NSCP Proposed National Agenda
October 17, 18, 19 2011

IA = Investment Adviser | HF/PF = Hedge Fund/Private Fund
BD = Broker-Dealer | GI = General Interest | IC = Investment Company

Monday, October 17th

9:30 – 10:45 – Pre-Conference (Small Firms)
• Oversight and supervisory responsibilities, including written supervisory procedures
• Registration and reporting requirements, including your membership agreement
• Serving as your firm’s regulatory interface
• Using risk assessments to enhance the annual review process
Carolyn R. May, CSCP, Compliance Consultant
David M. Sobel, Abel/Noser Corp.

I(b) BD — Intro To Compliance (Large Firms)
• Oversight and supervisory responsibilities, including written supervisory procedures
• Registration and reporting requirements
• Serving as your firm’s regulatory interface
• Using risk assessments to enhance the annual review process
Ethan H. Cohen, Schiff Hardin LLP
Alan J. Herzog, Wells Fargo Advisors, LLC

I(c) HF/PF Intro To Compliance (Part I) — Getting Registered
• Who needs to register
• What registration entails: decisions to make, the registration process
• Major changes for employees of currently operating entities
• Timeline for registration
Dianne Mattioli, EIM Management (USA) Inc.
Linda A. Shirkey, The Advisor’s Resource

I(d) IA — Intro To Compliance (Small Firms)
• Where to start
• Serving as your firm’s regulatory interface
• Establishing and updating policies and procedures
• Using risk assessments to enhance the annual review process
Ndenisarya M. Bregasi, K&L Gates LLP
Christine M. Slate, Barrett Capital Management, LLC

I(e) IA — Intro To Compliance (Large Firms)
• Oversight and general responsibilities of CCO’s
• Dealing with multiple regulatory authorities
• Establishing and reviewing the investment adviser’s compliance program
• The role of risk management in the compliance program
Shane B. Hansen, Warner Norcross & Judd LLP
Lawrence S. Lafer, The Bank of New York Mellon Corporation

I(f) GI — Basics of ERISA
• Basic fiduciary duties and standards — who is a fiduciary?
• ERISA bonding requirements
• Prohibited transactions
• Exemptions from prohibited transactions (statutory, class, and individual)
• Status on the “fiduciary standards”
Z. Jane Riley, CSCP, The Leaders Group, Inc./TLG Advisors, Inc.
Marcia S. Wagner, The Wagner Law Group, A Professional Corporation
Christopher M. Guanciale, PlanMember Services Corporation

I(g) Roundtable — HF/PF Advanced Discussion
Steven W. Hansen, Bingham McCutchen LLP
Charles H. Field, Allianz Global Investors Capital

I(h) Roundtable BD — Advanced Discussion
Pamela S. Fritz, CSCP, MWA Financial Services, Inc.
Wesley L. Ringo, J.J.B. Hilliard, W.L. Lyons, LLC

I(i) Roundtable IA — Advanced Discussion
John Hunt, McLaughlin & Hunt LLP
Jason Rein, Deutsche Asset Management

I(j) Roundtable — GI NSCP Mentoring and Membership - Getting the Most Out of the Relationship
Rachel Buie, True North Advisors LLC
Craig R. Watanabe, CSCP, Penniall & Associates, Inc.

11:00 — 12:15 – Workshop Session II

II(a) BD — What Broker-Dealers Should Know About the MSRB
• Municipal advisers: MSRB MA registration and other MA initiatives
• Continuous disclosure obligations: when, what, and how to document
• EMMA: current resources and future functionality
• FINRA monthly report card: material event disclosure in the primary market
• 529 plan issues - disclosure obligations and practices
Maurine R. Bartlett, Cadwalader, Wickersham & Taft LLP
David E. Fischer-Lodike, Edward D. Jones & Company L.P.

