2012 National Meeting
 

Monday, October 22

8:00 – 9:15 :: Pre-Conference-Session I

I(a) BD – Intro To Compliance (Small Firms)

• Compliance vs. supervision: what is the difference?

• Monitoring responsibilities, controls, risk assessments, and annual reviews

• Registration and reporting requirements, including your membership agreement

• Serving as your firm’s regulatory interface

• Resources (websites, publications, seminars)

Wesley L. Ringo, J.J.B. Hilliard, W.L. Lyons, LLC

Henry Sanchez, Jr., Oyster Consulting, LLC

 

I(b) BD – Intro To Compliance (Large Firms)

• Compliance vs. supervision: what is the difference?

• Monitoring responsibilities, controls, risk assessments, and annual reviews

• Registration and reporting requirements, including your membership agreement

• Serving as your firm’s regulatory interface

• Resources (websites, publications, seminars)

Norman L. Ashkenas, Fidelity Brokerage Services LLC

Thomas J. McGonigle, Murphy & McGonigle, P.C.

 

I(c) IA – Intro To Compliance (Small Firms)

• Registration and licensing (ADV, state/federal registration, IA rep licenses)

• Policies and procedures and recordkeeping

• Rules to pay attention to: custody, advertising, best execution, soft dollars, solicitors, pay-to-play

• Establishing your routine (compliance calendar and testing)

• Resources (websites, publications, seminars)

Aaron D. De Angelis CPA, Spring Mountain Capital, LP

Michelle L. Jacko Esq., CSCP, Core Compliance & Legal Services, Inc.

 

I(d) IA – Intro To Compliance (Large Firms)

• Registration and licensing (ADV, state/federal registration, IA rep licenses)

• Policies and procedures and recordkeeping

• Rules to pay attention to: custody, advertising, best execution, soft dollars, solicitors, pay-to-play

• Establishing your routine (using compliance calendar and testing)

• Resources (websites, publications, seminars)

Lisa L. Tharpe, Foley & Lardner LLP

Robert S. Tull, III, CSCP, CBRE Clarion Securities

 

I(e) IC – Intro to the Investment Company Rules

• The fund’s registration statements and other disclosure rules/SAI and prospectuses

• A review of the 1940 Act investment limitations and restrictions

• Service providers and their functions

• The fund’s compliance obligations under Rule 38a-1

• The role of the fund directors/trustees

Ellen R. Drought, Godfrey & Kahn S.C.

Vinita Paul, Heartland Advisors, Inc.

 

I(f) PF – Intro to Private Equity

• How to establish a PE compliance program

• Who should be the CCO? How to establish a culture of compliance

• Compliance regulatory requirements: the similarities and differences between PE and PF programs

• Regulatory focus issues: custody, valuation, allocation of opportunities and expenses, marketing,

FCPA

• How to prepare for an SEC Examination
 
Kimberly Garber, CORE-CCO, LLC 

Keith Kessel, Procope & Hornborg Ltd. Attorneys at Law/Compliance International, LLC

 

I(g) GI – Beginning ERISA

• Basic fiduciary duties and standards

• ERISA bonding requirements

• Prohibited transactions and exemptions (statutory, class, and individual)

• Status on the “fiduciary standards”

• Introduction to reporting requirements

Daniel A. Murphy, PlanMember Securities Corporation 

Tom Rothenbucher, Cetera Financial Group, Inc.

Kimberly Shaw Elliott, Roberts Elliott, LLP

 

ADVANCED DISCUSSION COMPLIANCE ROUNDTABLES

For BD, IA and PF; topics determined by attendees

 

9:30 -10:45

Plenary Session: “Awakening the Moral Imagination: Ethics as the Bedrock of Effective Compliance”

Lee D. Augsburger, CSCP, Prudential Financial, Inc.

David A. DeMuro, AIG, Inc.

Richard D. Marshall, Ropes & Gray LLP

John H. Walsh, Sutherland Asbill & Brennan LLP

 

11:00 – 12:15 :: Workshop Session II

II(a) BD – Overview of the FINRA/MSRB Notices

• An overview of recent FINRA and MSRB regulatory notices and guidance

• Learn how other firms are implementing regulatory notice requirements and guidance to stay current

• Learn about current and pending rule proposals

• The status of the FINRA rule reconciliation process

• Pointers for written supervisory procedures

Gwen K. Weithaus, CSCP, Northwestern Mutual Investment Services, LLC

Jennifer Woods Burke, CompliGuide, LLC

 

II(b) BD – Conflicts of Interest

• Conflicts of interest: the inherent nature and types

• Avoid the black eye: find the conflict and clear it

• Impact: fiduciary and confidentiality obligations

• Educate, monitor, prevent, and disclose

• Differences and similarities between large and small firms

Bradley J. Bondi, Cadwalader, Wickersham & Taft LLP

Patricia M. Harrison, Simmons & Company International

 

II(c) IA – Regulatory Examinations (Small Firms)

• The greater focus on risk assessment: addressing SEC expectations

• Greater coordination between OCIE and enforcement: how it changes the process

• Is the routine inspection dead?

