2018 Compliance Conference Agenda


2018 Compliance Conference Agenda

Wednesday, March 14

6:00 - 9:00pm

Early Registration

Thursday, March 15

7:15 - 8:45am

Welcome Breakfast: Meet and Greet
Share best practices, resources, and ideas with your peers

  • BY AUM (small, medium, large),
  • BY CLIENT TYPE (institutional, retail, private funds, RICs),
  • BY STRATEGY (fixed income, equity, alternative), or
  • BY REGION (by your SEC Regional Office)

8:45 - 9:00am

Welcome Remarks

  • Nancy M. Morris, Chief Compliance Officer, Wellington Management Company, LLP
  • Karen L. Barr, President & Chief Executive Officer, IAA

9:00 - 9:30am

A Conversation with The Honorable Hester M. Peirce, Commissioner, Securities and Exchange Commission with Karen L. Barr, President & Chief Executive Officer, IAA

9:30 - 10:30am

A Conversation with the Directors: SEC Examinations and Enforcement
The panelists will discuss OCIE’s exam program for investment advisers, including focus areas and developments in data analytics for the National Exam Program. The panel will also discuss the SEC’s enforcement priorities.

  • Peter Driscoll, Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission
  • Stephanie Avakian, Co-Director, Division of Enforcement, Securities and Exchange Commission
  • Robert B. Kaplan, Partner, Debevoise & Plimpton LLP
  • Gail Bernstein, General Counsel IAA, Moderator

10:30 - 11:00am

Networking Break

11:00 - 12:00pm

Concurrent Compliance Breakout Sessions
(Choose one session to attend in person. Video recordings of all breakout sessions will be available online exclusively to conference attendees after the conference.)

  1. Compliance Testing and Implementation for Smaller Firms: Regulators' Expectations and Your Annual Compliance Review

    This panel will discuss best practices for managing compliance with the compliance program rule, including conducting risk assessments, implementing policies and procedures, monitoring and testing, and best practices for remaining responsive to evolving operational and regulatory changes.

    • Michael DeMayo, CFA, Vice President, Portfolio Manager, Heritage Investors Management Corporation
    • Kay O’Driscoll, Compliance Officer, Thompson, Siegel & Walmsley LLC
    • Mari-Anne Pisarri, Partner, Pickard Djinis & Pisarri LLP
    • Paul D. Glenn, Special Counsel, IAA, Moderator

  2. GIPS Compliance and Developments

    Advisers claiming compliance with Global Investment Performance Standards (GIPS) will learn about GIPS compliance and potential GIPS developments and consultations including: GIPS 20/20, Guidance on Overlays, Benchmarks, Supplemental Information, and others.

    • Jonathan A. Boersma, CFA, Founder & CEO, Basis Point Solutions, LLC
    • Grace Man, Senior Manager, Franklin Templeton
    • Karyn Vincent, CFA, CIPM, Chair, GIPS Technical Committee
    • Michael Caccese, Partner, K&L Gates LLP, Moderator

  3. Legal and Compliance in the Post-MiFID II Environment

    This panel will discuss legal and compliance challenges for asset managers now that the revised Markets in Financial Instruments Directive (MiFID II) requirements have become effective across the European Union, including new rules on research and unbundling, best execution, trade reporting and transparency, and documentation.

    • Christine Morgan, Managing Counsel, Global Advisory/Non-40 Act Funds, T. Rowe Price Associates, Inc.
    • Lindsay Gold, Chief Compliance Officer, Baillie Gifford Overseas Limited
    • Brian Simon, General Counsel, Harding Loevner
    • Steven Stone, Partner, Morgan, Lewis & Bockius LLP, Moderator

  4. Mutual Fund Advisers and Sub-Advisers: Latest Developments 

    This panel will provide insights into the process and developments of being a mutual fund sub-adviser. Hear how firms are implementing the liquidity risk management rule and how firms manage processes related to portfolio management, due diligence, oversight, annual prospectus review, reporting to the Boards, and certifications, among others.

