Broker-Dealer Regulation

Transcription

1 American Law Institute American Bar Association The first national provider of CLE 31st Annual Advanced ALI-ABA Course of Study/Live Webcast Featuring Senior SEC Staff Broker-Dealer Regulation Cosponsored by the Securities Law Committee of the Federal Bar Association and with the cooperation of the Philip D. Reed Chair Lecture Series and the Corporate Law Center, Fordham University School of Law Thursday-Friday, June 18-19, 2009 Fordham University School of Law, / Live Webcast In these challenging economic times, learn the latest developments in broker-dealer regulation from more than 30 of the nation s top market experts including: Senior staff members of the SEC Senior staff members of self-regulatory organizations Banks and thrift institutions Securities firms Leading practitioners Industry executives This program was excellent. The topics were right on point and all of the current issues were discussed. previous registrant You can t afford to miss this one-of-a-kind program!

2 PLANNING COMMITTEE (also on faculty) W. Hardy Callcott, Bingham McCutchen LLP, San Francisco, Chair K. Susan Grafton, Gibson, Dunn & Crutcher LLP, Andre Owens, WilmerHale, FACULTY Geoffrey F. Aronow, Bingham McCutchen LLP, Brandon Becker, Executive Vice President and Chief Legal Officer, TIAA-CREF, Larry E. Bergmann, Special Counsel, Willkie Farr & Gallagher LLP, Roger D. Blanc, Willkie Farr & Gallagher LLP, Janet A. Broeckel, Associate General Counsel, The Goldman Sachs Group, Inc., Mark Catana, Executive Director and Assistant General Counsel, JPMorgan Chase & Co., Robert L.D. Colby, Davis Polk & Wardwell, ; former Deputy Director, Division of Market Regulation, Securities and Exchange Commission, James M. Collins, JPMorgan Chase & Co., Jonathon N. Eisenberg, First Vice President and General Counsel for Global Markets and Investment Banking Litigation, Merrill Lynch & Company, Barbara J. Endres, Sidley Austin LLP, Anne C. Flannery, Morgan Lewis & Bockius, LLP, Scott Friestad, Deputy Director, Division of Enforcement, Securities and Exchange Commission, Daniel M. Gallagher, Deputy Director, Division of Trading and Markets, Securities and Exchange Commission, Thomas Gira, Executive Vice President, Market Regulation, Financial Industry Regulatory Authority, Patrice M. Gliniecki, Senior Vice President and Deputy General Counsel, Financial Industry Regulatory Authority, Richard Humes, Associate General Counsel, Office of the General Counsel, Securities and Exchange Commission, Michael P. Jamroz, Deloitte & Touche LLP, Michael A. Macchiaroli, Associate Director, Division of Trading and Markets, Securities and Exchange Commission, Robert A. Marchman, Executive Vice President, Enforcement, NYSE Regulation, Inc., Andrew Margolin, Associate General Counsel, Banc of America Securities LLC, David A. Markowitz, Office of the Attorney General, Chief, Investor Protection Bureau, Nina S. McKenna, Chief Counsel, ING Group N.V., Robert C. Mendelson, Morgan Lewis & Bockius LLP, Susan L. Merrill, Executive Vice President and Chief of Enforcement, Financial Industry Regulatory Authority, Sarah A. Miller, Director and Chief Regulatory Counsel, Center for Securities, Trusts and Investments, American Bankers Association; General Counsel, ABA Securities Association, Chris Salter, O Melveny & Myers LLP, Michael Schussler, Counsel and Vice President, Federal Reserve Bank of, Erik R. Sirri, Director, Division of Trading and Markets, Securities and Exchange Commission, Evan Stewart, Goldman, Sachs & Co., Josephine Tao, Assistant Director, Division of Trading and Markets, Securities and Exchange Commission, Richard G. Wallace, Foley & Lardner LLP, ; former vice president and chief counsel in the Financial Industry Regulatory Authority s (FINRA) Market Regulation Department, Harry J. Weiss, WilmerHale, Soo J. Yim, WilmerHale, Kevin A. Zambrowicz, Bingham McCutchen LLP, Additional faculty may be confirmed. THE complete CLE learning and development experience! Registrants receive: access to the archived webcast after the course online access to course materials before the course ALI-ABA s highly praised, comprehensive printed course materials unparalleled networking opportunities