II(b) BD — Operational Issues
• Operations professional — who needs to be licensed
• Outsourcing
• FINRA Rule 4530 reporting obligations
• How compliance and operations work together
J. Craig Long, Foley & Lardner LLP
Patricia M. Harrison, Simmons & Company International

II(c) BD/IA — Dual Registrant Issues (Small Firms) 
• How to apply IA rules to a BD (custody, code of ethics, principal trades)
• How to apply BD rules to an IA (suitability)
• Information barriers and managing material, non-public information
• Synchronizing your systems
Harry Chaffee, CSCP, Renaissance Regulatory Services, Inc.
Brian T. Applegate, ING Direct — Sharebuilder Securities

II(d) IA/IC — Cross-Border Advisory Services - Navigating Foreign Regulatory Requirements
Offering cross-border advisory services to non-U.S. clients.
• Licensing issues
• Outsourcing considerations: sub-delegation
• Use of local presence for client servicing
• Contractual issues
• Reporting and compliance concerns
Christopher D. Christian, Dechert LLP
J. Christopher Jackson, Calamos Investments
Timothy B. Parker, Matthews International Capital Management

II(e) HF/PF (Part II) — You’re Registered - Now What?
• Key components of a compliance program: requirements vs. best practices
• Challenges for currently operating entities
• Looking through the risk lens
• Roadmap for developing a program: procedures, testing, preparing for an exam
• Keeping current with changes: internal and external
Dianne Mattioli, EIM Management (USA) Inc.
Linda A. Shirkey, The Advisor’s Resource

II(f) HF/PF — Private Equity
• Advisers’ policies and procedures
• Conflicts of interest
• Fund raising, marketing, advertising materials
• Special compliance issues
• Surviving an SEC examination of a PE adviser
• What are the SEC focus areas?
David I. Held, AXA Investment Managers, Inc.
Charles Lerner, Fiduciary Compliance Associates LLC

II(g) IA — Portfolio Valuation
• An overview of the SEC requirements and guidance on 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
• What do accounting firms consider when auditing valuations
• What can go wrong: a review of SEC enforcement actions
Clifford J. Alexander, K&L Gates LLP
T. Gregory Reymann, II, Transamerica Asset Management, Inc.

II(h) IA LAB — Compliance Testing and Conducting Risk Assessments (Small Firms)
• Conducting an annual risk assessment and identifying risks
• Testing the effectiveness of policies, procedures, and internal controls
• Sampling techniques and use of limited resources
• Developing a due diligence plan and questionnaire
• Reporting and follow-up processes and procedures
Lisa L. Tharpe, Foley & Lardner LLP
Elizabeth A. Vos, Pacific Capital Bancorp

II(i) BD LAB — Compliance Testing and Conducting Risk Assessments (Large Firms)
• Defining the scope 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
• Reporting and follow-up processes and procedures
Richard G. Wallace, Foley & Lardner LLP
Jerry C. Danielson, Lincoln Financial Group
Edmund M. Laskowski, Fidelity Brokerage Services

ROUNDTABLES
Regulatory Exposure in Transfer Agent Issues
Cathleen Seneca, E*TRADE Clearing LLC

12:15 — 1:45 – Lunch
Interview: Regulatory Expectations of a Chief Compliance Officer
Lee D. Augsburger, CSCP, Prudential Financial, Inc.
Susan F. Axelrod, FINRA*
Norman Champ, U.S. Securities and Exchange Commission*

1:45 – 2:30 – Keynote
Carlo V. di Florio, OCIE, U.S. Securities and Exchange Commission*

2:45 – 4:15 – BD Regulatory Panel 
J. Bradley Bennett, FINRA*
Michael G. Rufino, FINRA*
John H. Walsh, U.S. Securities and Exchange Commission*
Harry J. Weiss, WilmerHale

2:45 – 4:15 – HF/PF Regulatory Panel 
James A. Capezzuto, U.S. Securities and Exchange Commission*
Patricia L. Cushing, National Futures Association*
Martin Livingston, Maples and Calder
David W. Porteous, Ulmer & Berne LLP

2:45 – 4:15 – IA Regulatory Panel 
IA State or Federal Registration — Making the Registration Switch
Joseph Borg, Alabama Securities Commission**
Joseph Borg, Alabama Securities Commission*
Melanie Lubin, Maryland Securities Commission*
Craig R. Watanabe, CSCP, Penniall & Associates, Inc.    

4: 30 – 6:00 – IA Regulatory Panel 
Katherine “Kit” S. Addleman, Haynes and Boone LLP
Daniel S. Kahl, U.S. Securities and Exchange Commission*
John H. Walsh, U.S. Securities and Exchange Commission*
Representative TBD, U.S. Dept. of Labor*

Tuesday, October 18th

8:00 – 9:15 – Keynote  
Daniel M. Gallagher, Jr., WilmerHale

9:30 – 10:45 – Workshop Session III

III(a) BD — The Emerging World of Risk Management
• Regulatory expectations pertaining to risk management
• The role of compliance in Enterprise Risk Management
• Discussion of risk assessments and mitigation practices
• Organizational and governance issues regarding compliance and risk
Charles V. Senatore, CSCP, Fidelity Investments
Holly H. Smith, CSCP, Sutherland Asbill & Brennan LLP
Pamela K. Ziermann, CSCP, Dougherty Financial Group LLC
Gregory J. Johnson, JP Morgan Chase & Co.

