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Regulatory & Compliance Summit
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 Education Sessions

Tuesday, November 14

Networking Breakfast

Time: 8:00 AM – 8:30 AM 

Welcome & Opening Remarks

Time: 8:30 AM – 8:45 AM 

The Retirement Security Blueprint: Politics and Policy

Time: 8:45 AM – 9:15 AM 

Session Description

During this session, Mr. Covington will first discussed the intricate political dynamics shaping all legislative and regulatory efforts in Washington DC, including retirement security policy.  Then, he will outline the Insured Retirement Institute’s Retirement Security Blueprint, which is aimed at expanding access to workplace retirement plans for workers, increasing savings, providing access to lifetime income retirement products for workers, and protecting access to financial advice for Americans seeking assistance in saving more and preparing for retirement.  He will talk about the fate of Rothification proposals, the future of the DOL rule and the SEC’s work on a new fiduciary standard of care, as well as renewed opportunities under the current Administration and Congress to pass common-sense, bi-partisan policy to increase retirement security for all Americans.

J. Lee Covington II, Senior Vice President and General Counsel, Insured Retirement Institute (IRI)

Lee Covington leads IRI's legal, legislative and regulatory strategy at the federal and state level, including the executive branch, Congress, SEC, FINRA, state legislatures, and state insurance and securities departments. Prior to joining IRI, Covington served as a co-leader of the National Insurance Practice at an AmLaw 100 global law firm, Squire Sanders & Dempsey.

Keynote Session 

Sponsored By Midwood Financial Services, Inc.

Time: 9:15 AM – 10:15 AM 

Session Description

For the first time in eight years, a new administration has taken over the White House – an administration with vastly different policy goals than the one that preceded it.  President Trump’s initiatives, if implemented, will have far ranging effects on health care, sector regulation, government spending, and the country’s fiscal situation.  Businesses and the markets are eagerly awaiting Congressional consideration of sweeping tax reform legislation, which promises to lower rates but might not benefit everyone, as changes fall unevenly across economic sectors, businesses, and individual taxpayers.  

And hanging over this year’s deliberations are the upcoming 2018 elections, which will determine whether the new administration can enjoy the support of a congressional majority for the entirety of its four year term.

Andy Friedman, an expert in political and legislative affairs, will lay out the wide ranging initiatives President Trump will seek to enact during his first year in office, including those involving tax reform, infrastructure, jobs, and industry-specific proposals for energy, health care, financial services, and other sectors. We will consider the extent to which Trump can expect support from the Republican-led Congress and the impediments that nonetheless may stand in the way of enactment.  Throughout the year, Andy will continue to follow the proposals as they are formulated and refined.  

We also will consider the extent to which the new administration is likely to overturn or soften regulatory policies the Obama administration put in place, including the controversial Department of Labor regulation imposing new fiduciary obligations on financial advisors.

Finally, Andy will discuss how the new administration’s initiatives are likely to affect the economy, industry sectors, tax planning, investments, and the markets.  Andy will provide strategies that investors and financial advisors can consider to take advantage of (or protect against) market volatility and upcoming legislation, including specific strategies for investment, wealth transfer, and retirement planning.

Andy Friedman, Senior Partner, Political Affairs Expert and Financial Analyst, Political Affairs Expert and Financial Analyst Covington & Burling

According to CNBC, Andy Friedman is “one of the nation’s most sought-after speakers on all things political.” An expert on political affairs, Andy is known for predicting the outcomes of Washington deliberations and providing investors with strategies to consider in light of the changing political landscape. Andy Friedman was a senior partner with the law firm of Covington & Burling in Washington, D.C., where he practiced for almost thirty years, serving as head of the tax and corporate groups. Andy also served as tax counsel to Major League Baseball (MLB), the National Football League (NFL), the National Basketball Association (NBA), and the National Hockey League (NHL).


Time: 10:15 AM – 10:30 AM 

Industry Regulator Panel (FINRA & SEC)

Time: 10:30 AM – 11:30 PM 


David W. Porteous, Chair of the Investment Management Practice, Faegre Baker Daniels LLP

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 clerked for NASD Enforcement regional counsel in Chicago and New Orleans. 

Mavis Kelly, Assistant Director, Securities and Exchange Commission (SEC)
Mavis Kelly is an Assistant Director in the Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE).  She serves in OCIE’s National Exam Program Office and assists in the administration of the investment company and investment adviser examination program.  Since joining the SEC in 1992, Ms. Kelly has conducted or overseen over 500 examinations of investment companies and investment advisers.  She has been directly involved in many national risk-targeted examination initiatives that focus on a broad array of topics, such as the current OCIE ReTIRE and Share Class initiatives.
Thomas M. Selman, Executive Vice President, Regulatory Policy and Legal Compliance Officer, Financial Industry Regulatory Authority (FINRA)
Thomas M. Selman is Executive Vice President, Regulatory Policy, and Legal Compliance Officer of FINRA. He oversees the departments of Corporate Financing, Advertising Regulation, the Office of Regulatory Analysis, and the Office of Emerging Regulatory Issues. Tom joined the organization in 1996.


