April 28, 2008
Gleacher Center
450 N. Cityfront Plaza Drive
Chicago, IL
Meeting Host
Levenfeld Pearlstein LLC
Meeting Sponsors
ACA Compliance Group
ASHLAND
Bingham McCutchen LLP
Compliance Reporter
Enleiten, Inc.
Fidessa Latentzero
Lawrence, Kamin, Saunders & Uhlenhop, L.L.C.
MyComplianceOffice
TD Ameritrade
Warner Norcross & Judd LLP
Except where noted, all NSCP workshops are closed to the Regulators and members of the press.
General Session (8:15 am - 9:45 am)
Dialogue with area Regulators [GI] *
• OCIE and FINRA Exam Priorities; Top Deficiencies and Future Initiatives
• SEC and FINRA Enforcement Priorities
• Proposed Rules on Gifts and Entertainment
• Regulatory Initiatives for New Books and Records Rules
• Review and Supervision of Electronic Communications
David W. Porteous, Levenfeld Pearlstein, LLC
Jane E. Jarcho, SEC
Elizabeth Page, FINRA
WORKSHOP SESSION I (10:00 am - 11:15 am)
(a) IA Roundtable – Risk Management Processes
• Practical and Effective Risk Assessment Processes
• Defining of Material Compliance Event
• Compliance Program Best Practices
• Regulatory Focus on Insider Trading
• Portfolio Management Trading Compliance
Patricia C. Foster, Compliance Compass, Inc
Janice J. Sackley, National City Bank
(b) BD Roundtable-Variable Annuities Sales
• Rule 2821`
• Suitability Requirements in Light of FINRA Regulatory Notice 07-53
• Revenue Sharing Issues
Steven M. Malina, Morgan, Lewis & Bockius LLP
David E. Fisher-Lodike, A.G. Edwards & Sons, Inc.
Jerry Danielson, Lincoln Financial Group
(c) Hedge Funds – Maintaining the Private Placement Exemption [Advanced]
• Traditional Reg D Considerations
• Marketing Issues
• Changes to Reg D and Rule 144
Frank A. Taylor, Briggs and Morgan, P.A.
WORKSHOP SESSION II (11:30 am - 12:45 pm)
(a) IA Roundtable – What Keeps Compliance Officers Up at Night
• Ongoing Testing, Supervision and Escalation
• Identification of Red Flags
• Personal Trading Practices
• Training with a Limited Budget
Lisa L. Tharpe, Foley and Lardner
A. Brad Busscher, Mesirow Financial
(b) BD Marketing to Seniors in the 21st Century
• Regulatory Initiatives and Guidance from FINRA, SEC and NASAA
• Are Seniors in a “Special Status” and What are “Best Practices” for them?
• Supervision of Complex Products
• Special Issues: Lunch Seminars, use of Titles and Ghost Written Materials
Dean M. Jeske, Foley & Lardner LLP
Mark T. Carberry, UBS Financial Services Inc.
(c) Hedge Funds-Managing Non Public Information
• Receipt of Information About Upcoming PIPES Transactions
• Trading in Distressed Debt & Bank Loans
• Use of Consultants
• Side-By-Side Trading of Differing Strategies
• “Big Boy” Letters
Scott A. Meyers, Levenfeld Pearlstein, LLC
Uzi Rosha, CarVal Investors
Lunch (12:45 – 2:00 pm)
Lunch will be organized by firm type and table topics for discussion to facilitate attendees meeting others with similar firms and/or interests.
WORKSHOP SESSION III (2:00 pm - 3:15 pm)
(a) IA Conflicts of Interest Disclosures
• Codes of Ethics
• Gifts and Entertainment Policies
• Forms ADV, SAIs and Offering Documents
• IA Client Contracts and Documents
• Proxy Voting Procedures
Jennifer L. Klass, Morgan Lewis & Bockius LLP
Brian E. Franc, Mesirow Financial
(b) BD Supervisory Responsibilities
• Oversight of Front-Line Supervisors and Producing Managers
• Heightened Supervision Programs
• Rule 3010/3012/3013 Reports and Process
• Tracking Trends, Exceptions and Patterns of Concerns
• Supervision of Outside Business (Particularly RIA) Activities
• Ethics Training for Broker-Dealer Professionals
• The Role of a Compliance Officer vs the Role of a Supervisor
Paul B. Uhlenhop, Lawrence, Kamin, Saunders & Uhlenhop LLC
Michael Wise, Lawrence, Kamin, Saunders & Uhlenhop LLC
Wesley L. Ringo, J.J.B. Hilliard, W.L. Lyons, Inc.
Alan J. Herzog, A.G. Edwards & Sons, Inc.
(c) Hedge Funds — Trading Practices [Advanced]
• Trading Practices – Side-By-Side Management
• Conflicts of Interest – Disclosure/Best Practices
• Insider Trading Reviews
• “Hedge Fund Hotels”
• Prime Broker Capital Introduction Services
Beau T. Greiman, Levenfeld Pearlstein, LLC
Martha J. Matthews, FISCO LLC
Christine McGrath-Kamrass, Jefferies & Company, Inc.
GENERAL SESSION (3:30 pm - 4:45)
Current Challenges for a CCO: Personal Liability and Beyond.
• Meals Case-Lessons Learned
• How to Protect Yourself
Joseph D. McDermott, Alaric Compliance Services
David H. Lui, FAF Advisors, Inc./First American Funds
Kenneth L. Wagner, William Blair & Company, LLC