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Fundamentals of Broker-Dealer Regulation 2017

Released on: Jul. 25, 2017
Running Time: 06:42:47

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Major changes in the broker-dealer industry and regulatory framework continue as a result of the financial services crisis, the resulting regulatory reform and a new Administration that is providing a fresh and comprehensive examination of financial services regulation.  At the same time, broker-dealers are subject to intense regulatory exam and enforcement scrutiny.   This program will provide you with a solid foundation in the regulatory regime applying to broker-dealers, including what to expect next regarding broker-dealer regulation.  Attendees will learn how the Securities Exchange Act of 1934, FINRA rules and state securities laws interact in governing the brokerage industry.

You will also learn about recent exam and regulatory enforcement activity by the SEC, FINRA, and the states and about how broker-dealers are responding to these developments and the challenges ahead for the industry.

A distinguished faculty will offer insights into recent rulemaking that is having a far-reaching impact on the day-to-day operations of firms.

You will learn:

  • Who are the regulators and how do they interact?
  • What is entailed with respect to the duty to supervise?
  • What steps need to be taken in response to the SEC’s and FINRA’s focus on Conflicts?
  • What is “suitability”?
  • Will broker-dealers be subject to a new SEC Uniform Standard of Care?
  • What is the role of the chief compliance officer?
  • What are the SEC’s and FINRA’s 2017 exam priorities?

Anyone entering the brokerage industry will benefit from this program’s thorough grounding in the basic regulatory regime governing the industry, as will anyone already working in the industry who would like a refresher.

Lecture Topics [Total time 06:42:47]

Segments with an asterisk (*) are available only with the purchase of the entire program.


  • Opening Remarks and Introduction* [00:04:43]
    Clifford E. Kirsch
  • Who is a Broker-Dealer? How do Broker-Dealers Register? The Different Types of Broker-Dealers [01:18:26]
    Joanne C. Rutkowski, Sandra Clarke, Lanny A Schwartz
  • An Overview of the Broker-Dealer Regulatory Framework [01:15:21]
    G. Philip Rutledge, David F. Freeman, Jr.
  • The Broker-Dealer Customer Relationship [01:00:24]
    Clifford E. Kirsch, Susan S. Krawczyk, Caroline K. Hall
  • Broker-Dealer Supervision; Compliance Programs: Recordkeeping [01:03:57]
    Clifford E. Kirsch, Cece Baute Mavico, Joseph J. Sheirer, Julie K. Glynn
  • Broker-Dealer Financial Responsibiity; Trading Issues [01:02:26]
    Mark M. Attar, William D. Edick
  • Broker-Dealer Exam Priorities and Hot Topics [00:57:26]
    Lee A. Schneider, Ira Hammerman

The purchase price of this Web Program includes the following articles from the Course Handbook available online:


  • COMPLETE COURSE HANDBOOK
  • U.S. Securities and Exchange Commission, Division of Trading and Markets, Guide to Broker-Dealer Registration (December 12, 2016)
    Clifford E. Kirsch
  • An Overview of the Broker-Dealer Regulatory Framework (May 8, 2017)
    David F. Freeman
  • State Registration of Broker-Dealers
    G. Philip Rutledge
  • The Customer Relationship (May 8, 2017)
    Susan S. Krawczyk
  • Practical Considerations Regarding the Establishment and Maintenance of the Broker-Dealer Supervisory Framework
    Clifford E. Kirsch
  • Recent Developments Relating to Rules 15c3-1 and 15c3-3 Under the Securities Exchange Act of 1934 (May 23, 2017)
    Jack P. Drogin, Mark M. Attar
  • Broker-Dealer Trading Issues (May 10, 2017)
    William D. Edick
  • Broker-Dealer Exam Priorities and Hot Topics (May 8, 2017)
    Lee A. Schneider

Presentation Material


  • Broker-Dealer 101
    Lanny A Schwartz
  • FINRA’s Membership Program
    Sandra Clarke
  • An Overview of the Broker-Dealer Regulatory Framework
    David F. Freeman, Jr.
  • State Regulation of Broker-Dealers and Agents
    G. Philip Rutledge
  • Fundamentals of Broker-Dealer Regulation – The Customer Relationship
    Susan S. Krawczyk
  • The Broker-Dealer Customer Relationship Standard of Care
    Clifford E. Kirsch
  • Supervision and Compliance Programs
    Julie K. Glynn, Clifford E. Kirsch, Cece Baute Mavico, Joseph J. Sheirer
  • Broker-Dealer Trading Issues
    William D. Edick
  • 2017 Priorities
    Ira Hammerman
Chairperson(s)
Clifford E. Kirsch ~ Eversheds Sutherland (US) LLP
Speaker(s)
Mark M. Attar ~ Schiff Hardin LLP
Sandra Clarke ~ Associate Director, FINRA Membership Application Program, FINRA
William D. Edick ~ Pickard Djinis and Pisarri LLP
David F. Freeman, Jr. ~ Arnold & Porter, Kaye Scholer LLP
Julie K. Glynn ~ Assistant General Counsel, JP Morgan Chase, General Counsel, Chase Wealth Management
Caroline K. Hall ~ Associate General Counsel, Raymond James Financial
Ira Hammerman ~ Executive Vice President and General Counsel , SIFMA
Susan S. Krawczyk ~ Eversheds Sutherland (US) LLP
Cece Baute Mavico ~ Senior Vice President and Associate General Counsel, LPL Financial LLC
Joanne C. Rutkowski ~ Assistant Chief Counsel, Division of Trading and Markets, U.S. Securities and Exchange Commission
G. Philip Rutledge ~ Bybel Rutledge LLP
Lee A. Schneider ~ Debevoise & Plimpton LLP
Lanny A Schwartz ~ Davis Polk & Wardwell LLP
Joseph J. Sheirer ~ District Director, FINRA
General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.