III(b) BD — Overview: 2010 – 2011 FINRA and MSRB Notices
• An overview of recent FINRA regulatory notices
• MSRB Notices
• Stay current on recent regulatory notices
• Learn about current and pending rule proposals (i.e., FINRA 10-54 — the BD Brochure)
• Hear about the status of the FINRA rule reconciliation process
Thomas K. Potter, III, Burr & Forman, LLP
Peter von Maur, RBC Capital Markets, LLC

III(c) GI — Fundamentals of Futures Compliance
• Overview of the regulatory structure governing exchange-traded
derivatives and OTC derivatives
• CPO, CTA, IB and FCM — when does a firm have 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 and ETFs
• Broker-dealer sales practice and suitability obligations when
selling commodities related/linked securities
Daniel A. Driscoll, National Futures Association*
Kevin M. Gleason, The Northwestern Mutual Life Insurance Company
Arthur W. Hahn, Katten Muchin Rosenman LLP
David P. Mathews, Altegris Investments, Inc.

III(d) HF/PF — Managing Confidentiality and Expert Networks
• A review of current insider trading cases and lessons learned.
• Awareness and training: how to detect material non-public information
• Technology and controls to minimize the risk
• The do’s and don’ts when using expert networks and research consultants.
• Rumors vs. MNPI: the risks
• What to look for and how to find it
• Participations on boards and committees
• Due diligence considerations for institutional investors concerned about use of expert networks by fund managers
Lindi Beaudreault, Shearman & Sterling LLP
Adam J. Reback, J. Goldman & Co., L.P.

III(e) IA — Trading and Best Execution
• Understanding your trading desk activities
• Best execution process, policies and supervision
• Soft dollar impact on best execution
• Principal, directed and cross trades
• Review tools: internal and third party vendors
Howard L. Kramer, Willkie Farr & Gallagher LLP
James F. McGuire, Fidelity Investments

III(f) IA — Regulatory Developments Without the Regulators
• An assessment of the SEC/compliance relationship
• Observations on the examination and rulemaking process
• A good hard look at the impact of CCO enforcement actions
• The SEC and risk management: anticipating the next crisis
• Tips for interacting with regulators
• A view from the top: what worked and what didn’t
Andrew J. Donohue, Morgan, Lewis & Bockius LLP
David H. Lui, Galliard Capital Management
Lori A. Richards, PricewaterhouseCoopers LLP

III(g) IA/HF/PF — Jurisdictional Regulatory Divergence: Advisers and Funds (Updated!)
• Oversight and supervision: firm vs. individuals
• Current regulatory agendas
• U.S and Canada: registration and regulatory oversight framework
• Regulatory framework: registration, disclosures and distribution
• Crossing jurisdictions: international business
Lynn McGrade, Borden Ladner Gervais LLP
Gregory T. Merz, Legg Mason, Inc.
John E. Boustany, Legg Mason, Inc.

III(h) LAB BD — Compliance Testing and Conducting Risk Assessments (Small Firms)
• Conducting an annual risk assessment and identifying risks
• Testing the effectiveness of policies, procedures and internal controls
• Sampling techniques and the use of limited resources
• Compiling an action plan and sharing analysis
• Reporting and follow-up processes and procedures
Francois Cooke, ACA Compliance Group
Brandon Klerk, Incapital Holdings LLC

III(i) LAB GI — Skills That Move the Needle
• Gain a seat at the table - influence and negotiate 
• How to effectively respond to RFPs - including due diligence interviews with clients
• Compliance can and does add value
• Escalation and reporting practices to senior management and Boards
Patricia C. Foster, The Law Offices of Patricia C. Foster, Esq. PLLC
Russell C. Lemley, CSCP, Capital Research and Management Company
Michele F. Lipschultz, Thrivent Financial

ROUNDTABLES
Increasing Operational Efficiency through Technology and/or Outsourcing

11:00 — 12:15 – Workshop Session IV

IV(a) BD — Identification and Management of Conflicts of Interest (Small Firms)
• Principal types of conflicts of interest (firm vs. client; employee vs. client; “preferred client” vs. other clients)
• Procedures for identifying and clearing conflicts of interest
• Conflicts of interest and impact on fiduciary and confidentiality obligations
• Monitoring and preventing conflicts of interest
Jennifer Woods Burke, Compliguide
David M. Sobel, Abel/Noser Corp.