3 Thursday, June 18, :00 a.m. Registration and Networking Session Webcast Segment A 9:00 a.m. The Intersection of Bank and Brokerage Regulation - Ms. Yim, Moderator; Messrs. Catana, Schussler, and Zambrowicz and Ms. Miller The recent financial downturn has resulted in an increase in applications for bank holding company status from securities firms. What are the implications of bank holding company status for broker-dealers?; Regulation R, the push-out of brokerage activities from banks, and permissible securities activities of banks; stock lending and the securities credit activities of banks 10:30 a.m. Networking Break 10:45 a.m. Financial Services Reform: How Will It Impact Broker-Dealers? - Mr. Becker, Moderator; Messrs. Aronow, Callcott, Colby, and Owens and Ms. Grafton Congress consideration of the Obama Administration s proposals on financial services reform and the implications for brokerdealers; allocation of responsibilities among SEC, CFTC, and Federal Reserve; potential regulation of currently unregistered products such as hedge funds and credit default swaps; federal regulation of equity indexed annuities and other insurance products; role of rating agencies 12:15 p.m. Lunch Break Webcast Segment B 1:30 p.m. Keynote Address - Mr. Sirri 2:00 p.m. Trading Practices Regulation - Mr. Bergmann, Moderator; Messrs. Blanc, Gira, and Margolin and Mss. Endres and Tao Regulation SHO, Rule 204T, and potential changes to short-sale regulation and short-sale reporting; trade-throughs, Regulation NMS and dark pools; Regulation M; prime brokerage; soft-dollars; and the regulation of brokerage research analysts 3:30 p.m. Networking Break 3:45 p.m. Financial Responsibility - Mr. Salter, Moderator; Messrs. Collins, Jamroz, and Macchiaroli, and Ms. McKenna Regulation of capital adequacy and liquidity; the implementation and potential modification of the Basel II standards; portfolio margining; competition in clearance and settlement; centralized settlement of credit default swaps 5:15 p.m. Adjournment for the Day Friday, June 19, 2009 Webcast Segment C 8:30 a.m. Broker-Dealer Enforcement - Mr. Weiss, Moderator; Mss. Broeckel and Merrill and Messrs. Friestad and Markowitz Civil and criminal developments in securities enforcement; SRO and state securities enforcement; emerging enforcement priorities; parallel proceedings (criminal/civil and federal/ state); cooperation and attorney-client privilege; the SEC enforcement manual; settlements and trends in enforcement remedies 10:00 a.m. Networking Break 10:15 a.m. Self-Regulation - Mr. Wallace, Moderator; Messrs. Gallagher and Marchman, and Ms. Gliniecki FINRA harmonization of NASD and NYSE rules; FINRA s new rules on supervision; changes in the regulatory functions of exchanges after the creation of FINRA; SEC oversight of SROs; SRO oversight of dual (investment adviser and broker-dealer) registrants after Madoff and the potential for an SRO for investment advisers 11:45 a.m. Lunch Break Webcast Segment D 1:00 p.m. Fixed Income - Mr. Mendelson, Moderator Enforcement and regulatory developments relating to auction-rate securities; mortgage and asset-backed securities and the future of securitization; structured products; valuation and trading in illiquid securities; proprietary trading and information barriers; developments in distressed debt and bankruptcy 2:30 p.m. Networking Break 2:45 p.m. Ethical Responsibilities of Legal and Compliance Professionals - Mr. Stewart, Moderator; Messrs. Eisenberg and Humes and Ms. Flannery Duties of outside and inside counsel in the face of suspected malfeasance; attorneys and compliance staff as whistleblowers; statutory duties vs. ethical responsibilities; maintaining privileges in investigations and regulatory proceedings; personal liability risks for legal and compliance professionals; due diligence obligations; trends in enforcement and criminal prosecution 4:15 p.m. Adjournment Total 60-minute hours of instruction: 12, including 1.5 hours of ethics 14 CPE credit hours in Accounting (group-live and group-internet-based program)