PLI’s live and on-demand webcasts are single-user license products intended for an individual registrant only. Credit will be issued only to the individual registered.


U.S. MCLE States

Alabama:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 6 credits of online programs per reporting period.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s on-demand web programs qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s on-demand web programs are not approved for Arkansas CLE credit.

California:  PLI’s on-demand web programs qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s on-demand web programs qualify as “eCLE” credit. Attorneys are limited to 12 credits of eCLE per reporting period, no more than 6 of which may be audio-only.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s on-demand web programs qualify as “in-house” credit. Attorneys are limited to 6 in-house credits per reporting period.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 15 credits of self-study per reporting period.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s on-demand web programs qualify as “distance education” credit. Attorneys are limited to 9 credits of distance education per reporting period.

Iowa:  PLI’s on-demand web programs qualify as “unmoderated” credit. Attorneys are limited to 6 credits of unmoderated programs per reporting period.

Kansas:  PLI’s on-demand web programs qualify as “prerecorded” credit. Attorneys are limited to 6 credits of prerecorded programs per reporting period.

Kentucky:  PLI’s on-demand web programs qualify as “non-live” credit. Attorneys are limited to 6 non-live credits per reporting period.

Louisiana:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

Maine:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 5.5 credits of self-study per reporting period.

Minnesota:  PLI’s on-demand web programs qualify as “on-demand” credit. Attorneys are limited to 15 on-demand credits per reporting period.

Mississippi:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.

Montana:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 5 credits of self-study per reporting period.

Nebraska:  PLI’s on-demand web programs qualify as “computer-based learning” credit. Attorneys are limited to 5 credits of computer-based learning per reporting period.

Nevada:  PLI’s on-demand web programs qualify as “self-study” credit. There is no limit to the number of credits an attorney can earn via self-study programs.

New Hampshire:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.

New Jersey:  PLI’s on-demand web programs qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional on-demand web programs can be used to fulfill the requirements for New York newly admitted attorneys. Only professional practice and law practice management credits may be earned via transitional on-demand web programs. Ethics and skills credits may not be earned via on-demand web programs.

North Carolina:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 6 credits of online programs per reporting period.

North Dakota:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 15 credits of self-study per reporting period.

Ohio:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Oklahoma:  PLI’s on-demand web programs qualify as “online, on-demand” credit. Attorneys are limited to 6 credits of online, on-demand programs per reporting period.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Puerto Rico:  PLI’s on-demand web programs qualify as “non-traditional” credit. Attorneys are limited to 8 credits of non-traditional programs per reporting period.

Rhode Island:  PLI’s on-demand web programs qualify as “on-demand” credit. Attorneys are limited to 3 on-demand credits per reporting period.

South Carolina:  PLI’s on-demand web programs qualify as “alternatively delivered” credit. Attorneys are limited to 6 credits of alternatively delivered programs per reporting period.

Tennessee:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 8 credits of distance learning per reporting period.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 10 credits of self-study per reporting period.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s on-demand web programs qualify as “pre-recorded” credit. Attorneys are limited to 8 credits of pre-recorded programs per reporting period.

Washington:  PLI’s on-demand web programs qualify as “A/V” credit. Attorneys are limited to 22.5 credits of A/V programs per reporting period.

West Virginia:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 12 credits of online instruction per reporting period.

Wisconsin:  PLI’s on-demand web programs qualify as “repeated, on-demand” credit. Attorneys are limited to 10 credits of repeated, on-demand programs per reporting period. No ethics credits can be earned via on-demand web programs.

Wyoming:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.


CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s on-demand web programs are not eligible for CPD-BC credit unless viewed with at least one other attorney or an articled student. In this case, the credit must be recorded as a “study group.”

Ontario (CPD-ON):  PLI’s on-demand web programs qualify as “recorded” credit. If viewed without a colleague, attorneys are limited to 6 credits of recorded programs per year. If viewed with at least one colleague, there is no limit to the number of credits that can be earned via recorded programs.

Quebec (CPD-QC):  PLI’s on-demand web programs can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s on-demand web programs are not approved for CPD-HK credit.

United Kingdom (CPD-UK):  PLI’s on-demand web programs can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s on-demand web programs may fulfill Australia’s CPD requirements. Credit limits for on-demand web programs vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.


Other Credit Types

CPE Credit (NASBA):  Select on-demand web programs qualify as “QAS Self-Study” credit. Please check the Credit Information box on the right-hand side of this page to verify CPE credit availability.

IRS Continuing Education (IRS-CE):  PLI’s on-demand web programs may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s on-demand web programs may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s on-demand web programs may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s on-demand web programs may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s on-demand web programs qualify as "self-paced" credit. SHRM professionals are limited to 30 credits of self-paced programs per recertification period.

Compliance Certification Board (CCB):  PLI’s on-demand web programs qualify as “self-study” credit. Candidates are limited to 10 self-study credits per 12-month period, and certification holders are limited to 20 self-study credits per 2-year renewal period.

Certified Anti-Money Laundering Specialists Certification (CAMS):  PLI’s on-demand web programs are not approved for CAMS credit.

New York State Social Worker Continuing Education (SW CPE):  PLI’s on-demand web programs are not approved for SW CPE credit.

 

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