• Tough challenges: when to self-report violations; how to push back on burdensome requests; requests

for off-the-record interviews

• The art of the exit interview and the exam summary letter response

Dianne Mattioli, EIM Management USA Inc.

Timothy M. Simons CSCP, Focus 1 Associates LLC

Judy B. Werner, Gardner Lewis Asset Management

 

II(d) IA – Overview of SEC and other Regulatory Releases

• An overview of recent SEC, Dodd-Frank, and other releases

• The JOBS Act and the impact on private funds

• Learn how other firms are implementing notices and guidance to stay current

• Procedural pointers

• Pending proposals

Nell M. Blatherwick, RCP Advisors, LLC

Steven Farmer, Mesirow Advanced Strategies, Inc.

Joseph M. Mannon, Vedder Price P.C.

 

II(e) PF – Insider Trading and Enforcement Issues

• Awareness and training: detecting insider trading

• Technology and controls to minimize risk: what to look for and how to find it

• The do’s and don’ts when using expert networks and research consultants

• Rumors vs. MNPI: the risks

• Due diligence considerations for institutional investors

Lindi Beaudreault, Shearman & Sterling LLP

Laurence Herman, Gerson Lehrman Group, Inc.

Adam J. Reback, J. Goldman & Co., L.P.

 

II(f) BD LAB – Outside Business Activities and Private Securities Transactions

• The New Frontier: FINRA Rule 3270, what does it mean?

• Documenting approval and supervision

• Auditing for OBAs: ideas for capturing and documenting due diligence

• Keys to success in getting people to self-report

• Damage control for OBAs found after the fact

David E. Rosedahl, Briggs and Morgan, P.A.

Peter von Maur, RBC Capital Markets, LLC

 

II(g) GI LAB – Spotting and Dealing with Technology Risks

• Spotting hackers and protecting your business

• Dealing with possible breaches caused by mobile devices

• Looking for the next scam

• How to deal with possible privacy breaches that might arise

• How a BCP plan may need to be used

Rachel Buie, CSCP, True North Advisors LLC

Craig R. Watanabe CFP, AIF, CSCP, Penniall & Associates, Inc.

Krista S. Zipfel CFA, Advisor Solutions Group, Inc.

 

BD Roundtable – Investment Banking and Research (including addressing the JOBS Act)
Christopher Walmsley, RBC Capital Markets, LLC
 
 
IA Roundtable – The Compliance Issues in a Family Office
 
IA Roundtable – "Hot Topics for Pension Compliance Professionals”
 
Carol B. Moody, CalPERS
 
Tracy K. Webb, CSCP, NYS Division of Pension Investments and Cash Management
 
 

12:15 – 1:45 :: Lunch Interview (OPEN)

Ted Urban on Liability for the Compliance Profession

 

1:45 – 2:30 :: Keynote Address (OPEN)

Carlo di Florio, U. S. Securities and Exchange Commission*

 

2:45 – 4:15 :: Broker- Dealer Regulatory Panel (OPEN)

Susan F. Axelrod, FINRA*

Julius Leiman - Carbia, U.S. Securities and Exchange Commission*

John Ramsay, U.S. Securities and Exchange Commission* 

Harry J. Weiss, Wilmer Cutler Pickering Hale and Dorr LLP

 

2:45 – 4:15 :: Private Funds Regulatory Panel (OPEN)

Katherine S. Addleman, Partner, Haynes and Boone, LLP

Norman Champ, U.S. Securities and Exchange Commission*

Patricia L. Cushing, National Futures Association

Robert E. Plaze, U.S. Securities and Exchange Commission* 

 

4: 30 – 6:00 :: Investment Adviser Regulatory Panel (OPEN)

Glen P. Barrentine, Special Counsel, Cadwalader, Wickersham & Taft LLP

Andrew J. Bowden, U.S. Securities and Exchange Commission*

Daniel S. Kahl, U.S. Securities and Exchange Commission*

 *invited and seeking authorization 

Tuesday, October 23

 8:00 – 9:15 :: Keynote Address (OPEN)

Daniel M. Gallagher, U. S. Securities and Exchange Commission*
*invited and seeking authorization

9:30 – 10:45 :: Workshop Session III

 