    • Matthew Garcia, Partner, Compliance, Champlain Investment Partners LLC
    • Kevin Ehrlich, Manager, U.S. Regulatory Affairs & CCO, Western Asset Management Company
    • Sarah G. ten Sietoff, Deputy Associate Director, Rulemaking, Division of Investment Management, Securities and Exchange Commission
    • Timothy F. Silva, Partner, WilmerHale, Moderator

12:00 - 1:30pm

Lunch: A Conversation with Dalia Blass, Director, and Paul G. Cellupica, Deputy Director, Division of Investment Management, Securities and Exchange Commission
Hear about the SEC's oversight of asset managers during IAA General Counsel Gail Bernstein's conversation with Dalia Blass, Director, and Paul G. Cellupica, Deputy Director of the SEC's Division of Investment Management, covering regulatory policy and priorities for the Division.

1:30 - 2:00pm

Networking Break

2:00 - 3:00pm

Concurrent Breakout Sessions -- Spotlight on Cybersecurity
(Choose one session to attend in person. Video recordings of all breakout sessions will be available online exclusively to conference attendees after the conference.)

Cybersecurity continues to be a top compliance concern for investment advisers. Through hypothetical cybersecurity data breach scenarios tailored to firm size, explore the practical application of best practices. Focus areas will include risk assessments and other tools, cybersecurity insurance, and the SEC Enforcement Division’s new Cyber Unit.

Small Firms

  • Tim Villano, CISA, CISM, CGEIT, CRISC, Chief Information Officer, Artemis Global Security, LLC
  • Laura Drynan, CFA, CFP, CIC, Partner, Bourgeon Capital Management LLC
  • David Edwards, President, Heron Financial Group LLC
  • Paul M. Miller, Partner, Seward & Kissel's Investment Management Group, Moderator

Medium Firms

  • Askari J. Foy, CPA, CPE, Managing Director, Regulatory Cybersecurity, ACA Aponix
  • Heather Sevillano, Chief Operating Officer, Greenwich Investment Management
  • Frank Kinsella, IT Director, Cooke & Bieler, L.P.
  • Brian L. Rubin, Partner, Eversheds Sutherland (US) LLP, Moderator

Large Firms

  • E. J. Yerzak, CISA, CISM, CRISC, Partner, VP of Technology, Compliance Consultant, Ascendant Compliance Management
  • Deborah Hammalian, Chief Compliance Officer, Voya Investment Management
  • Christopher Michailoff, Senior Director and Associate General Counsel, TIAA
  • Jeffrey P. Taft, Partner, Mayer Brown, Moderator 

3:00 - 3:15pm

Networking Break

3:15 - 4:15pm

Key Issues in Third Party Due Diligence and Vendor Oversight and Contracts
This panel will discuss important provisions in vendor contracts such as representations, covenants, and reporting, as well as the due diligence process for hiring and relying on third-party vendors. Hear best practices related to policies and procedures, assessing potential risks, initial and on-going steps to take, relevant reports, and appropriate oversight, supervision, and documentation.

  • Maria Chambers, Vice President, Chief Compliance Officer, Klingenstein Fields Wealth Advisors
  • Emily Irving, AVP, Enterprise Third Party Risk Management, Wellington Management Company LLP
  • Mavis Kelly, Assistant Director, Office of Compliance Inspections and Examinations, Securities and Exchange Commission 
  • Tram Nguyen, Partner, Paul Hastings LLP, Moderator

4:15 - 5:15pm

Advertising, Marketing Materials and Managing Social Media
All advisers must follow the SEC advertising rule for investment advisers and have adequate records to document advertisements, review, and retention. Panelists will discuss the compliance challenges imposed by the rule and recent related SEC focus areas.

  • Lisa Snow, Associate General Counsel, Senior Vice President – Legal, Focus Financial Partners LLC
  • Alpa Patel, Partner, Kirkland & Ellis LLP
  • Melissa Harke, Senior Special Counsel, Division of Investment Management, Securities and Exchange Commission
  • Sanjay Lamba, IAA Assistant General Counsel, Moderator

5:15 - 7:15pm

Cocktail Reception
Hotel Concierge will be available during the reception to assist with restaurant recommendations and reservations for dinner.