4 MAIL this form together with payment to ALI-ABA: REGISTRAR, ALI-ABA, 4025 Chestnut Street, Philadelphia, PA Please attach names and addresses of additional registrants. FAX (215) Phone CLE NEWS WEB úú Attend this course live in City, June 18-19, 2009, for only $1,199. Please enter registration(s) for the ALI-ABA Course of Study, Broker-Dealer Regulation. Tuition: $1,199. CP054 ($1,149 for Federal Bar Association members CP054FBA) I am a member of the Federal Bar Association úú Attend this course live via the Internet with our webcast for only $999 or get segments for only $299 each! Register me for the video webcast ( address required). The entire program. Tuition: $999 WAP054 Webcast Segment C. Tuition: $299 WAP054C Webcast Segment A. Tuition: $299 WAP054A Webcast Segment D. Tuition: $299 WAP054D Webcast Segment B. Tuition: $299 WAP054B»» GO ONLINE TO REGISTER GROUPS OF 3 OR MORE AND SAVE! úú Can t attend? You don t have to miss anything! Send a DVD (video) of the program, including a complimentary mp3 CD-ROM and PDFs of the course materials, for $799. AP054V Send an audio mp3 CD-ROM of the program, including PDFs of the course materials, for $599. AP054 Send the printed course materials only, for $149. SP054 Online video and audio and searchable (PDF) course materials of this program will be available. úú Tuition discounts I am a recent law school graduate (< 2 years) or retired senior lawyer (65 or older). Payment is in the amount of the stated tuition, minus 50%. My office is a member of ALI-ABA In-House. Payment is in the amount of the stated tuition or price, minus 15%. PA residents only, add 7% sales tax to total amount (excluding course registrations). $ Total j Check enclosed (payable to ALI-ABA) Please charge to my credit card: j AMEX j DISCOVER j MasterCard j VISA Card no.: Card expiration date: / name (please print) f i r m street address suite/floor number c i t y s t a t e z i p+4 phone (include area code) signature e-m a i l a d d r e s s (r e q u i r e d f o r webcasts a n d o n l i n e subscr iptions) k e y c o d e (f r o m l a b e l ) law practice area(s) size of firm/company year entered law practice c h a n g e o f a d d r e s s? g o t o w w w.ali-aba.org /address/ SUBSTANTIAL GROUP DISCOUNTS AVAILABLE Register 2 for this course and get all subsequent registrations at 50% off (same live course only). Significant discounts are available when two or more registrants view the webcast using one computer connection or telephone. For more information and rates, go to or groupregistration@ali-aba.org.