III(a) BD – Risk Management

 • A review of the SEC’s expectations regarding enterprise risk management

• Establishing a quantified risk assessment with existing controls to determine residual risk

• Establishing escalation and documentation procedures for red flags

• How to integrate your compliance and risk management programs

• Recent updates to risk assessments of branch office inspections

Kenneth M. Cherrier, Waddell & Reed

John H. Goselin II, Cetera Financial Group

 

III(b) BD – Municipal Securities Regulations, the MSRB and Municipal Advisors

• Municipal advisors: MSRB/SEC MA registration and rules that apply to MA’s

• Continuous disclosure obligations: the use of EMMA: when, what, and how to document

• SEC expectations for underwriter due diligence

• FINRA monthly report card: material event disclosure in the primary market and how to use it

• 529 plan issues: disclosure obligations and practices

Christopher D. Charles, Wulff, Hansen & Co.
 
Janie S. Pedersen, Northland Securities, Inc.
 
David E. Rosedahl, Briggs and Morgan, P.A.
 

 

III(c) IA – Regulatory Examinations (Large Firms)

• Update on the examination process

• Building processes to address top exam findings

• How to demonstrate your compliance program is dynamic

• How to respond to a deficiency exam summary letter or deal with the enforcement process

• Serving as your firm’s regulatory interface during the exam and the exit interview process

Patricia E. Flynn, CSCP, INTECH

Elizabeth M. Knoblock, Mayer Brown LLP

Jeannette L. Lewis, Deloitte & Touche LLP

 

III(d) IA/PF – Enforcement Issues (OPEN)

• Enforcement developments and priorities

• Interplay with OCIE and examination processes

• Case identification: aberrational performance and beyond

• Self-reporting and cooperation

• Developments regarding remedies

Chad Alan Earnst, Asst. Regional Director, Enforcement Division's Asset Management Unit, U.S Securities and Exchange Commission

Charles H. Field, Allianz Global Investors Capital

Steven W. Hansen, Bingham McCutchen LLP

Joseph M. McGill, UBS Global Asset Management, Inc.

 

III(e) GI – Fraud and Misappropriation: Detecting and Preventing

• How to comply with anti-fraud laws and regulations

• Detecting insider trading, market manipulation activities, and rumor mongering

• When and how to conduct an internal investigation of suspected non-compliance or fraud

• Whistleblower issues

• Important components of an effective fraud prevention program

James R. Downing, J.P. Morgan Chase & Co.

Tracy K. Webb CSCP, Division of Pension Investments and Cash Management

Michael Wise, Lawrence, Kamin, Saunders & Uhlenhop LLC

 

III(f) GI – CFTC Registration & Rule Changes (OPEN)

• Summary of changes

• Rescission of Rule 4.13(a)(4)

• CFTC registration lite (Rule 4.7) & other exemptions

• Nuts and bolts of the registration process

• Registration processes for firm, principals and associated persons

 Yvette Christman, National Futures Association*

 Daniel A. Driscoll, National Futures Association*

 Dianne Mattioli, EIM Management USA Inc.

 

III(g) BD LAB – Branch Audits including Risk Assessment

• To announce or not to announce, that is the question

• What to look at before the visit/what to do after you get home

• Documenting the process and the visit (standard checklists or ad lib for specific offices)

• Notice 11-54 and risk assessment

• If I don’t look at anything else, I must…

John D. McGovern, Pruco Securities

Christopher P. Parrington, Foley & Mansfield, PLLP

 

III(h) IA LAB – Advertising

• Overview of the Advertising Rule 206(4)

• Testimonials, performance advertising, and disclosures

• Marketing claims (good and bad examples)

• E-Commerce: website, e-mail, and social media

• Internal procedures for approval and supervision

Robert J. Hille, Laird Norton Tyee

Deborah A. Lamb, CSCP, McKinley Capital Management, LLC

Linda A. Shirkey, The Advisor's Resource

 

GI Roundtable – Cross Border Issues, including Registration
 
Torstein M. Braaten, CSCP, TriAct Canada Marketplace LP
 
Terence W. Doherty, Stikeman Elliott LLP
 

 

11:00 – 12:15 :: Workshop Session IV

 IV(a) BD – Enforcement Issues (OPEN)

• Topics you could be questioned on

• Documents that are an issue

• Are you following FINRA rules?

• How far can the attorney(s) go in questioning you?

• Your own liability as a compliance professional

J. Bradley Bennett, FINRA*

 A. Brad Busscher, Incapital Holdings LLC

Richard T. Chase, RBC Capital Markets, LLC

John H. Walsh, Sutherland Asbill & Brennan LLP

 

IV(b) BD – Insurance Issues

• Sales through unaffiliated RIAs

• Practicalities of implementing fixed annuity suitability

• Help! I’ve lost my policy owner! Unclaimed property

• Risk assessment: have you thought about...