A Uniform Fiduciary Standard of Care: What Federal and State Regulators May be Doing to Regulate Compliance with a Fiduciary Standard

Time: 11:30 AM – 12:15 PM 

Session Description:

While implementation of the more onerous provisions of the Department of Labor’s fiduciary rule has been delayed until 2019, the SEC, FINRA, and certain individual states have moved ahead with plans to impose a uniform fiduciary standard of care on financial services professionals. Join our panel as we discuss aspects of these efforts to impose a uniform fiduciary standard and how firms may need to consider the impact of these regulators as      they develop compliance programs to comply with the fiduciary standard.

Thomas Grygiel, Principal Consultant, ACA Compliance Group

Tom joined ACA in August 2015 as a Principal Consultant in the Broker-Dealer division based in the New York City office. His responsibilities include conducting supervisory control reviews and anti-money laundering testing, creating written supervisory procedures, and providing customized advice to broker-dealers regarding development and execution of their compliance programs. Tom currently helps clients prepare for the new DOL Fiduciary Rule, which includes analyzing how the rule may impact their business, and developing and implementing policies and procedures for complying with the rule.  

Jeffrey S. Holik, Shareholder, Shulman Rogers 

Jeff Holik is a seasoned and highly experienced securities regulatory attorney.  For almost a decade, Jeff was chief legal officer for the retail investment businesses at PNC Bank, before which he served in several senior executive capacities at the Financial Industry Regulatory Authority. Jeff practices law with the Washington DC area law firm Shulman Rogers and serves as a consultant and expert witness in customer and intra-industry arbitrations and litigation.

 Ben Marzouk, Associate, Sutherland Asbill & Brennan LLP

Ben Marzouk is a financial services attorney who advises broker-dealers and investment advisers in their compliance with federal and state securities laws, including SEC, FINRA, and state rules and regulations. Ben also specializes in regulatory matters for registered investment companies and investment funds, and helps clients navigate the complex rules governing capital raising activities, as well as public and private securities offerings. With a deep knowledge of the financial services industry, Ben’s regulatory expertise also extends to anti-money laundering compliance, crowdfunding, and corporate mergers and acquisitions. Ben’s understanding of the financial services industry allows broker-dealers and other financial services intermediaries to distribute a wide variety of investment products, such as equity stocks, corporate and municipal bonds, mutual funds, insurance contracts, variable annuities, and other alternative investment products.

Networking Lunch

Time: 12:15 PM – 1:15 PM 

Three Lines of Defense: A Risk Governance Framework

Time: 12:15 PM – 1:15 PM  

Session Description:

This panel will discuss Risk Management Programs within the framework established by the 2014 OCC Guidelines. The discussion will focus on practical applications: how best to integrate business, operations, compliance, and other functions into an effective Risk Management Program.


Paul Huey-BurnsShareholder, Shulman Rogers

Clients, peers and regulators recognize Paul Huey-Burns as one of the nation’s leading attorneys representing individuals and businesses under investigation for potential violations of the securities laws.  He is an outstanding advocate, with a remarkable record of convincing the authorities to resolve investigations in ways that have minimal impact on his clients’ businesses.  In many situations, he has convinced those authorities to terminate investigations without any public actions against his clients.  The Best Lawyers in America, Chambers USA, Washingtonian Magazine and other publications have recognized him as one of the nation’s leading securities enforcement defense attorneys.  More importantly, scores of his investment adviser, broker-dealer and public company clients attest to his skills.  


Ivan B. Knauer, Partner, Pepper Hamilton LLP

Ivan B. Knauer is co-chair of the Securities and Financial Services Enforcement Group and a partner in the White Collar Litigation and Investigations Practice Group of Pepper Hamilton LLP, resident in the Washington office. Mr. Knauer focuses his practice on securities litigation and enforcement. Mr. Knauer represents public companies, broker-dealers, investment companies, investment advisers and individuals in class actions and arbitrations, and in enforcement matters brought by the SEC, FINRA and other regulatory bodies. He also counsels financial institutions on regulatory compliance matters.

Jack Rader, Partner, ACA Compliance Group

 Jack joined ACA in June 2005. He now serves as a Partner in the New York City office and a Practice Leader for ACA’s diversified financial clients and prospects. In the latter role, he scopes, manages, and delivers products and solutions for multi-line financial services firms such as banks, insurance companies, asset management firms, and registered fund complexes. His primary responsibilities also include managing client relationships and projects and providing customized advice on compliance issues based on client-specific risks and conflicts. Jack coordinates and conducts mock SEC inspections and annual compliance reviews, assists clients during actual SEC inspections, and develops customized policies, procedures, and forensic testing programs. 


Time: 2:15 PM – 2:30 PM  

Compensation and Conflicts – Building an Effective Compliance Program

Time: 2:30 PM -- 3:15 PM  

Session Description:

Participants will learn how to develop and implement an effective compliance program for preventing and detecting compensation related conflicts.  Topics covered will include the appropriate CCO involvement in compensation plan development, as well as plan testing, surveillance, identification of potential conflicts and reporting to management.


Louis Dempsey, Founder and President, Renaissance Regulatory Services 


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.

Jon Cypress, Associate, 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.

David W. Porteous, Chair of the Investment Management Practice, Faegre Baker Daniels LLP

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 clerked for NASD Enforcement regional counsel in Chicago and New Orleans. 

Closing Comments

Time: 3:15 PM –3:30 PM 

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