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The Volcker Rule 2018: What It Means for Financial Institutions and Markets

Speaker(s): Andrew R. Bernstein, Anna M. Harrington, Christopher V. Scarpati, Curtis K. Tao, Erik F. Remmler, Gabriel D. Rosenberg, Joerg Riegel, Matthew W. McGrory, Polly Klyce Pennoyer, Rena Shadowitz, Richard Coffman, Satish M. Kini, Tabitha Edgens, Whitney A. Chatterjee, Yosef Ibrahimi
Recorded on: May. 8, 2018
PLI Program #: 219737

Satish Kini is Chair of Debevoise’s Banking Group and a member of its Financial Institutions Group. Mr. Kini advises on a wide range of regulatory and transactional banking issues.

For example, he has:

  • represented large financial services firms in transactional matters, including to secure regulatory approvals for transactions from U.S. federal and state bank regulatory agencies and to develop compliance frameworks for various business combinations;
  • counseled banks, insurers, asset managers and securities firms in a broad range of regulatory and compliance issues, ranging from the Volcker Rule to affiliate transactions, anti-money laundering, economic sanctions and data privacy/security;
  • represented clients in adversarial proceedings before the federal bank regulatory agencies and the Consumer Financial Protection Bureau, including in enforcement proceedings and in adverse examination contexts; and
  • advised clients on regulatory and compliance issues arising out of cross- border transactions and outsourcing arrangements, including with respect to sanctions and money laundering issues.

In the context of these matters, Mr. Kini has led internal fact investigations of clients (involving allegations of data breaches/fraud, money laundering and sanctions compliance issues) and advised clients on compliance governance and structuring. He also has briefed senior business decision-makers and boards of directors, based in the United States and abroad, on important regulatory, enforcement and investigations matters.

Mr. Kini has represented a wide range of firms (including banks, insurers, securities broker-dealers and asset managers) and leading industry trade associations on regulatory reform issues, including those arising out of the Dodd-Frank Act, and has assisted clients to participate in the policymaking process before federal regulators. He has helped to create industry coalitions to advocate for regulatory positions and to arrive at consensus interpretations on difficult issues. He also has testified on Dodd-Frank issues before Congress and has represented clients on Dodd-Frank and other matters before the federal banking agencies, the U.S. Securities and Exchange Commission, the Financial Stability Oversight Council and the U.S. Treasury Department and its Financial Crimes Enforcement Network (“FinCEN”) and Office of Foreign Assets Control (“OFAC”).

Mr. Kini received his B.A. magna cum laude from Colgate University in 1985. He received his J.D. from Columbia University School of Law in 1992, where he was a Harlan Fiske Stone Scholar, a John M. Olin Fellow in Law and Economics and the Managing Editor of the Columbia Law Review. He is a member of the District of Columbia and the New York Bars

Anna M. Harrington serves as Senior Vice President and Associate General Counsel on the regulatory team of The Bank Policy Institute where she leads BPI’s regulatory advocacy efforts on capital and other key prudential regulatory matters. She brings over a decade of public service and private sector experience, including working in both legal and policy roles.

Previously, she was a member of the Financial Institutions Practice Group at WilmerHale where she advised clients on complex regulatory and transactional matters.  Prior to WilmerHale, Ms. Harrington was the U.S. Head of Bank Regulatory Policy at Barclays.  In this role, she led and managed the development of U.S. bank regulatory policy priorities and strategy. 

Ms. Harrington previously served in both the Legal Division and in the Division of Supervision and Regulation of the Board of Governors of the Federal Reserve System where she was responsible for developing and implementing policy across a number of post-crisis Dodd-Frank Act rulemakings.  Ms. Harrington also analyzed numerous proposals, applications, and issues arising under U.S. banking laws, including the Bank Holding Company Act, the Change in Bank Control Act, the Federal Reserve Act, and the International Banking Act and related regulations. 