• Current issues in insurance (i.e. regulatory exams, state by state issues)

Z. Jane Riley, CSCP, The Leaders Group, Inc.

Scott N. Sherman, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC

 

IV(c) IA – Conflicts of Interest (Large Firms)

• Conflicts of interest and fiduciary duty

• Breach of confidentiality

• Source of conflicts of interest (firm vs. client; employee vs. client; “preferred client” vs. other clients)

• Routine conflicts of interest and documentation

• Monitoring and preventing conflicts of interest

Clifford J. Alexander, K&L Gates LLP

 James F. McGuire, Fidelity Investments

 

IV(d) IA – Disclosure Issues: How to Avoid Surprises

• Issues with Form ADV changes

• Large Trader ID: filing, monitoring, and updating

• Determining what filings apply to your firm

• Form PF, FATCA, TIC/SLT, and other filings

• Do you file with DOL, states, or the Federal Reserve

Ndenisarya M. Bregasi, K&L Gates LLP
 
Steven Farmer, Mesirow Advanced Strategies, Inc.
 

Joseph D. McDermott, CSCP, Keeley Asset Management Corp.

 

IV(e) PF – Writing Policies and Procedures for Private Funds

• Similarities and differences between a hedge fund and a private equity fund's compliance programs

• Creating a dynamic compliance program

• Monitoring and testing: creating a robust compliance calendar

• Preparing now for an eventual SEC examination

• Special compliance issues

Adan D. Araujo, Oak Hill Investment Management

Charles Lerner, Fiduciary Compliance Associates LLC

John H. Roth, Venor Capital Management LP

 

IV(f) GI – Advanced NFA/CFTC

• Overview of the regulatory structure governing exchange traded derivatives and OTC derivatives

• Swap dealers, CPO, CTA, IB, FCM, and Forex– you know, you might need to register!

• What are the regulatory obligations of these registrants? Financial reporting, books and reports,

preparation and distribution of disclosure documents

• Recent pronouncements by the SEC regarding the use of derivatives by mutual funds, ETFs, and

ETMFs

• Sales practices and suitability obligations when selling commodities related/linked securities

Jason M. Gordon, FX Solutions, LLC

Daniel S. Konar II, Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates

 

IV(g) GI – Due Diligence for Vendors and Service Providers

• How to conduct effective initial and ongoing due diligence of a service provider or vendor

• Once hired, how to conduct effective, ongoing due diligence of your service provider or vendor

• Risk management’s role in your firm’s due diligence oversight

• Due diligence checklists and other effective monitoring tools

• For sub-advisers, what you need to understand about the ‘40 Act, including the 15(c) process

Lisa J. Roth, Keystone Capital Corporation

 Fred Shane, Commonwealth Financial Network

 

IV(h) BD LAB – Compliance Testing (Large Firms)

• Defining the scope and multi-year schedule of risk assessments and testing

• Risk and control self-assessment (RCSA) frameworks

• Sampling techniques and the use of technology

• Compiling an action plan and sharing analysis, prioritization to close the gaps

• Reporting and follow-up processes and procedures, feedback

 John Gentile, Ascendant Compliance Management, Inc.

 Edmund M. Laskowski CRCP, Fidelity Investments

 

IV(i) IA LAB – Compliance Testing (Small Firms)

• The compliance calendar: where do you start?

• Integrating your compliance testing with your annual review

• Examples of different tests, adequate sampling, and documentation

• Information gathering, walking the floor, Google searches, and red flags

• Corrective actions

Miriam Lefkowitz, Shufro, Rose & Co., LLC

 

IA Roundtable – State Regulations: what you learned from the SEC to State transition

 

12:15 – 1:40 :: Lunch

1:40 – 2:55 :: Workshop Session V

 V(a) BD – Regulatory Exams (Small Firms)

• Differences between SEC and FINRA exams, current exam hot topics

• Importance of dynamic risk management

• Preparing for the exam

• Resolving potential findings during the exam and thereafter

• Addressing burdensome requests

Ivan B. Knauer, Pepper Hamilton LLP

Pamela K. Ziermann CSCP, Dougherty Financial Group LLC

 

V(b) BD – The New Suitability Rule, Three Months Later

• What constitutes a recommendation under the new suitability rule?

• What additional information will be needed for the customer’s investment profile?

• Is the Institutional Exemption really an exemption?