Friday, March 16

7:30 - 8:30am

Continental Breakfast and Discussion Topics: AML/OFAC/Sanctions, BCP/DRP, Compliance Testing/Annual Reviews, Cybersecurity, DOL Fiduciary, International and Soft Dollars, Marketing, Mutual Funds, Pay to Play, Trading

8:30 - 9:30am

Best Practices for Form ADV Disclosure
Hear the latest about the new reporting requirements for advisers’ businesses and clients on Form ADV Part 1A on separately managed account (SMA) assets, including asset types and use of derivatives and borrowings in SMAs, as well as information about an adviser’s CCO, social media websites, and other information. The panel will also discuss practical tips in drafting the Part 2 and other disclosures as a fiduciary, including identifying, monitoring, and disclosing conflicts of interest.

  • J. Christopher Jackson, Senior Vice President & General Counsel, Calamos Investments LLC
  • Jennifer PorterBranch Chief, Investment Adviser Regulation Office, Division of Investment Management, Securities and Exchange Commission
  • Elizabeth K. Sipes, Partner, Bryan Cave LLP
  • Monique S. Botkin, Associate General Counsel, IAA Moderator

9:30 - 10:30am

Understanding the Recent Custody Rule Guidance – SLOAs, First-Person Transfers, and Inadvertent Custody
Learn about the latest developments involving the often vexing Custody Rule in the year since new guidance was issued. Hear how the industry has implemented no-action relief from surprise examinations under the Custody Rule for advisers that act pursuant to standing letters of authorization (SLOAs). Survey common questions involving first-person transfers, including first-person versus third-person classifications. Understand the SEC staff’s guidance on inadvertent custody and instruments that do not settle delivery versus payment.

  • Christopher Gilkerson, Senior Vice President, General Counsel, Charles Schwab & Co., Inc.
  • Sara Cortes, Assistant Director, Office of Investment Adviser Regulation, Division of Investment Management, Securities and Exchange Commission
  • Lawrence J. Griffin, General Counsel / Chief Compliance Officer, Legal & General Investment Management America, Inc.
  • Laura Grossman, Associate General Counsel, IAA, Moderator

10:30 - 11:00am

Networking Break

11:00am - 12:00pm

Concurrent Breakout Sessions
(Choose one of four to attend in person. Video recordings of all breakout session will be available online exclusively to conference attendees after the conference.)

  1. Smaller Firms: Considerations for Advisers with Individual Clients (DOL Fiduciary Rule, Aging Clients)

    Advisers with individual clients can face issues from reduced capabilities of clients and others. Consider contractual and operational steps that can be taken in advance to confidently face such issues now and in the future. Hear the latest developments in the Department of Labor’s definition of fiduciary rule under ERISA, including implementation, the Best Interest Contract exemption, and other DOL guidance that impacts marketing your investment management services, recommending IRA rollovers, onboarding clients or employees, and drafting investment management agreements.

    • Steven K. Wilkes, CEO and Portfolio Manager, Hutchinson Capital Management
    • Scot E. Draeger, General Counsel and CCO, R.M. Davis, Inc.
    • Sharon C. Buccafusco, Vice President and Associate Chief Compliance Officer, Tradition Capital Management LLC
    • Michelle Jacko, Managing Partner & CEO, Jacko Law Group PC, Moderator

  2. Larger Firms: Considerations for Advisers Using Data Analytics in a Compliance Program

    The SEC leverages "big data" to develop text analytics and machine learning algorithms to detect possible fraud and misconduct. The SEC has also incorporated machine learning into its risk assessment programs for analyzing and overseeing advisers to identify patterns in the text of SEC filings and has, with supervised learning, compared patterns to past exam outcomes to find risks in adviser filings. Hear about how firms can similarly use “big data” analytics in their compliance programs and operations.

    • Marina C. Ashiotou, VP, Advanced Data Analytics, Jackson National Life Insurance
    • James R. ReeseCFE, Acting Chief Risk and Strategy Officer, Office of Compliance Inspections and Examinations, Securities and Exchange Commission
    • Mark Perlow, Partner, Dechert LLP, Moderator

  3. Private Equity Fund Advisers: Hot Topics

    Hear the latest about key regulatory issues for private equity fund advisers, including fees and expenses allocation, conflicts of interest and disclosure, valuation, and other legal and compliance program issues unique to private equity fund advisers. The panelists will also discuss initiatives in the Private Funds Unit of the SEC’s Office of Compliance Inspections and Examinations.