IV(b) BD — Due Diligence for Vendors and Outsourcing
• Regulatory obligations and standards of due diligence
• Internal versus external (third-party) review
• Due diligence checklists, monitoring and documentation
• FINRA guidance and pertinent rules
• How to perform due diligence and identify red flags
Richard T. Chase, RBC Capital Markets LLC
Robin Freeman, Nuveen Investments
David E. Rosedahl, Briggs and Morgan, P.A.

IV(c) GI — Advanced ERISA and Fiduciary Compliance — Beyond the Basics
• Update on recent DOL rulemaking and reporting requirements for defined contribution 401(k), 403(b), profit sharing, defined benefit, Taft-Hartley, 457 plans
• Proposed changes to definition of fiduciary
• DOL focus enforcement and examinations - sample document request lists
• Special concerns for structuring investment vehicles (including structured products and derivatives) offered to qualified plans
Jason C. Roberts, PRI — Pension Resource Institute
Michael Isaac, Stadion Money Management
Christopher M. Guanciale, PlanMember Services Corporation
Representative TBD, U.S. Dept. of Labor*

IV(d) BD — Enforcement and Limiting CCO Liability
• How do compliance personnel become “supervisors?”
• Independence is crucial to an effective compliance program
• The statutory basis for a “failure to supervise” charge
• SEC decisions and pronouncements
• What does the Urban case mean?
David A. DeMuro, AIG, Inc.
Wesley L. Ringo, J.J.B. Hilliard, W.L. Lyons, LLC
John H. Sturc, Gibson, Dunn & Crutcher LLP

IV(e) HF/PF — Raising Capital and Marketing Your Fund
• Marketing presentations, disclosures and website restrictions
• In-house marketing and investor relations: registration issues — IA, BD
• Third party compensation arrangements: BDs, IAs, placement agents
• Gifts and entertainment — pay-to-play
Jeffrey R. Blumberg, Drinker Biddle & Reath LLP
Jason M. Gordon, Prudential Investment Management

IV(f) IA/PF — New Regulatory Examinations
• Update on the examination process
• Building processes to address top exam deficiencies
• How to demonstrate your compliance program is dynamic
• How to respond to a deficiency letter or deal with the enforcement process
• Serving as your firm’s regulatory interface during the exam and the exit interview process
Michelle L. Jacko, CSCP, Core Compliance & Legal Services, Inc.
Judy B. Werner, Gardner Lewis Asset Management

IV(g) IA — New Regulatory Examinations (Large Firms)
• New examination process post-Madoff
• Building processes to address top exam deficiencies
• How to demonstrate your compliance program is dynamic
• Addressing the latest rules such as the focus on custody, due diligence and conflicts
• Serving as your firm’s regulatory interface
• How to respond to a deficiency letter or deal with the enforcement process
Patricia E. Flynn, CSCP, INTECH
Keith S. Marks, Ascendant Compliance Management, Inc.

IV(h) LAB BD — Outside Business Activities — the Good, the Bad, the Ugly
• FINRA 3270, the new rule, changes
• Documenting approval and supervision
• Looking for OBAs and getting self-reporting by reps
• Damage control for OBAs found after the fact
Stephen H. Cohen, Loeb & Loeb LLP
Gigi Szekely, Eaton Vance Managed Investments

ROUNDTABLES
Ideas For Affordable Compliance Training Meetings
Ron Gorgen, Edward Jones
Robert Hille, Laird Norton Tyee

12:15 — 1:40 – Lunch with Business Meeting

1:40 — 2:55 – Workshop Session V

V(a) BD — Regulatory Examinations (Large Firms)
• How to prepare for and survive an exam
• Key differences among types of SEC and FINRA exams
• How to demonstrate that your compliance program is dynamic
• What to relate to the examiners while they are on-site and during the exit interview
• How to best respond to a deficiency letter
Ben A. Indek, Morgan, Lewis & Bockius LLP
Gwen K. Weithaus, CSCP, Northwestern Mutual Investment Services, LLC