• Supervisory challenges and evidencing compliance under the new suitability rule

• The art of documentation

Kenneth Bell, Cetera Financial Group

Thomas K. Potter, III, Burr & Forman, LLP

 

V(c) IA – Enterprise Risk Management

• Establishing a quantified risk assessment with existing controls to determine residual risk

• Compliance and risk concerns: evaluating existing controls, determining residual risk, and how to

address red flags

• A practical approach to risk management (small and large firms)

• How to integrate your compliance and risk management processes

• A review of the SEC’s expectations re: enterprise risk management

Joseph A. Hanczor, Spectrum Asset Management, Inc.

Michelle L. Jacko Esq., CSCP, Core Compliance & Legal Services, Inc.

J. Christopher Jackson, Calamos Investments

 

V(d) IA – Conflicts of Interest (Small Firms)

• Legal duty/definition, routine conflicts of interest

• Conflicts of interest and impact on fiduciary duty

• Breach of confidentiality

• Source of conflicts of interest (firm vs. client; employee vs. client; “preferred client” vs. other clients)

and documentation

• Monitoring and preventing conflicts of interest

Jeffrey R. Blumberg, Fox, Hefter, Swibel, Levin & Carroll, LLP

Deborah A. Lamb, CSCP, McKinley Capital Management, LLC

 

V(e) IA – Conducting an Internal Investigation

• The purpose of an internal investigation

• Using outside counsel versus in-house counsel

• The components of an internal investigation

• Protecting the attorney-client privilege

• Investigative reports: should you draft one, and what should it contain?

James B. Adelman, Commonwealth Financial Network

Joseph E. Floren, Morgan, Lewis & Bockius LLP

 

V(f) GI – Insider Trading

• Material non-public information: broader than you might think

• Recent enforcement trends

• Handling potential problems

• Managing internal and external information flows

• Monitoring for insider trading

David A. DeMuro, AIG, Inc.

Adam J. Reback, J. Goldman & Co., L.P.

John H. Sturc, Gibson, Dunn & Crutcher LLP

 

V(g) GI – International Compliance Concerns

• Oversight and supervision: firm vs. individuals

EU and Canada: registration and regulatory oversight framework

U.S. and EU fund structures: jurisdictional contrasts

• Regulatory framework: disclosures and distribution

• Crossing jurisdictions: international business

Jon E. Boustany, Legg Mason, Inc.

Lynn M. McGrade, Borden Ladner Gervais LLP

Peter Schifsky, LaCrosse Global Fund Services, A Wells Fargo Company

 

V(h) GI – Soft Skills: Navigation of Networking in a Regulatory Landscape

• Communicating and enlisting support from upper management

• Time management: carve out time to build your professional network

• Break the ice and build instant rapport

• Value of connecting to your firm, your career, the industry

• How to figure out if someone is lying

Nancy Lininger, The Consortium

Michele F. Lipschultz, Thrivent Financial

 

V(i) BD LAB – Gifts, Entertainment, Political Contributions and Donations

• What do FINRA, MSRB and state rules require and best practices

• What is acceptable/unacceptable business entertainment?

• G-37 as it applies to the municipal firm and the dual registrant

• How to incorporate your practices into the firm’s written supervisory procedures, forms and testing

pointers

• A review of various case studies

Michael R. Weissman, Bingham McCutchen LLP

Krien VerBerkmoes, III, CSCP, VALIC Financial Advisors, Inc.

 

BD Roundtable – Reps Gone Rogue: What Do You Do?

 

3:10 – 4:25 :: Workshop Session VI

 VI(a) BD – Regulatory Developments Without the Regulators

 • An assessment of the SEC/Compliance relationship, tips for interacting with regulators

• How to prepare to implement new rules

• The recent suitability rule experiences

• DTC suspensions of actively-traded securities

• Beneficial owners of sub-accounts

 Kenneth M. Cherrier, Waddell & Reed, Inc.
 
Diane P. Novak, Toyota Financial Services 

 Holly H. Smith, CSCP, Sutherland Asbill & Brennan LLP

 

VI(b) BD – Trading Practices

• Helping compliance understand the trading function

• Mapping the different systems and how they interact

• Compliance testing of the trading function

• How trade reporting works

• Regulatory oversight of trading and the current focus

 
Francois Cooke, ACA Compliance Group
 
Andrew C. Small, General Counsel, Scottrade, Inc.

 

VI(c) IA – Social Media

• Regulatory guidance and common findings

• New and emerging technologies and their challenges

• Best practices and supervision solutions for social networking

• Managing, capturing, and monitoring social networking sites

• Effective policies and procedures

Barry Y. Greenberg, Swank Capital

Steven G. Lentz, Faegre Baker Daniels LLP

 

VI(d) IA – Trading Best Execution and Portfolio Management Concerns

• The impact of soft dollars and commission sharing agreements on best execution

• Principal, directed, and cross trades, including using affiliated BDs

• Manipulation: marking the close, painting the tape, wash sales

• The art of catching and fixing portfolio restriction issues

• Best execution

Michael S. Caccese, K&L Gates LLP
 
Toni Evans, TD Asset Management Inc. 

