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2016 Regulatory & Compliance Summit Education
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Education

Tuesday, November 15 

2017: Compliance with the DOL Fiduciary Rule, and the Outlook for Tax Reform and Retirement Legislation and Regulations (click to view presentation)

Time: 8:15 - 9:15 AM (Kennedy Ballroom)

Session Description:

This session will examine the effect of the new President and the new Congress on the outlook for tax reform and retirement legislation and regulations in 2017. We will also examine the status of the new fiduciary rule, including the prospects for legislative or regulatory change and for the litigation challenging the validity of the rule. In addition, the session will examine the compliance challenges of the fiduciary rule and the different effects of different ways to comply with the rule. During this interactive session, we will discuss the specific effects of these different compliance strategies on financial institutions and their advisors.  

Sponsored By: Midwood Financial Services, Inc.

Midwood Financial Services, Inc.

Keynote Speaker: Kent A. Mason, Davis & Harman LLP 

Kent Mason advises Davis & Harman LLP clients in the retirement savings area. He works primarily with major employers, large plans, and national vendors of  retirement plan services. Kent frequently represents clients before Congress, the IRS, Treasury, the Department of Labor, and the Pension Benefit Guaranty  Corporation. He also works extensively for trade associations  on legislative and administrative issues affecting retirement savings.

 

 

FINRA and SEC Panel (Followed by Q&A) - click to view presentation 

Time: 9:15-10:30 AM (Kennedy Ballroom)

Session Description:

This session will examine the risk assessment responsibilities within the SEC’s National Examination Program, and SEC examination findings in several areas.The regulation of sales material by FINRA, including social media, and other recent developments of interest.  

Moderator:
David W. Porteous, Faegre, Baker, Daniels
Panelists: 
Thomas M. Selman, Executive Vice President, Regulatory Policy and Legal Compliance Officer

Thomas M. Selman is Executive Vice President, Regulatory Policy, and Legal Compliance Officer. He oversees the departments of Corporate Financing, Advertising Regulation and Regulatory Policy, and the Office of Emerging Regulatory Issues. Tom joined the organization in 1996.

From 1992 to 1996, Mr. Selman was Associate Counsel at the Investment Company Institute, a trade association for the mutual fund industry. Prior to that time, he served as Special Counsel in the Office of General Counsel at the United States Securities and Exchange Commission, a position he held beginning in 1987. He was an attorney-advisor to the European Union in Brussels, Belgium, from 1986 to 1987. In addition to his career accomplishments, Mr. Selman has authored articles that were published in Investment LawyerThe International Lawyer and Insights.

Mr. Selman also holds the Chartered Financial Analyst designation.

He received bachelor's degrees in economics and history from Rice University, and a Doctor of Jurisprudence degree from The University of Texas School of Law, where he was Associate Editor of the Texas Law Review.


Juanita Bishop Hamlet, SEC Senior Accountant, Office of Risk Analysis and Surveillance, Office of Compliance Inspections & Examinations

Juanita Hamlett is a Senior Accountant in the Office of Risk Analysis and Surveillance of the SEC’s Office of Compliance Inspections and Examinations or “OCIE”. Juanita’s role involves risk identification and assessment, and outreach to examination staff, as well as, data analysis and surveillance in support of the examination program. Juanita began her career at the SEC 17 years ago, and was a Branch Chief in the broker-dealer examination program for many years, supervising various types of examinations.

Ms. Hamlett holds a MBA degree from the University of Baltimore and Bachelor of Arts degree in Economics from the University of Maryland Baltimore County.

 

DOL Session (Followed by Q&A) - Click to view presentation

Time: 10:45 AM-12:00 PM (Kennedy Ballroom)

Session Description:
This session will examine adviser compensation, Best Interest Contract Exemption (BICE) and other recent developments from the Department of Labor. 
 
Panelists:
David W. Porteous, Faegre, Baker, Daniels

David Porteous is Chair of the Investment Management Practice at Faegre Baker Daniels.  He has spent more than 20 years in the industry working for and representing financial institutions including banks, broker-dealers and investment managers in regulatory, compliance and enforcement matters.  Before entering private practice, David was a staff attorney at SEC enforcement in New York and also clerked for NASD Enforcement regional counsel in Chicago and New Orleans. 