V(b) BD — Regulatory Examinations (Small Firms)
• How to prepare for and survive an SEC and FINRA exam
• Key differences among types of SEC and FINRA exams
• How to demonstrate your compliance program is dynamic
• What to relate to the examiners while they’re on-site and during the exit interview
• How to best respond to a deficiency letter
Cheryl A. Dowsett, M&I Financial Advisors, Inc.
Ivan B. Knauer, Pepper Hamilton LLP

V(c) IA — Screening and Monitoring Third-Party Asset Managers
• Acting as a sub-adviser to a mutual fund (considerations, policies and procedures, controls)
• Overseeing sub-advisers
• Establishing effective relationships with third-party managers
• Finding a sub-adviser (Compliance’s role)
Robert J. Hille, Laird Norton Tyee
Joseph M. McGill, UBS Global Asset Management, Inc.
Jeffrey M. Squires, Vista360, LLC

V(d) BD — Insurance Product Innovation and Suitability
• Specialized product design
• Marketing/suitability questions for niche products
• Products with implicit investment choice limitations and complexity
• Understanding and disclosures
Scott N. Sherman, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
Krien VerBerkmoes, III, CSCP, VALIC Financial Advisors, Inc.

V(e) IA/IC — Due Diligence on Vendors and Outsourcing (Updated!)
• Due diligence over core fund service providers (fund accounting and
administration, transfer agent, distributor and custodian)
• Due diligence over other vendors, including pricing agents, proxy
voting agents and class action tracking services
• Oversight and due diligence over sub-advisers, including the 15(c) process.
Laura J. Rauman, Vista360, LLC
Barry Y. Greenberg, Swank Capital, LLC
Michael McVoy, U.S. Bancorp Fund Services, LLC

V(f) IA/HF/PF — The Emerging Role of Risk Management by CCOs
• What are the regulators thinking?
• How should we think about “regulatory” risk as contrasted with other business risks?
• Is risk management the responsibility of CCOs?
• Best practices for analyzing regulatory risk?
Lee D. Augsburger, CSCP, Prudential Financial, Inc.
Glen Barrentine, Cadwalader, Wickersham & Taft LLP
Adam J. Reback, J. Goldman & Co., L.P.

V(g) GI — Cloud Computing
• Advantages/disadvantages of storing data in the cloud
• Books and records requirements
• Due diligence on vendors
• Data security and backups
Stephen Pope, Red Oak Compliance Solutions LLC
Steven Trigili, Garden State Securities, Inc.
David Colon, Lincoln Financial Group

V(h) HF/PF LAB — Disclosures and Side Letters
• Lessons learned from Form ADV Part 2A
• Recent trends in offering document disclosure
• Disclosure for evolving CFTC regulations
• Negotiating side letter provisions from adviser and investor perspectives
Joseph M. Mannon, Vedder Price P.C.
Nell Blatherwick, RCP Advisors, LLC

V(i) LAB IA — Compliance Programs for Very Small Firms
• Multiple hats
• Managing compliance when it can’t operate independently
• “Consult your legal department for advice” when you don’t have one
• Finding balance while wearing multiple hats
• Maximizing resources and outsourcing
Rachel Buie, True North Advisors, LLC
Craig R. Watanabe, CSCP, Penniall & Associates, Inc.
Krista S. Zipfel, Advisor Solutions Group, Inc.

ROUNDTABLE
BD Continuing Membership Agreements

3:10 — 4:25 – Workshop Session VI

VI(a) BD — Trading Practices (Small Firms)
• Mapping the Different Systems and How They Interact
• Following a trade from start to finish
• Understanding the trading process
• Trade reporting and OATs
• Order handling and trading systems
• Flash crash examined
Joseph C. Lombard, Murphy & McGonigle, P.C.
Andrew C. Small, Scottrade, Inc.

VI(b) BD — Identification and Management of Conflicts of Interest (Large Firms)
• Principle types of conflicts of interest (firm vs. client; employee vs. client; “preferred client” vs. other clients)
• Procedures for identifying and clearing conflicts of interest
• Conflicts of interest, impact on fiduciary and confidentiality obligations
• Monitoring and preventing conflicts of interest
Nina S. McKenna, Cetera Financial Group
Michael D. Wolk, Bingham McCutchen LLP

VI(c) BD — Social Media and Electronic Communications
• Regulatory guidance and common deficiencies
• 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
Mark H. Nicholas, Cetera Financial Group
Stephen Selby, LIMRA

VI(d) IA — Commission Sharing Agreements vs. Traditional Soft Dollar Agreements: What has Changed?
• Soft dollars — what are they really?
• SEC guidance and a discussion of the safe harbor
• What is commission sharing and which services qualify?
• How to monitor and document
• Other trading developments
Kenneth I. Daniels, Compliance & Litigation Consulting
Gerald T. Lins, ING Investment Management Co.

