During the coronavirus pandemic, some advisers are experiencing higher numbers of trading errors while working remotely. Market volatility has also increased the costs of errors. This webinar will address best practices in error correction, options for advisers to follow, and options offered by brokers. Areas of discussion will include:
- What are trade errors?
- Who is responsible for correcting an error?
- Prompt resolution of errors – same day if possible.
- How to measure the costs of an error.
- When is netting of profits and losses from errors permissible?
- Mechanics of error correction – error correction accounts; principal and cross trade issues.
- Use of error correction accounts.
- Disclosure issues.
- Best practices for policies and procedures.
Steve Johnson is a Vice President and Associate General Counsel for Charles Schwab & Co., Inc., and has represented the financial services industry for more than 30 years. He is currently Enterprise Counsel for Schwab Advisor Services™ and Schwab’s Digital Services organization. Prior to his current role, Steve served as the General Counsel for CyberTrader, Inc. and counsel to Schwab Investor Services. Before joining Schwab, Steve was an Assistant General Counsel at Prudential Securities and a partner in private law practice focused on the financial services industry. He received his Bachelor’s Degree in economics from Spring Hill College and a Juris Doctor from the University of North Carolina, Chapel Hill.
Richard Marshall, a Partner at Katten Muchin Rosenman LLP, represents financial institutions and executives subject to investigations by the SEC, Department of Justice, FINRA and state securities regulators. A former senior attorney at the SEC, he also advises financial services clients on regulatory issues. Rick served for several years as a branch chief in the SEC’s Division of Enforcement in Washington, DC, and as a senior associate regional administrator in the SEC’s New York office. Rick regularly assists clients in building and implementing compliance systems, defending against regulatory inspections and addressing novel regulatory issues. He is the founding editor of the Investment Lawyer, a member of the board of editors of iMoneyNet, a former board member of the National Society of Compliance Professionals and the current chair of its investment adviser committee.
Paul D. Glenn (moderator) is Special Counsel for the Investment Adviser Association. Previously, he worked for 12 years at the U.S. Securities and Exchange Commission as a trial attorney and special counsel in the Division of Enforcement and the Office of General Counsel, respectively. He also worked at the Office of the Comptroller of the Currency (OTS), U.S. Treasury, as Deputy Chief Counsel and Special Counsel. Paul also served as Vice President and Director of Compliance for PNC Bank N.A. in Washington, DC and WashingtonFirstBank N.A. in Reston, VA. He holds an LLM from Georgetown University Law Center and his J.D. and B.A. from Case Western Reserve University. He holds an honorary doctor of laws degree from Nyack College.
Registration for the live webinar is closed.
Members and Associate Members: The live webinar and a link to the recording are complimentary. The recording will be available as a member resource within five business days after the webinar.
Non-Member Registration Fees: The live webinar is $250 (per computer logon). The recording will be available for purchase after July 16. Contact email@example.com to purchase the recording ($250).
For questions regarding this webinar, contact the IAA at (202) 293-4222 or email firstname.lastname@example.org.