Well written and up-to-date supervisory procedures are the cornerstone of an effective compliance program. Without them, supervisors and other employees cannot know what is expected of them, regulators will have concerns about the effectiveness of a Firm’s compliance program and plaintiff’s lawyers will have a field day. We have written various policies and procedures for a number of broker-dealers, and investment advisers including compliance manuals for all employees, for registered representatives, for branch office managers and other supervisors, and for specific departments. We have also written ad hoc policy memoranda, compliance department procedure manuals and comprehensive broker-dealer and investment advisory supervisory manuals.