VI(e) HF/PF — Portfolio Administration and Operational Controls
• Trade and reconciliation procedures
• Portfolio valuation, SPVs
• Non-trading transactions
• Information systems and business continuity
• Third party producers, outsourcing valuation
• Cash, margin and collateral management
Katherine “Kit” Addleman, Haynes and Boone LLP
Adán D. Araujo, Oak Hill Investment Management

VI(f) IA/HF/PF — Identification and Management of Conflicts of Interest (Small Firms)
• Principal types of conflicts of interest (firm vs. client; employee vs. client; “preferred client” vs. other clients)
• Procedures for identifying and clearing conflicts of interest
• Conflicts of interest and impact on fiduciary and confidentiality obligations
• Monitoring and preventing conflicts of interest
James Martignon, Ulmer & Berne LLP
Jennifer A. Duggins, Chilton Investment Company, LLC
Joseph D. McDermott, CSCP, Keeley Asset Management Corp.

VI(g) GI — Risk Management Frameworks
• Compare and contrast COSO ERM, ISO 31000 and others
• How to integrate a framework into your firm’s management
• Applying a framework in a limited scope to compliance risk
• Risk management resources, references and training programs
Marguerite C. Bateman, Schiff Hardin LLP
Kelly Reyher, AIG

VI(h) LAB BD — Product Due Diligence
• Analyzing products
• Regulatory initiatives and disciplinary actions
• Resources you use to analyze products
• Private placements, structured products, collective funds, ETFs
John J. Gentile, Ascendant Compliance Management, Inc.
Cathleen Seneca, E*TRADE Clearing LLC

VI(i) LAB IA — Gifts, Entertainment, Political Contributions and Donations
• Specific state and local requirements
• Where do charitable contributions fall
• Resources to use when reviewing
• The differences between MSRB/SEC political contributions rules
• Gifts and entertainment: what are best practices; what is required?
David C. Prince, Stephens Investment Management Group, LLC
Michael L. Sherman, Dechert LLP

ROUNDTABLE
Institutional Firm Research vs. Investment Banking, Institutional Barriers

4:40 — 5:55 – Workshop Session VII

VII(a) BD — Compliance for Very Small Firms: 20 People or Less
• Managing compliance when it can’t operate independently from the rest of the organization
• “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
Michele L. Gibbons, Jones Day
Christopher D. Charles, Wulff, Hansen & Co.

VII(b) BD — New Suitability Rule
• In the new year, what is a “reasonable basis” for a recommendation?
• Implementation of new criteria for recommendation requirements
• The three suitability obligations: what are they and how will firms implement?
• Is the Institutional Investor Exemption really an exemption?
Kenneth M. Cherrier, Waddell & Reed
Henry Sanchez, Jr., Oyster Consulting, LLC

VII(c) IA — Identification and Management of Conflicts of Interest (Large Firms)
• Fiduciary duty of advisers
• Conducting a conflicts of interest survey
• Addressing identified conflicts: disclosure
• How do you keep the conflicts inventory fresh?
• Do I need a conflicts officer or a conflicts committee?
Michael S. Caccese, K&L Gates LLP
Charles H. Field, Allianz Global Investors Capital

VII(d) GI — Privacy Considerations and Safeguarding Client Information — Regulation SP Amendments
• The impact — FACT Act and red flag rules
• Information security procedures and safeguards
• Identity theft and privacy issues - identify, investigate and report
• Enforcement actions related to privacy and security issues
• New privacy risk issues raised by social media
• Practical advice: privacy assurance and actions when there’s a breach
Diane P. Novak, Toyota Financial Services
Margaret R.A. Paradis, Morris, Manning & Martin, LLP

VII(e) GI — Dealing with Seniors and Declining Capacities
• Who they are and why are they vulnerable?
• When financial exploitation occurs
• Products commonly involved
• Regulatory response
• Now what? Training tools and resources
James B. Adelman, Commonwealth Financial Network
Mark T. Carberry, Schuyler, Roche & Crisham, P.C.
M. Catherine Tuckwell, Scotia Asset Management L.P.