Lawrence Lafer, The Bank of New York Mellon Corporation/BNY Mellon Asset Management

 

VI(e) IA – Compliance for the Very Small Advisers

• Documentation best practices

• Managing compliance when it can’t operate independently

• “Consulting your legal department for advice” when you don’t have one

• Finding balance while wearing multiple hats

• Maximizing resources and outsourcing

Margaret R.A. Paradis, Morris, Manning & Martin, LLP

 Adam J. Reback, J. Goldman & Co., L.P.

Christine M. Slate, Barrett Capital Management, LLC

 

VI(f) GI – Foreign Corrupt Practices Act

• Overview of applicable regulations

• Firm liability

• Senior officer liability

• Overview of recent enforcement cases

• Best practices for FCPA compliance programs

William E. Donnelly, Murphy & McGonigle, P.C.

Charles Field, Allianz Global Investors Capital

Dianne Mattioli, EIM Management (USA) Inc.

 

VI(g) GI – Compliance AND Internal Audit, not VERSUS

• Where is joint work possible? Differences and similarities between compliance and audit

• Required annual compliance reports and audit

• Continuous audit is not a four letter word

• Cross training: leveraging commonalities between audit and compliance

• Risk assessment - a shared concept

Kenneth Bell, Cetera Financial Group

Jerry C. Danielson, Lincoln Financial Group

Stephen Thwaits, Thomson Reuters

 

VI(h) IA LAB – Gifts, Entertainment, Political Contributions and Donations

• Rules vs. industry standards and best practices

• What is acceptable/unacceptable business entertainment?

• Pay-to-Play issues: candidates, specific state applicability and client requirements

• A review of various case studies

• Forms and testing pointers/ways to comply with recordkeeping requirements

Korrine N. Kohm, Ascendant Compliance Management, Inc.

Tracy K. Webb, CSCP, NYS Division of Pension Investments and Cash Management

 

VI(i) BD LAB – Advertising

• Brief overview of current advertising issues and regulations

• Hands-on review of FINRA filed marketing pieces (acceptable and unacceptable examples)

• Creative conflict resolution and negotiations with internal business partners

• Maintaining effective and positive relationships with FINRA advertising reviewers

• How to be proactive with sales practices and mitigate risk to your firm and internal business partner

Richard Wallace, Foley & Lardner LLP

Mark H. Nicholas, Cetera Financial Group

 

GI Roundtable – The Challenges of the Independent Contractor Model
 
Z. Jane Riley, CSCP, The Leaders Group, Inc. / TLG Advisors, Inc.
 

 

4:40 – 5:55 – Workshop Session VII

 VII(a) BD – Social Media

 • Regulatory guidance and common findings

• New and emerging technologies and their challenges

• Best practices and supervision solutions for social networking

• Managing, capturing, and monitoring social networking sites

• Liability of third-party content and cyberspace licensing

Melissa Callison, Charles Schwab & Co., Inc.

Stephen Selby, LIMRA

 

VII(b) BD – Regulatory Exams (Large Firms)

• Differences between SEC and FINRA exams, current exam hot topics

• Importance of dynamic risk management

• Preparing for the exam

• Resolving potential findings during the exam and thereafter

• Addressing burdensome requests

Craig M. Hughes, Charles Schwab & Co., Inc.

Ben A. Indek, Morgan, Lewis & Bockius LLP

 

VII(c) IC – Investment Company Compliance

• An overview of the requirements of Rule 38a-1

• An effective compliance manual, annual compliance review, and Board report: what constitutes best

practice?

• Oversight for each of the funds’ service providers

• Rule 38a-1 oversight reporting –what the sub-adviser should understand

• The risk management role in a Rule 38a-1 compliance program

Manoj "Tito" Pombra, Matthews International Capital Management, LLC

David J. Thelander, Promontory Financial Group, LLC

 

VII(d) IA – Regulatory Developments without the Regulators

• An assessment of the SEC/compliance relationship/tips for interacting with regulators

• Observations on the examination and rulemaking process

• The impact of CCO enforcement actions

• The SEC and risk management: anticipating the next crisis

• How to prepare and implement new rules

 David H. Lui, Galliard Capital Management

 Lori A. Richards, PricewaterhouseCoopers

John H. Walsh, Sutherland Asbill & Brennan LLP

 

VII(e) PF – Compliance Challenges Based on Investor Class

• Investor standards: accredited investor, qualified

• ERISA investors and benefit plan assets, calculations

• Institutional investors and foreign investors

• Non-accredited employees, friends and family members

• 3C1 funds: investing and looking through rules

 Thomas Kennedy, Arden Asset Management

 David W. Porteous, Ulmer & Berne LLP

 

VII(f) GI – Soft Dollars and Commission Sharing Arrangements for BDs and IAs

• Soft dollars: what are they really?

