms. Caballes and Mr. Rufino succeed Robert Sollazzo who retired in July after 38 years of service to the SEC.
Ms. Caballes has been an Assistant Director in OCIE's Clearance and Settlement Examination Program since December 2016. Prior to that, she served as an Examination Manager and Branch Chief in the Broker-Dealer Examination Program in New York, where she began her SEC career as a compliance examiner. Ms. Caballes earned her bachelor's degree from the College of Mount Saint Vincent and master's degree from Fordham University. She is also a certified fraud examiner.
Mr. Rufino will join the SEC from the Financial Industry Regulatory Authority (FINRA). Since 2013, Mr. Rufino has served as Executive Vice President for Member Supervision. Prior to that, he held the roles of Senior Vice President, Deputy and Chief Operating Officer in FINRA's Member Regulation Sales Practice. Before joining FINRA, Mr. Rufino held the roles of Senior Vice President, Examination Director and Supervising Senior Examiner in the New York Stock Exchange's Member Regulation Sale Practice Program. Mr. Rufino received his bachelor's and master's degrees from Iona College. He is also a certified anti-money laundering specialist.
Richard Best, Director of the New York Regional Office, said, "Lourdes and Mike will bring their expertise, talent, and leadership to the Broker-Dealer Exam Program in New York. I am excited to work with them as they help build on the sound record of accomplishments of our committed and talented examination team."
Peter Driscoll, Director of OCIE, said, "I have been fortunate to work with both Lourdes and Mike in varying capacities over the years. They both have significant experience in the broker-dealer industry, including examination, risk monitoring, and supervision. I am confident that both Lourdes and Mike will successfully lead the OCIE staff based in New York."
Ms. Caballes said, "I am excited for the opportunity to lead the dedicated and hard-working broker-dealer exam team based in New York. I look forward to working alongside Mike and the team to continue to carry out our mission of protecting investors."
Mr. Rufino said, "I have always been impressed with the work of the New York broker-dealer exam program and am honored to now join it and, with Lourdes, lead the team in protecting investors."
OCIE conducts examinations of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, clearing agencies and transfer agents. It uses a risk-based approach to examinations to fulfill its mission to promote and improve compliance with U.S. securities laws, prevent fraud, monitor risk and inform SEC policy.