VII(f) IA/PF — Portfolio Management
• Class action lawsuits
• Understand your trading desk’s activities
• Best execution process, policies, and supervision
• Soft dollar considerations and the impact on best execution
• Proxy voting
Taylor H. Wilson, Haynes and Boone, LLP
Holly A. Butson, Nationwide Funds Group
Martha Matthews, Matthews, Lindsay, Wolf, Inc.

VII(g) IA/IC — 38a-1 Compliance
• An overview of the requirements of Rule 38a-1
• The start: an effective Rule 38a-1 Compliance Program
• A discussion of the funds’ service providers (advisers, sub-advisers, transfer agents, administrators, and custodians) and the type of oversight that needs to be in place for each
• What a sub-adviser should understand about Rule 38a-1 oversight reporting
• The annual compliance review and Board report: what is best practice?
• What role does risk management play in a Rule 38a-1 compliance program?
Martha Fox, BNY Mellon Asset Servicing
Paula Bosco, New Mountain Capital

VII(h) IA — A New Look at Old Issues - Custody and Proxy
• The next step in your custody review, inadvertent custody
• What the SEC is looking for during custody reviews
• How are proxies being voted or not being voted and the impact
• Are you paying enough attention to your proxy process
Patricia E. Flynn, CSCP, INTECH
Elizabeth M. Knoblock, Mayer Brown LLP

VII(i) LAB BD — Advertising — Beyond the Definitions
• 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
Johanna M. Anders, CSCP, Charles Schwab & Co., Inc.
Alexander C. Gavis, Fidelity Investments
Lawrence P. Stadulis, Stradley Ronon Stevens & Young, LLP

ROUNDTABLES
Escalation and Reporting Practices to Senior Management and Boards: What Has Worked for You?
Leo Karwejna, The PFM Group
Janette Filbert, Prudential Investment Management

Wednesday, October 19th

8:00 – 9:15 – Workshop Session VIII

VIII(a) BD — International Retail Compliance Concerns
• Compliance program development
• Suitability, customer classification and different product considerations
• Distribution, operations and risk management considerations
• Private funds and project financing
• SEC Rule 15a-6 dynamics
Keith Kessel, Procopé & Hornborg Attorneys at Law Ltd.
Joseph Fleming, RBC Wealth Management (BD industry person)

VIII(b) BD — Institutional Sales and Trading
• Institutional execution quality
• Market making
• Short sales
• Trade reporting
• Research
James Downing
A. Duer Meehan, PricewaterhouseCoopers LLP

VIII(c) GI — Ethics
• Do we really need a formal ethics program? And if so, what should it look like?
• Does a Code of Ethics really need to address more than material non-public information and/or personal securities trading?
• Who should “own” ethics responsibility?
• What unique ethics challenges do financial services companies face?
Lee D. Augsburger, CSCP, Prudential Financial, Inc.
David A. DeMuro, AIG, Inc.
Richard D. Marshall, Ropes & Gray LLP

VIII(d) GI — Using Risk to Protect Clients, Advisers and Your Firm
• Risk management specific to clients, advisers and the firm
• Compliance risk, operation risk, and financial risk
• Risk monitoring tools
• Assigning roles and responsibilities within a risk framework
Andrew C. Small, Scottrade, Inc.
Holly H. Smith, CSCP, Sutherland Asbill & Brennan LLP
Robert Tull, ING Clarion Real Estate Securities LLC

VIII(e) HF/PF — Managing Third Party Relationships and Due Diligence
• Creditors — understanding credit terms
• Reporting obligations and disclosure to investors regarding use of leverage
• Custodians and administrators: agreement terms, pricing and restrictions
• Auditors: managing the audit, facilitating their understanding
• Valuation
John Hunt, McLaughlin & Hunt LLP
Peter E. Schifsky, LaCrosse Global Fund Services LLC

VIII(f) IA — Social Media and Electronic Communications
• Regulatory issues
• 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
Katie S. Kloster, Värde Partners, Inc.
Steven G. Lentz, Faegre & Benson LLP

VIII(g) LAB IA — Compliance Testing and Risk Assessments (Large Firms)
• Defining the scope 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
• Reporting and follow-up processes and procedures
Steven Farmer, Mesirow Advanced Strategies, Inc.
Richard M. Nummi, Nummi & Associates, P.A.

