Bill is an innovative and respected financial services professional with over 35 years of consulting and regulatory experience. Bill leverages his industry expertise and relationships with state and federal regulators and self-regulatory organizations to guide broker-dealers, investment advisers and law firms providing legal representation through both proactive and reactive regulatory processes and compliance issues.
- Compliance support and services for broker-dealers include: 3120/3130 Reviews, Policies and Procedures creation and updates, Heightened Supervision Reviews, Branch Office Examinations, Senior/Vulnerable Adult Program Compliance, Suitability Reviews, Training, AML Reviews, Email Reviews, Reg BI Support, New Product Review and Employee Personal Trading.
- Compliance support and services for Investment Advisers include: Annual Compliance Reviews, Policies and Procedures creation and updates, Investment Adviser Registration, Senior/Vulnerable Adult Program Compliance, Suitability Reviews, Training, Advertisement Reviews and New Product Reviews.
- Conducts independent, third party reviews for broker-dealers and investment advisers.
- Retained as an expert in two arbitration cases to provide testimony that a broker-dealer had conducted adequate and ongoing due diligence for an investment adviser that was executing transactions for advisory clients via the broker-dealer’s trading platform.
- Retained as an expert to provide testimony in an arbitration that a broker-dealer failed to follow procedures governing the use of Letters of Authorization.
- Retained as an expert in an arbitration to provide an opinion on the supervisory system of a broker-dealer and whether it was consistent with FINRA’s rules and regulations regarding the supervision of a registered representative.
- Retained in conjunction with a review by a registered investment adviser to update the firm’s policies and procedures for registering investment adviser representatives with states and resolve unregistered activity with state securities regulators. Only one of 11 states which could have initiated formal action did so, resolving the matter for a minimal fine against the firm.
- Retained by law firms to assist broker-dealers, investment advisers and individuals in regulatory matters subject to potential cease and desist orders, fines, denial, restriction, or revocation of registration, negotiate beneficial resolutions for the client(s).
- Retained by a law firm to help a broker-dealer successfully obtain a waiver from the prohibition of concurrent dual registration of registered representatives with more than one broker-dealer from the Massachusetts Secretary of State.
Florida Office of Financial Regulation
- Responsible for all aspects of the broker-dealer and investment adviser examination program, requiring the supervision of 50+ staff that conducted examinations, investigations, and handled investor complaints.
- Co-creator and administrator for the Disciplinary Guidelines Rule and Sanctions Matrix for the Division of Securities, Office of Financial Regulation
- Led and participated in numerous national examination sweeps including problem firms and individuals, heightened supervision, books and records, free lunch seminars, penny stocks, auction rate securities, and structured products.
- Appointed by NASAA to be the state’s representative to work with the industry and SEC on the amendments to the books and records requirements of SEC Rules 17(a)-3 and 17(a)-4, which became effective in May 2003.
- Appointed by NASAA to be the initial state representative to the Content Committee for the Securities Industry/Regulatory Council on Continuing Education. Created written scenarios for the Series 101, 201 and 206.
- Associate Director, Oyster Consulting, LLC
- Chief, Bureau of Securities Regulation, Division of Securities, Florida Office of Financial Regulation
- Chair, NASAA Broker-Dealer Operations Committee
Education, Accolades and Affiliations
- Bachelor of Arts, Political Science, University of Florida
- Certified Financial Planner (CFP) Disciplinary Hearing Panel Member, 2014
- Advisory Board Member, Florida Securities Dealers Association, 2013 – present
- Chair, Industry, Elder and Teen Financial Literacy Outreach Committees, Florida Securities Dealers Association, 2015 – 2016
- Legislation Committee, Senior and Vulnerable Adults and Industry Outreach Committees, Florida Securities Dealers Association, 2014 – present
- NASD Phase I Examiner Training Program
- NASAA Outstanding Service Awards in 1996, 2001 and 2012
- Bill is a frequent speaker at industry and regulatory training programs and conferences, and Industry and Investor Outreach Programs
Publications and Presentations
- A Strong ESG Investment Strategy Protects You and Your Clients – Oyster Blog, April 27, 2021
- SEC Issues Risk Alert on ESG Investments – Oyster Blog, April 22, 2021
- Independent Third-Party Reviews: An Important Tool in the Resolution of Regulatory Exams and Investigation – Oyster Blog, March 30, 2021
- SEC Addresses Climate Change Issues Affecting Financial Markets – Oyster Blog, March 23,2021
- Regulators – Behind the Scenes – Oyster Stew Podcast Mini-Series, November, 2020
- State Regulatory Actions Increase 33% – NASAA Enforcement Report – Blog Post, Nov 3, 2020
- NASAA 2020 Annual Conference Discusses Regulatory Initiatives – Blog Post, Oct 13, 2020
- More States Adopt Disbursement Hold Regulations to Protect Senior and Vulnerable Adults – Blog Post, April 30, 2020
- NASAA Offers Resources for State and Provincial Pandemic Responses – Blog Post, March 31, 2020
- FINRA Releases 202 Exam Priorities Letter – Blog, January 23, 2020
- Advertising Rules – Enforcement Actions and the Impact of Reg BI – Oyster Stew Podcast, November 20, 2019
- Mad Men Era Advertising Rule Changes Proposed – Oyster Stew Podcast, November 15, 2019
- Reg BI – The Care Obligation – Oyster Stew Podcast, October 23, 2019
- Reg BI – Conflicts of Interest Obligation – Oyster Stew Podcast, October 16, 2019
- 2019 NASAA Annual Conference Highlights Investor Advisor Exam and Enforcement Activity – Blog Post, September 20, 2019
- Avoid Broker-Dealer Consolidated Enforcement Actions – Blog, August 8, 2019
- FINRA Seeks Feedback on Business Continuity Plans – Blog Post, April 9, 2019
- NASAA & FINRA Reports Point to Regulatory Expectations for Heightened Supervision – Blog Post, February 5, 2019
- Webinar: Digital Assets – The Future of the Financial Services Industry August 21, 2018
- Digital Asset Regulatory Challenges – Bill Reilly and Don Horwitz, NSCP Currents Magazine, July, 2018
- Practical Considerations for Firms with Clients in Digital Assets Markets – Blog Post, June 21, 2018
- Digital Assets and State Regulatory Challenges – Blog Post, June 7, 2018
- Cryptocurrencies and the Regulatory Challenges Around Them – Blog Post, May 29, 2018
- Webinar: Looking Out for the Baby Boomers – Are You Protecting Your Clients and Your Firm? – January 17, 2018
- State of Florida Offers Relief for Office Locations Affected by Hurricane Irma – Blog Post, September 13, 2017
- Webinar: Vulnerable Adult Clients: Are You Protecting Your Clients and Your Firm? May 25, 2017
- The SECS 2017 Priorities: What They Are and What Compliance Professionals Need to Know– NSCP Currents, February, 2017.
- NASAA Legislation – Protecting Vulnerable Adults from Financial Exploitation – Blog Post, February 25, 2016
- Webinar: Creating and Executing Effective, Customized Branch Examinations September 15, 2016. NSCP/Oyster Consulting, Raymond James & Associates, Inc.