    • Carla Vogel, Senior Vice President & Chief Compliance Officer, EIG Global Energy Partners
    • Jennifer A. Duggins, Assistant Director and Co-Head Private Funds Unit, Office of Compliance Inspections and Examinations, Securities and Exchange Commission
    • Stephen Swanson, Assistant General Counsel, Invesco
    • Jason Brown, Partner, Ropes & Gray LLP, Moderator

  4. Developments and Compliance Obligations in Automated Investment Advice (Robo)

    Learn about the latest fintech developments and compliance obligations for advisers using automated tools in the delivery of investment advice to clients. Hear about best practices and areas to watch in this quickly evolving area, including Advisers Act obligations such as the compliance program rule, disclosures, advertising, suitability, books and records requirements, trading, contracts, and more.

    • Shahriar Hafizi, Chief Compliance Officer, FutureAdvisor, Inc.
    • Benjamin T. Alden, General Counsel, Betterment LLC
    • Kristin SnyderCo-National Associate Director, IA/IC Program, Office of Compliance Inspections and Examinations,Securities and Exchange Commission
    • Susan Gault-Brown, Partner, Morrison & Foerster LLP, Moderator

12:00 - 1:30pm

Lunch - The Latest from Washington: Hot Topics for Investment Advisers from Regulators to Capitol Hill
A potential SEC rule proposal on standards of conduct for brokers and advisers that could alter advisers' fiduciary duty...possible changes to the Dodd-Frank Act...fallout from the new federal tax overhaul...and an SEC "retrospective review" of rules governing advisers. Learn about these and other timely issues that will affect investment advisory firms, their compliance professionals, and their clients during this lunchtime panel discussion.

  • Mara Shreck, Head of Regulatory Affairs - Asset & Wealth Management, JP Morgan Chase
  • Rick A. Fleming, Investor Advocate, Securities and Exchange Commission
  • Karen L. Barr, President & Chief Executive Officer, IAA
  • Neil Simon, VP for Government Relations, IAA, Moderator

1:30 - 2:00pm

Networking Break

2:00 - 3:00pm

Strategies for Managing an SEC Exam
Hear from the panel about strategies to maintain readiness for a potential examination, recent developments in SEC examinations, what examiners expect, and how to handle the examination process from start to finish.

  • Steven Yadegari, Chief Operating Officer and General Counsel, Cramer Rosenthal McGlynn LLC
  • Mary E. Keefe, Director of Regulatory Affairs, Nuveen Asset Management
  • Wendy D. Fox, Senior Vice President, Chief Compliance Officer, Ariel Investments
  • David P. Bergers, Partner, Jones Day, Moderator


3:00 - 4:00pm

Ethics for Advisers

An adviser’s code of ethics must reflect the firm’s and its employees’ fiduciary obligations as well as their obligations to comply with federal securities laws. This panel will discuss best practices for monitoring, testing, administering, and enforcing the code of ethics, including appropriate sanctions for code violations. The panel will also cover how the whistleblower rules affect advisers in light of the code of ethics rule.

  • Garrett Broadrup, Vice President and Senior Counsel, Affiliated Managers Group, Inc.
  • Daniel S. KahlChief Counsel, Office of Compliance Inspections and Examinations, Securities and Exchange Commission
  • Robert E. Plaze, Partner, Proskauer Rose LLP
  • Sarah A. Buescher, Associate General Counsel, IAA Moderator


Closing Remarks and Conference Adjournment

2018 Conference Planning Committee

Nancy M. Morris (Committee Chair)
Chief Compliance Officer
Wellington Management Company LLP
Boston, Massachusetts 

Linda D. Barker
Managing Director and General Counsel
Los Angeles Capital Management and Equity Research, Inc.
Los Angeles, California 

Garrett C. Broadrup
Vice President and Senior Counsel
Affiliated Managers Group, Inc.
Prides Crossing, Massachusetts 

Sharon C. Buccafusco
Vice President and Associate Chief Compliance Officer
Tradition Capital Management LLC
Summit, New Jersey 

Maria Chambers
Vice President, Chief Compliance Officer
Klingenstein Fields Wealth Advisors
New York, New York 

Heidi Hardin
Executive Vice President and General Counsel
MFS Investment Management
Boston, Massachusetts 

Kay O’Driscoll
Compliance Officer
Thompson, Siegel & Walmsley LLC
Richmond, Virginia