• What are commission sharing arrangements and commission aggregation arrangements?

• How to monitor and oversee your soft dollar use

• How mixed-use products are evaluated

• Current issues with soft dollars from the BD and IA perspectives

 David Franceski, Jr., Stradley Ronon Stevens & Young LLP
 
Scott E. Richter, JPMorgan Asset Management
 

 David M. Sobel, Abel/Noser Corp.

 

VII(g) IA/PF – SEC vs. GIPS® Requirements – Bridging the Gap

• Overview of the GIPS Standards and current initiatives

• Side-by-side comparison of GIPS Standards vs. SEC requirements

• Practical education on GIPS issues for compliance professionals

• Performance topics: net vs. gross returns, portability of performance, and composite vs. mutual fund

returns

• Recordkeeping, policies and procedures, supplemental information, and representative accounts

Barbara Brooke Manning, ClearBridge Advisors, LLC

Laura J. Rauman, Vista360, LLC

Karyn D. Vincent, Vincent Performance Services LLC

 

VII(h) BD LAB – Compliance Testing (Small Firms)

• Conducting an annual risk assessment

• Testing the effectiveness of policies, procedures, and internal controls

• Sampling techniques with limited resources

• Compiling an action plan and sharing analysis, procuring resources to close the gaps

• Reporting and follow-up processes and procedures, feedback loop 

Michael D. Burns, PrimeVest Financial Services, Inc. 
 
Melinda G. LeGaye, MGL Consulting Corporation

 

VII(i) IA LAB – Compliance Testing (Large Firms)

• The compliance calendar: where do you start?

• Integrating your compliance testing with your annual review

• Examples of different tests, adequate sampling, and documentation

• Information gathering, walk the floor, Google searches and red flags

• Corrective action and follow through

Guy Talarico, ALARIC Compliance Services, LLC

Michael Shoemaker, Driehaus Capital Management LLC
 

GI Roundtable – How is your Compliance Department Structured?
 
Diane P. Novak, Toyota Financial Services
 
 

Wednesday, October 24 

8:00 – 9:15 :: Workshop Session VIII

 VIII(a) BD – Disclosures and Filings

• Identifying issues such as conflicts of interest for disclosure

• Deciding on disclosure mechanisms, e.g.; point of sale or other materials, web site disclosure, social

media

• Product disclosure and client certification

• Form PF, FATCA, and other filings

• Coordinating disclosures for dual BD/IA registrants

David E. Fischer-Lodike, Edward D. Jones & Company L.P.

Benjamin R. Skjold, Foley & Mansfield, PLLP 

 

VIII(b) BD – Compliance for the Very Small Firms

• Managing compliance when it can’t operate independently

• “Consult your legal department for advice” when you don’t have one

• Balancing responsibilities while wearing multiple hats

• Maximizing resources

• When is outside help needed?

Mary E. Cobb, M. E. Cobb Consulting
 
Sander Ressler, EMG Capital, LLC
 
 
 
 
VIII(c) BD – Institutional Sales and Trading

• Large Trader (13H) responsibilities

• Research, expert networks, Chinese Walls, front-running and fixed income research rules

• Suitability requirements

• Market making: the rules, the systems and what testing should you do

• Short sales and circuit breakers
 
Edward J. Johnsen, DLP Piper LLP
 
Christopher Walmsley, RBC Capital Markets, LLC
 

 

VIII(d) GI – Due Diligence of Compliance

• The role of compliance when clients or consultants conduct due diligence

• Ideas for making presentations

• When do you use a non-disclosure agreement?

• What clients/potential clients want to see from compliance

• Sometimes the client interview is like an audit: do you approach it like one?

Michael McVoy, Chief Compliance Officer, U.S. Bancorp Fund Services, LLC

Jeffrey M. Squires, Principal, Vista360, LLC 

 

VIII(e) IA – Use of Technology for Compliance

• Technology for monitoring electronic communications

• Technology for trade monitoring (including personal trading)

• Network security and managing mobile devices

• Using Excel and pivot tables for compliance functions and testing

• How to assess different technology options/vendor due diligence

Keith S. Marks, Ascendant Compliance Management, Inc.

Tim Villano, Ascendant Compliance Management, Inc.