5 Broker-Dealer Regulation The current financial crisis and the new focus on regulatory reform under the Obama Administration will undoubtedly have a significant impact on broker-dealers. In this annual advanced course of study, comprising 12 hours of instruction, attorneys and other professionals will meet and gain critical insight from the nation s top market regulation experts including leading practitioners, industry executives, and senior staff members of the SEC and self-regulatory organizations. This year s program features a keynote address by Erik R. Sirri, the Director of the Division of Trading and Markets, U. S. Securities and Exchange Commission, in Throughout the program, moderators and panelists present practical information and useful insights for lawyers and other professionals who are grappling with a rapidly evolving regulatory landscape. This highly praised ALI-ABA course, featuring a star-studded faculty and virtually unparalleled networking opportunities, represents your best opportunity to get ahead and stay ahead of the onslaught of regulatory change. The course includes panels on today s cutting-edge issues including bank and brokerage regulation, financial services reform, regulation of trading practices, as well as enforcement, self-regulation, and fixed income. Panelists also discuss the ethical responsibilities of legal and compliance professionals in the broker-dealer field. Time is reserved during the course for the faculty to respond to questions submitted by the registrants. COURSE LOCATION AND HOTEL ACCOMMODATIONS Fordham University School of Law is located at 140 West 62nd Street across the street from Lincoln Center. NYC & Company (formerly the Convention & Visitors Bureau) may be the best resource for registrants not familiar with hotels in the area; go to and click on Book Your Hotel. Hotels in the area of the Lincoln Center/Fordham Law School include: Buckingham Hotel, 101 West 57th Street (at Sixth Ave.),, NY 10019; phone (212) , ext or 3203, or (888) On the Ave Hotel, 2178 Broadway at 77th Street,, NY 10024; phone (212) or (800) (special Fordham rate may be available, but is subject to a minimum 3-night stay) Hudson Hotel, 356 W. 58th St.,, NY 10019; phone (212) Novotel Times Square, 226 West 52nd Street,, NY 10019; phone (212) GET MANDATORY CLE AND CPE CREDIT ALI-ABA is an accredited MCLE provider in AR, AZ, CA, CO, IL, ME, MO, MS, MT, ND, NM, NV, NY, OK, PA, RI, SC, VT, WI, WV, and WY. We apply for accreditation on a course-bycourse basis in virtually all other MCLE jurisdictions, including AL, DE, FL, GA, IA, ID, IN, KS, KY, LA, MN, NC, NH, OH, OR, TN, TX, UT, VA, and WA. For this course, ALI-ABA will apply for 12 credits, including 1.5 ethics credits, in 60-minute states; and for 14.4 credits, including 1.8 ethics credits, in 50-minute states. In NY, this course is appropriate for both newly admitted and experienced attorneys. For specific information on CLE, CPE, or other professional accreditation, please the MCLE Team at TeamMCLE@ali-aba.org, go to or call CLE-NEWS. NASBA ACCREDITATION ALI-ABA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN Web site: For more information regarding ALI-ABA s administrative policies, such as complaint and refund, please call Customer Service at (800) CLE-NEWS. CPE credit hours for this course: 14 in Accounting (group-live and group-internet-based program). Learning Objective: Completion of this course will enable registrants to deal with the federal securities law issues faced by practitioners who deal with the regulation of broker-dealers. Suggested Prerequisite: Limited experience in practice in subject matter. Level of Instruction: Advanced. for more information about: registration cancellation breaks and refreshments requirements for persons with disabilities tuition assistance discounted airfares

6 31st Annual Advanced ALI-ABA Course of Study/Live Webcast also available Online CLE on-demand courses and MP3 downloads (online archive of this course free to all registrants) Digital Library course materials, articles, periodicals, books and forms Physical Library printed course materials, DVDs, and MP3 CD-ROMS CP054 Featuring Senior SEC Staff Broker-Dealer Regulation Cosponsored by the Securities Law Committee of the Federal Bar Association and with the cooperation of the Philip D. Reed Chair Lecture Series and the Corporate Law Center, Fordham University School of Law Thursday-Friday, June 18-19, 2009 Fordham University School of Law, / Live Webcast Total 60-minute hours of instruction: 12, including 1.5 hours of ethics 14 CPE credit hours in Accounting (group-live and group-internet-based program) American Law Institute-American Bar Association Continuing Professional Education 4025 Chestnut Street, Philadelphia, PA NONPROFIT ORG U.S. Postage PAID ALI-ABA SUBSTANTIAL GROUP DISCOUNTS AVAILABLE for live and webcast attendance Learn how the new focus on regulatory reform will affect Broker-Dealers!