 

 

Mark Smith, Sutherland Asbill & Brennan LL

Mark Smith helps financial service providers and Fortune 50 companies successfully design and administer retirement, employee benefit, insurance and executive compensation arrangements. He provides a pragmatic perspective on the tax, Employee Retirement Income Security Act (ERISA) and other legal considerations applicable to these arrangements.


Banks, broker-dealers, insurance companies, investment advisers and managers, mutual funds, retirement platforms, other product and service providers, and plan sponsors seek Mark’s counsel on a broad range of consulting, transactional and regulatory matters.

 

Cybersecurity – A CEO/CCO’s Guide (click to view presentation)

Time:12:30-1:30 PM (Kennedy Ballroom)

Session Description:

The panelists will discuss the regulatory compliance, technical, and legal issues raised by Cybersecurity. The discussion will include industry standards and best practices for effective Cybersecurity compliance programs including oversight, assessment, and testing.

  1. Internal Assessments - Taking Inventory of Your Vulnerabilities
  2. Vendor Due Diligence - How Deep and How Long
  3. Developing Policies and Procedures
  4. Training and Educating Advisers in the Field and Key Employees
Moderator:
Sean Donahue, ACA Aponix
Panelists:

Sean Donahue, ACA Aponix

Sean Donahue is a Senior Principal Consultant with ACA Aponix, the cybersecurity and IT risk division of ACA Compliance Group.  ACA Aponix focuses on independent, holistic technology risk assessments and advisory services for financial firms.  Mr. Donahue has twenty years of technology leadership experience, primarily within financial services firms.  Prior to joining ACA, he served as a Senior Vice President with AIG Global Services.  He also was a Vice President within the technology division of Goldman Sachs.  He is a graduate of the NYU School of Engineering with a Master of Science degree in Management of Technology.

 

 

David W. Porteous, Faegre, Baker, Daniels

David Porteous is Chair of the Investment Management Practice at Faegre Baker Daniels.  He has spent more than 20 years in the industry working for and representing financial institutions including banks, broker-dealers and investment managers in regulatory, compliance and enforcement matters.  Before entering private practice, David was a staff attorney at SEC enforcement in New York and also clerked for NASD Enforcement regional counsel in Chicago and New Orleans.

 

 

Dodd McGough, Renaissance Regulatory Services, Inc. (RRS)

Dodd McGough has worked in the financial services industry for 25+ years with experience as a regulator, investment broker, senior corporate officer in risk and business development and as a consultant. He has held various registrations including General Securities Principal, Municipal Securities Principal and Financial Operational Principal among others. He has been involved with various projects as an employee and consultant focused on using technology to provide more consistent and efficient service. He has experience with arbitrations as an expert witness and corporate representative as well as experience in disciplinary matters with regulators as a witness and examiner at the district and national level. Since 2008, he has been actively consulting with BDs, RIAs and IMOs on strategy, technology and risk matters with the last 3+ years as a co-founder and managing partner at Strategy Basecamp LLC. 

 

Diminished Capacity and Senior Investor Cases and Regulatory Initiatives (click to view presentation)

Time: 1:30-2:30 PM (Kennedy Ballroom)

Session Description:

As the baby boom generation ages, but still maintains significant investing assets, regulators and arbitration panels are re-visiting the issues of seniors in the securities arena.  This panel discussion will focus on three main areas in relation to senior investors and diminished capacity: 1) private actions and regulatory enforcement involving seniors and/or diminished capacity, 2) regulatory initiatives regarding senior care, and 3) best practices and procedures for protecting your firm and training your employees as to the issues involving senior clients or clients with diminished capacity.  The panel members will be Jonathan Cyprys of Greenberg Traurig, Louis Dempsey of Renaissance Regulatory Services, Barbara Mallon of Mallon & Johnson, and Ben Marzouk of Sutherland, Asbill & Brennan, LLP.”