Ms. Harrington earned a J.D. degree, magna cum laude, from Boston College Law School, where she was elected to the Order of the Coif and served as a Note Editor on the Boston College Law Review.  She earned an A.B. degree, magna cum laude, in Economics from Harvard College.  Ms. Harrington is a member of the New York bar.

Christopher Scarpati has over 20 years of financial services industry consulting experience focusing on helping capital markets institutions adapt to business and regulatory driven change. Christopher is a senior leader with deep experience helping sell side market participants design, plan, execute, and manage complex business transformation and regulatory driven change.

Christopher has worked extensively across the Capital Markets leading both large and small scale multi-disciplinary global transformational initiatives from initial vision and strategy design through execution.

Christopher's focus is in front and middle office sales and trading market structure, strategy, operations, risk management, and trading technology with deep experience in sell side sales and trading lifecycle management for OTC, Cleared and Listed Derivatives.

Christopher’s knowledge base and experience ranges from product knowledge (rates, credit, equity derivatives), broker / dealer / bank operations, management of global regulatory change initiatives (Dodd-Frank, MifidII, EMIR), sales and trading conduct and culture (FX, rates, credit), 1-2LOD control design, and compliance.

SInce 2010, Christopher has led PwC’s Dodd-Frank Title VII and Volcker regulatory change teams working with many of the G-SIBs to prepare for, react to, and comply with global financial markets regulation.

Chris is a frequent author of PwC’s Regulatory Briefs on topics including: derivatives market structure, cross border guidance and issues, uncleared margin requirements, SEF trading, and The Volcker Rule.

Curtis K. Tao is a Managing Director and Deputy General Counsel at Citigroup, advising on bank and bank holding company regulatory matters at Citi from 2005 to 2009, and also since he returned to Citi in November 2011. Curtis heads Citi’s Bank Regulatory Legal group, reports directly to Citi’s General Counsel, and serves on the Legal Department’s Management Committee. Curtis is also a member of Citi’s Asian Heritage Affinity Steering Committee, and sponsors the Citi Legal Department Diversity Council.

From 2009 to November 2011, Curtis was an Associate General Counsel at Goldman Sachs, also advising on bank and bank holding company regulatory matters. 

From 2001 to 2005, Curtis was an associate at the law firm of Cleary, Gottlieb, Steen & Hamilton LLP. Curtis clerked for Chief Justice Deborah T. Poritz of the New Jersey Supreme Court for the 2000-2001 term, and for Judge John L. Coffey of the Federal Court of Appeals for the Seventh Circuit for the 1999-2000 term. Curtis received his J.D. from Rutgers School of Law (1999), and his B.A. from Rutgers University (1995). Curtis is admitted to practice in New York and New Jersey.

Gabriel Rosenberg is a partner in Davis Polk’s Financial Institutions Group and a member of the firm’s Regulatory Enforcement and Investigations and Trading and Markets practices. He advises financial institutions, corporations and industry groups on all aspects of financial regulatory issues, ranging from the impact of financial regulatory reform on business strategy to implementation challenges to enforcement and supervision.

Mr. Rosenberg advises on subjects including derivatives regulation, the Volcker Rule, capital and liquidity requirements and resolution planning. His practice also involves the use of technology to help market participants understand and comply with regulatory obligations and the impact of financial regulatory reform.

In addition to his full-time practice, Mr. Rosenberg is a frequent writer, commentator and lecturer on financial regulatory reform issues. He is co-editor of the first comprehensive treatise on the new swap regulatory regime, and has held academic appointments at Yale Law School, the Yale School of Management and the Haas School of Business at UC Berkeley.

Joerg Riegel is the Head of U.S. Regulatory Initiatives, responsible for a variety of regulatory change and advocacy matters. He is also the lead lawyer on the Volcker Rule at Société Générale. In this capacity, he was responsible for the legal aspects of the global implementation of the Volcker Rule across all trading and funds aspects.

Prior to joining Société Générale, Mr. Riegel was a Director and Senior Counsel at RBS. Before joining RBS, Mr. Riegel was an associate at Davis Polk, where he represented financial institutions on financial regulatory matters, as well as with respect to OTC and capital markets transactions.

