Why you should attend
More than three years since the financial crisis erupted, there continues to be heightened regulation and enforcement of the securities laws - by the DOJ, SEC, CFTC, states and SRO’s. A number of significant rules have been promulgated in the last year to implement various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, while other rules have been proposed but not yet finalized. The Dodd-Frank Act, and the rules implementing it, have significant implications for broker-dealers. At the same time, substantial enforcement activity has garnered record performance metrics, including increases in the number of actions brought and sanctions imposed. Consequently, broker-dealers and their compliance and legal personnel will continue to be presented with unique challenges in the coming year. This program brings together a distinguished faculty of regulators, industry experts and leading practitioners to discuss issues that will help you keep up with the changing landscape of the business and its regulatory oversight.
What you will learn
- What are the current regulatory issues being addressed by the regulators?
- What are the current examination and enforcement priorities of the SEC, CFTC, SROs and state regulators?
- How have the SEC, SROs and states fared over the past year in litigated matters?
- What are the major cases impacting broker-dealers?
- What are the regulatory and enforcement challenges faced by in-house lawyers and compliance officers, and what are their strategies for minimizing their firms’ regulatory exposure?
Who should attend
Attorneys and other professionals involved in securities, corporate, banking and finance, and insurance law; in-house counsel and compliance professionals, financial advisors, bankers and accountants; and those employed in supervisory positions throughout the financial services industry.
Morning Session: 9:00 a.m. - 12:45 p.m.
9:00 Overview of Program and Current Issues
Carmen J. Lawrence, Neal E. Sullivan
9:15 SEC, CFTC, DOJ and SRO Enforcement
Senior regulators will discuss their enforcement initiatives, developments and priorities.
- Significant SEC, CFTC and DOJ enforcement initiatives
- FINRA rules, examinations and enforcement
- Ponzi schemes, microcap fraud, insider trading, Foreign Corrupt Practices Act, structured products, alternative investments and financial crisis enforcement cases
Moderator: Carmen J. Lawrence
Panelists: J. Bradley Bennett, Marc Berger, David Meister, Susan L. Merrill, Michael Osnato
10:45 Break
11:00 State Enforcement
State regulators will discuss regulatory initiatives, developments and priorities. The panelists will offer their insights for avoiding and responding to a state regulatory matter.
- Investment advisor switch
- Point-of-sale enforcement cases
- Sale of non-traditional products to retail investors
Moderator: Neal E. Sullivan
Panelists: Joseph P. Borg, Marc B. Minor, Abbe R. Tiger (Invited)
12:30 Break
12:45 Luncheon Keynote
Susan F. Axelrod, FINRA, Executive Vice President, Member Regulation-Sales Practice
Afternoon Session: 1:45 p.m. - 5:00 p.m.
1:45 Regulatory Update
This panel will discuss recent regulatory developments that have been receiving examination and rulemaking attention. Topics will include:
- Changes to regulatory examinations including: the SEC’s national exam program, the risk-focused exam strategy pertaining to corporate governance, enterprise risk management, and internal controls, automation of the exam process, risk alerts and the specialization working groups.
- Exam priorities, including: supervision, trading and sales practices, protection of customer assets, valuation, new issue diligence, unregistered activities, trading risks related to ATS, ETFS, HFT, “Large Firm” risks and “New Regulatory” risks.
- Current rule initiatives, including: Dodd-Frank rulemaking and study update.
Moderator: Henry Klehm III
Panelists: James A. Brigagliano, Gerard S. Citera, Gregory Johnson, Nancy L. Swift
2:45 Break
3:00 In-House Lawyer Roundtable
This panel of senior in-house regulatory lawyers will discuss the challenges they face in managing the regulatory and enforcement issues that their firms face on a regular basis. They will discuss their strategies and concerns as well as the role that they expect outside counsel to play in helping them minimize their firms’ regulatory exposure. Topics will include:
- Managing the regulatory process
- Challenges and strategies for keeping up with complex businesses
- Handling Whistleblower complaints
- Advising supervisors and employees
- Decision making as to self reporting, cooperation, and remediation
Moderator: Colleen P. Mahoney
Panelists: Ralph DeSena, Kay L. Lackey, Ilene B. Marquardt
4:00 Compliance Officer Roundtable
This panel of Chief Compliance Officers will discuss the challenges they face managing their compliance programs in light of continued unprecedented changes in the broker dealer industry. They will discuss current regulatory issues and priorities and offer lessons learned from recent enforcement actions. Topics will include:
- Approaches for assessing program effectiveness
- Strategies for maintaining a robust program
- International and cross-border regulatory and compliance issues
- Compliance challenges presented by technology, social media, and devices
Moderator: Alan M. Cohen
Panelists: William R. Baker III, Christopher J. Mahon, Charles V. Senatore
5:00 Adjourn
Co-Chair(s)
Speaker(s)
Susan F. Axelrod ~ Executive Vice President, Member Regulation-Sales Practice, FINRA
Marc Berger ~ Chief, Securities & Commodities Fraud Unit, United States Attorney's Office, Southern District of New York
Ralph DeSena ~ Director & Senior Counsel, Royal Bank of Canada
Kay L. Lackey ~ Managing Director/Senior Counsel, RBS Markets and International Banking
Christopher J. Mahon ~ Senior Vice President and Head of Broker-Dealer Legal and Regulatory, AllianceBernstein
Ilene B. Marquardt ~ Senior Deputy General Counsel and Managing Director, UBS Financial Services, Inc.
David Meister ~ Director of Enforcement, U.S. Commodity Futures Trading Commission
Marc B. Minor ~ Bureau Chief, Investor Protection Bureau, New York State Office of the Attorney General
Michael Osnato ~ Assistant Regional Director, Enforcement Division, U.S. Securities and Exchange Commission
Nancy L. Swift ~ Head of Markets Compliance (US), Deutsche Bank Securities Inc.
Abbe R. Tiger ~ Chief - Bureau of Securities, Division of Consumer Affairs, State of New Jersey, Office of the Attorney General
Program Attorney(s)
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
Due to high demand and limited inventory in NYC, we recommend reserving hotel rooms as early as possible.
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: res.ny@warwickhotels.com
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.