Moderator:
Louis Dempsey, Renaissance Regulatory Services, Inc. (RRS)
Panelists:

 

Barbara Mallon, Mallon & Johnson

Barbara Mallon is a principal in the law firm of Mallon & Johnson, a firm concentrating its practice in securities regulation and litigation. Prior to co-founding Mallon & Johnson, Ms. Mallon worked at the SEC for almost 10 years. Barbara’s practice is focused exclusively on advising investment advisers and broker-dealers for the purpose of maintaining regulatory compliance for those entities.  She has been listed in the National Registry of Who's Who, the Bar Registry of Preeminent Lawyers, the Bar Registry of Preeminent Women Lawyers and has an AV rating from Martindale Hubbell.  She has published numerous articles on SEC Enforcement, Insider Trading, Soft Dollars, and Investment Adviser Regulation, and presented on various topics concerning the same as well as BIS seminars and conventions.

 

 

 Louis Dempsey, Renaissance Regulatory Services (RRS)

Louis Dempsey, is the founder and President of Renaissance Regulatory Services, Inc. a broad based regulatory compliance consulting firm. Mr. Dempsey has over twenty-five years of public/private sector regulatory, compliance, and operations experience, which includes a unique combination of experience in advising and auditing broker-dealers, investment advisors, and bank holding companies relative to federal, state, and self-regulatory rules and regulations. In addition to his extensive industry experience, Mr. Dempsey served with the Securities Exchange Commission and the Florida Division of Securities.

 

 

Ben Marzouk, Sutherland Asbill & Brennan LLP
Ben Marzouk is a financial services attorney who advises broker-dealers and investment advisers on compliance with federal and state securities laws, including Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) rules and regulations. Ben represents registered investment companies and investment funds in regulatory matters and helps clients navigate the complex rules governing capital-raising activities, as well as public and private securities offerings.

 

 

 

 Jonathan Cyprys, Greenberg Traurig

Jonathan R. Cyprys focuses his practice on broker-dealer compliance issues, securities enforcement and regulatory matters, complex commercial litigation, securities litigation and arbitration, and internal corporate investigations. He represents broker-dealers, individual brokers, investment banks, and their employees in both regulatory proceedings and customer actions initiated by the SEC, FINRA, DOJ, MSRB, CBOE and CFTC concerning market timing, securities mark ups, option crossing, record keeping, and equity research, among other sales practice-related issues.

 

 

Conflict of Interest (click to view presentation)

Time: 2:45-3:45 PM (Kennedy Ballroom)

Session Description:
  1. Culture – Incentives (Procedures and Policies, Communication, Implementation, Monitoring)
  2. FINRA Conflicts Report – Being Product Agnostic
  3. Product Issues (e.g. Mutual Fund and UIT Fee Cases)
  4. Considerations for Compensation Grids and How Much Compliance and Legal is Involved in Giving Feedback from Regulatory Perspective
  5. DOL – Should Firms have Different Compensation for Retirement and Non-retirement Accounts? If so, How Can that be Defended?
Moderator: 
Jeffrey S. Holik, Shulman Rogers
Panelists:
Jeffrey S. Holik, Shulman Rogers

Jeffrey Holik is a partner with the Shulman Rogers law firm in Potomac, Maryland.  He has over 30 years of experience including as Chief Legal Officer for the retail investment business of PNC Bank, as a leader and manager of regulatory programs at FINRA and the CFTC, and in private law practice.   Jeff graduated with high honors from The George Washington University Law School and holds a Bachelors degree, summa cum laude, from Union College.

 

 

 Francois Cooke, ACA Compliance Group

Francois Cooke is a Managing Director for the Broker-Dealer Services Division of ACA Compliance Group (ACA). Francois is responsible for the day-to-day operations of the broker-dealer services which include mock regulatory examinations; compliance risk assessments and testing; preparation and reviews of policies and procedures related to operational, financial, trading, sales and compliance processes; and development of enterprise-wide compliance programs.

 

 

 David W. Porteous, Faegre, Baker, Daniels

David Porteous is Chair of the Investment Management Practice at Faegre Baker Daniels.  He has spent more than 20 years in the industry working for and representing financial institutions including banks, broker-dealers and investment managers in regulatory, compliance and enforcement matters.  Before entering private practice, David was a staff attorney at SEC enforcement in New York and also clerked for NASD Enforcement regional counsel in Chicago and New Orleans.

 


 

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