NSCP East Coast Meeting

NSCP East Coast Membership Meeting
May 1, 2006
AMA Executive Conference Center New York
1601 Broadway
New York, NY

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GENERAL SESSION (9:00 - 10:30)

DIALOGUE WITH AREA REGULATORS [GI*]
• Survey of recent events
• Regulatory initiatives
• Regulatory examination emphasis
• Dealing with multiple regulatory requests – limited resource issues/small and large firm solutions
• Firm Compliance Programs – Top list of deficiencies
Holly H. Smith, Sutherland Asbill & Brennan LLP
Alexander M. Vasilescu, U.S. Securities and Exchange Commission
David M. Jaffe, NASD

WORKSHOP SESSION I (10:45-12:00)

(a) IA Changing Complexion of the Chief Compliance Officer and the Compliance Department
• Focus on Risk-Based Approach
• How to measure the effectiveness of your compliance program
• The “role” of CCO Conflicting Loyalties and Supervisory Responsibility
• Adviser/Clients/Fund Board/SEC
• Creating Workable Policies and Procedures
Terrance J. O'Malley, Schulte Roth & Zabel LLP
Joseph M. McGill, UBS Global Asset Management, Inc.

(b) BD Focus on CEO Certification – Lessons Learned
• CEO Certification Requirement
• NASD Rule 3013 in practice – the CEO/CCO Meeting Process
• The role of documentation in “backing up” the Certification
• Duty to test and modify compliance policies and written supervisory procedures
• Impact of BD Regulatory Audits
Karen M. O'Brien, Financial Industry Service Group LLC
Evan J. Charkes, Citigroup/Smith Barney
Diane P. Novak, Washington Mutual

LUNCH (12:00-1:00)

WORKSHOP SESSION II (1:00-2:15)

(a) IA Regulatory Audits – Special Focus on Sweep Exams
• Preparing for the SEC inspection process – thinking like an SEC examiner
• Implications of the risk-based approach to your business
• SEC’s use of sweep exams – recent focus – marketing, wrap fees, proxy voting, pension consultants
• How has the approach to examinations changed in the past year?
Timothy M. Simons, Ashland Partners & Company LLP
Paul S. Gottlieb, Merrill Lynch
Aaron D. De Angelis, Brandywine Asset Management, LLC

(b) BD Regulatory Audits
• “Sweep,” Routine, or Cause review – preparing for each
• Handling issues that arise during the audit
• Recent NASD sweep exams: variable annuities, mutual fund B/C shares, 529 Plans
• Post-audit follow-up
Richard C. Szuch, Dillon, Bitar & Luther L.L.C.
James F. McGuire, LPL Financial Services

WORKSHOP SESSION III ( 2:30-3:45 )

(a) IA Soft Dollars
• The “New” SEC Interpretive Release – 2005
• What is “eligible” research?
• Lawful and appropriate assistance to IA
• Comparison to FSA Approach
• Practical Application of the SEC’s “new guidance”
Michael S. Caccese , Kirkpatrick & Lockhart Nicholson Graham LLP (responsible for Materials)
Judy B. Werner, Gardner Lewis Asset Management L.P. (industry IA)

(b) BD Red Flag and Ethics
• Identifying “red flags” – proactive compliance
• Monitoring new accounts and trading – suitability and beyond
• Exception reports – creation, monitoring and use
• Tracking trends/ patterns of concerns and customer complaints
Thomas J. McGonigle, LeClair Ryan, A Professional Corporation
Henry Sanchez, Jr., TIAA-CREF

WORKSHOP SESSION IV (4:00 - 5:15)

(a) IA HOT BUTTONS
• Valuation of Portfolio Securities (particular focus on Mutual Funds)
• Code of Ethics developments** -- Special Focus – “New” CFA Code of Ethics
• E-mails: Retention and Supervision
• Outstanding Custody Issues
• Dealing with Conflicts of Interest
Steven W. Hansen, Bingham McCutchen LLP
Patricia J. Posada, StillPoint Wealth Management, LLC
Selwyn J. Notelovitz, Wellington Management Company, LLP

(b) BD Hot Buttons
• Responsibilities and liabilities of CCO’s
• Front line supervisor activities and responsibilities
• Branch office oversight and Form BR Issues
• SEC’s New Rule – Fee Based Brokerage
• Other Developing Broker Dealer development
Ben A. Indek, Morgan, Lewis & Bockius LLP
Clifford E. Kirsch, The Prudential Insurance Company of America
Richard T. Chase, RBC Capital Markets Corporation

Hotel Options
Crowne Plaza Manhattan, 1605 Broadway, New York, NY 10019
Call 800-243-6969.

Millennium Broadway, 145 West 44th Street, New York, NY 10036
Call 212-768-4400.

Novotel of New York, 226 West 52nd Street, New York, NY 10019
Call 800-221-3185.

Sheraton Manhattan, 790 7th Ave., New York, NY 10019
Call 866-500-0223.

Hosting Firm
Sutherland Asbill & Brennan

Sponsors
Ashland Partners & Company LLP
Bingham McCutchen LLP
Compliance Reporter
Dillon, Bitar & Luther, L.L.C.
ITG
Kirkpatrick & Lockhart Nicholson Graham LLP
Orchestria Corporation
RegEd, Inc.
Financial Tracking LLC