VIII(h) LAB BD — Gifts, Entertainment, Contributions and Donations
• Specific state and local requirements
• Resources to use when reviewing
• The differences between MSRB/SEC political contributions rules
• Gifts and entertainment: what is best practice, what is required, and where do charitable contributions fall
David E. Rosedahl, Briggs and Morgan, P.A
Pamela K. Ziermann, CSCP, Dougherty Financial Group LLC

ROUNDTABLE
Oversight of Multi-Family Offices

9:30 — 10:45 – Workshop Session IX

IX(a) BD — Mock Arbitration
• Topics you would be questioned on
• Documents that are an issue
• Are you following FINRA rules
• Are you following your own WSP’s
• How far can the attorney go in questioning you
• Your own liability
Richard M. Nummi, Nummi & Associates, P.A.
Theodore J. Sawicki, Alston & Bird LLP
Alan M. Wolper, Locke Lord Bissell & Liddell LLP
David M. Sobel, Abel/Noser Corp.

IX(b) BD — AML 
• Risk assessments and policies and procedures
• Firm needs compared to regulatory requirements
• Automated systems versus manual reviews
• Assigning responsibility
• AML guidance and resources
• OFAC
James E. Ballowe, Jr., E*TRADE Brokerage Holdings, Inc.
Ivan P. Harris, Morgan, Lewis & Bockius LLP

IX(c) GI — Insider Trading
• Material non-public information -- what is it?
• Recent enforcement trends
• Managing information flow
• Monitoring for insider trading
• Handling potential violations
Glen P. Barrentine, Cadwalader, Wickersham & Taft LLP
Anne Buckley, Detwiler Fenton & Co.
Adam J. Reback, J. Goldman & Co., L.P.

IX(d) 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 into suspected non-compliance or fraud
• Whistleblower issues post-Dodd Frank
• Important components of an effective fraud prevention program
Jennifer Woods Burke, Esq., AXA Equitable
Tracy K. Webb, CSCP, Office of the New York State Comptroller
Michael Wise, Lawrence, Kamin, Saunders & Uhlenhop, L.L.C.

IX(e) GI — Foreign Corrupt Practices Act and International Anti-Bribery Laws
• Overview of the applicable regulations
• Firm liability
• Senior officer liability
• Overview of recent enforcement cases
• Best practices for FCPA compliance programs
A. Brad Busscher, Incapital LLC
Jeannine D’Amico, Cadwalader, Wickersham & Taft LLP
Martha J. Matthews, Matthews Lindsay Wolf Inc.

IX(f) HF/PF — Compliance Challenges Based on Investor Class 
• HNW
• 401(k) and benefit plan investors
• Institutional investors
• Knowledgeable employees
• Foreign investors
• Feeder funds
David P. Mathews, Altegris Investments, Inc.
Margaret R.A. Paradis, Morris, Manning & Martin, LLP

IX(g) LAB IA — Advertising for Investment Advisers
• Advertising vs. marketing vs. RFPs
• Importance of GIPS compliance and/or verification
• No-action letters (the classics and the new)
• Websites, social media, email
• Disclosures — what and how much to include
Michelle L. Jacko, CSCP, Core Compliance & Legal Services, Inc.
Deborah A. Lamb, CSCP, McKinley Capital Management, LLC

IX(h) LAB BD — Best Practices in Branch Audits
• What do I need to know before I go in? Background work
• What do I cover in the first hour on-site?
• Writing the report — what goes in, what stays out
• You mean I have to follow up?
• Life cycle of a branch audit
John McGovern, Ascendent Compliance Management
Ken Bell, Cetera Financial Group

IX(i) LAB IA — Your Disclosure Brochure: One Year Later
• Effective ADV review and modification
• Understanding the questions and past responses
• Reassess business lines
• Accurate and succinct language
• Disclosures — is less more?
• Best practices, periodic reviews and materiality
Adán D. Araujo, Oak Hill Investment Management
Patricia E. Flynn, CSCP, INTECH

11:00 – 12:30 – Wednesday General Session
“How the SEC’s Approach to Cooperation and Whistleblowers Will Affect Your Organization and Should Affect Your Compliance Program”
Janet Epstein, Charles Schwab & Co., Inc.
Thomas P. Lemke, Legg Mason, Inc.
John H. Sturc, Gibson, Dunn & Crutcher LLP
Michael K. Wolensky, Schiff Hardin LLP