 

VIII(f) GI – Dealing with Seniors

• Who, why, and now what?

• Common themes and products

• Diminished capacity and financial exploitation

• Still on the radar: regulatory focus

• The importance of ongoing education: training approaches

Ronald Gorgen, Edward Jones

Susan L. Hoffman, Bingham McCutchen LLP

Kurt W. Lofgren, Ameriprise Financial Services, Inc.

 

VIII(g) PF LAB – Raising Capital and Marketing Your Fund

• Marketing presentations, disclosures and website restrictions, FINRA Rule 5123, the JOBS Act and

private placements

• In-house marketing and investor relations

• Registration issues: relying on the safe harbor, internal staff affiliations and licenses

• Third-party compensation arrangements: BDs, IAs, and placement agents

• Gifts and entertainment, pay-to-play, state lobbying rules and MSRB regulations

Helane L. Morrison, Hall Capial Partners LLC

David W. Porteous, Ulmer & Berne LLP

 

PF Roundtable – Tax Issues for the Private Funds

 

9:30 – 10:45 :: Workshop Session IX

 

IX(a) BD – Technology for Compliance

• Technology for monitoring electronic communications

• Technology for trade monitoring (including personal trading)

• Network security and managing mobile devices

• Using Excel and pivot tables for compliance functions

• How to assess different technology options/vendor due diligence

Richard M. Nummi, Nummi & Associates, P.A.

Sam Kopkind, Clearview Trading Advisors

 

IX(b) BD – AML

• Risk assessment and policies and procedures

• Firm needs compared to regulatory requirements

• Automated systems versus manual reviews

• AML guidance and resources

• OFAC

Alma Agotti, Navigant

James E. Ballowe, Jr., E*TRADE Financial Corporation

Paul M. Tyrrell, Bingham McCutchen LLP

 

IX(c) BD/IA – Dual Registrant Challenges: BDs Registered as Advisers and Reconciling the Differences

• The different focuses for the CCO

• Principles-based rules vs. prophylactic

• State notice filings (or registration)

• Rule differences: licensing, advertising, principal trading and best execution

• Dealing with regulatory audits

Mark T. Carberry, Schuyler, Roche & Crisham, P.C.

Miriam Lefkowitz, Shufro, Rose & Co., LLC

 

IX(d) IA – Pricing and Valuation

• Establishing valuation policies and procedures: what are the key issues to consider?

• When and how to determine fair-value pricing

• How to develop, review and conduct forensic testing on valuation

• How to conduct oversight of your third-party pricing sources and vendors

• Cautionary tales: a review of SEC guidance, enforcement actions and concerns

Gerald T. Lins, ING Investment Management Co.

Margaret R.A. Paradis, Morris, Manning & Martin, LLP
 
Adam J. Reback, J. Goldman & Co., L.P.
 

 

IX(e) GI – Advanced ERISA

• Complying with plan-level disclosures: Rule 408(b)-2

• Complying with participant-level disclosures: Rule 404(a)-5

• Pitfalls of unequal compensation (direct and indirect)

• Issues surrounding participant education and participant advice

• Benchmarking and other industry best practices

Martha J. Matthews, Matthews Lindsay Wolf Inc. 

Theodore J. Sawicki, Securities Litgation Group, Alston & Bird LLP

Edward J. Wiles, Right Brain Consulting

 

IX(f) GI – Product Due Diligence

• Doing an internal versus external (third-party) review

• Ideas for performing product due diligence (internal or external)

• Due diligence checklists and documentation

• How to perform due diligence and identify red flags

• Options, futures, derivatives, ETFs, and other structured products: what should you look at?

Alan J. Herzog, Wells Fargo Advisors, LLC

Daniel A. Murphy, PlanMember Securities Corporation

Michael D. Wolk, Bingham McCutchen LLP

 

IX(g) GI LAB – Ethics Are Important - But How Do I Make It Practical?

• Understanding the similarities and differences between ethics and compliance

• How to incorporate ethics into your compliance program

• Tools and resources to support and respond to ethics concerns

• Scenario-based ethical dilemmas for compliance officers

• Training ideas to raise ethical awareness

Lee D. Augsburger, CSCP, Director, Prudential Financial, Inc.

M. Catherine Tuckwell, Scotia Asset Management L.P.

Pamela K. Ziermann CSCP, Dougherty Financial Group LLC

 

11:00 – 12:30 :: General Session :: "Liability of Compliance Personnel"

 Janet Epstein, Charles Schwab & Co., Inc.

Thomas P. Lemke, Legg Mason, Inc.

Christopher Lewis, Edward Jones

Michael K. Wolensky, Schiff Hardin LLP