Why you should attend
Major changes in broker-dealer regulation and the industry have come about as a result of the financial services crisis and the resulting regulatory reform. At the same time, FINRA continues to overhaul its rulebook as part of its Rulebook Consolidation process. This program will provide attendees 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.
Attendees will also learn about recent 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 far-reaching impact on the day-to-day operations of firms.
What you will learn
- Who are the regulators and how do they interact?
- What is entailed with respect to the duty to supervise?
- How are conflicts of interest resolved?
- What is “suitability”?
- Developments regarding broker-dealer and advisory services
- What is the role of the chief compliance officer?
- How do the SEC and FINRA conduct inspections?
Who should attend
Anyone entering the brokerage industry will benefit from a thorough grounding in the basic regulatory regime governing the industry as will anyone already working in the industry who would like a refresher.
Morning Session: 9:00 a.m. - 12:30 p.m.
9:00 Overview of Program; Who is a Broker-Dealer?
- The broker-dealer definition
- Exceptions to the definition
- Status of finders and placement agents
Robert L.D. Colby, Joanne C. Rutkowski
10:15 Networking Break
10:30 Overview of the Regulatory Framework and the Regulators
- Who are the regulators?
- The interplay among the SEC, FINRA, MSRB and the states
- Registration as a broker-dealer: The Form BD
Clifford E. Kirsch, Allison Reid, G. Philip Rutledge
11:30 The Customer Relationship
- Rules governing the customer account
Clifford E. Kirsch, Susan S. Krawczyk
12:30 Lunch Break
Afternoon Session: 1:30 p.m. - 5:00 p.m.
- Rules requiring supervision
- The CLO/CCO as supervisor
- Requirements regarding compliance reviews
- Requirements regarding the design of a compliance infrastructure
Ira Goldberg, David M. Jaffe, Noah D. Sorkin
2:30 Trading Practices
- Best execution and order handling
- Trade reporting obligations
- Electronic trading
P. Georgia Bullitt, Clifford E. Kirsch, A. Duer Meehan
3:30 Networking Break
3:45 Financial Responsibility, Recordkeeping, and Exams
- The Net Capital and Customer Protection Rules
- The SEC and FINRA’s Exam Program
John R. Hewitt, Chris Salter
~ Managing Director, Associate General Counsel, Legal & Compliance, J.P. Morgan Chase Bank, NA
David M. Jaffe
~ Regional Chief Counsel and Associate Vice President, Department of Enforcement, FINRA
A. Duer Meehan
~ Financial Services Regulatory Practice, PricewaterhouseCoopers
Joanne C. Rutkowski
~ Branch Chief, Office of Chief Counsel, Division of Trading and Markets, U.S. Securities and Exchange Commission
Noah D. Sorkin
~ Executive Vice President and General Counsel, AIG Advisor Group
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: firstname.lastname@example.org.
PLI's live programs are approved in all states that require mandatory continuing legal education for attorneys, except Arizona. Please be sure to check with your state for details.
Please check the CLE Calculator above each product description for CLE information specific to your state.
Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys. All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.
Please note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.