Mr. Riegel holds a Master of Laws from Columbia University, where he was a James Kent scholar, a JD equivalent in German law from the University of Freiburg, Germany, and a DEUG in French law from the University Jean Moulin, Lyon, France. He is a member of the New York bar.

Matthew W. McGrory is a Senior Company Counsel in the Corporate Regulatory Section of the Wells Fargo Law Department.  Based in Minneapolis, Minnesota, Matt advises on a variety of banking laws and regulations including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker Rule, Resolution Planning/Legal Entity Rationalization, Bank Holding Company Act/Regulation Y, National Bank Act, Sections 23A/B of the Federal Reserve Act/Regulation W, Preemption, Regulation R, Regulation O, and the Bank Anti-Tying Rules.  Matt also advises Wells Fargo’s Volcker Rule Senior Management Committee and Volcker Rule Enterprise Compliance Office.  He has been with the company 21 years.  Prior to joining Wells Fargo, he was in private practice in Omaha, Nebraska.  He served as a law clerk for the Honorable Lyle E. Strom, Chief Judge, United States District Court for the District of Nebraska.  He received B.A. and J.D. degrees from the University of Iowa and is licensed in Minnesota, Iowa and Nebraska. 

RENA SHADOWITZ is Managing Director and the Volcker Compliance Executive at Bank of America Merrill Lynch responsible for overseeing compliance with the Volcker Rule across the enterprise. Prior to joining Bank of America, Rena was Associate General Counsel and Director at Bank of Montreal and was responsible for monitoring, analyzing and implementing regulatory change globally and also advised on securities law, derivatives law and cross-border regulatory issues. Rena began her career practicing securities law at Torys LLP in Toronto. Rena received her Bachelor of Commerce (Finance), B.C.L. and LL.B from McGill University and is admitted to the New York Bar and the Law Society of Ontario.

Richard Coffman is General Counsel of the Institute of International Bankers (IIB). He has been active in foreign bank regulatory matters for over 30 years, having previously been a partner at Clifford Chance US LLP and an associate at Simpson, Thacher & Bartlett. Prior to attending law school, he taught at the University of Virginia in the Department of Government and Foreign Affairs.

Mr. Coffman is a member of the American Bar Association and the Banking Law Committee of the New York City Bar Association. Mr. Coffman holds a J.D. and Ph.D. degrees from Columbia University and a Bachelor of Arts degree from Southern Methodist University.

Tabitha Edgens is a Senior Attorney in the Chief Counsel’s Office, Securities and Corporate Practices Division, in the Office of the Comptroller of the Currency. In this role, Ms. Edgens advises OCC policymakers, senior managers, and examiners on a range of banking, securities, derivatives, and fiduciary matters, including Volcker Rule implementation.

Prior to joining the OCC, Ms. Edgens focused on bank regulatory matters as an associate with a major law firm.

Ms. Edgens is a graduate of Yale Law School and Tulane University.

Whitney Chatterjee is a member of the Firm’s Financial Services Groups and serves as head of the Investment Management practice. She counsels investment managers to public and private funds, independent directors and trustees, fund sponsors, private investment funds and financial services companies on a wide variety of matters, including transactional, fund formation, regulatory, compliance and corporate governance matters.

Ms. Chatterjee has extensive experience providing advice regarding the Investment Company Act, the Investment Advisers Act, the Volcker Rule and other federal securities law, including advice in connection with mergers and acquisitions transactions and the offering and operation of registered and unregistered fund products. In collaboration with clients and investment management industry groups, she has been involved in significant legislative and regulatory developments affecting the asset management industry.

Ms. Chatterjee is consistently recognized as a leading lawyer by Chambers USA in the Financial Services Regulation: Investment Funds (Regulatory & Compliance) and Banking (Compliance) areas, by Legal 500 USA in the Investment Fund Formation and Management area and by IFLR as a Highly Regarded lawyer.

Yosef Ibrahimi is a director in the general counsel department of Credit Suisse. He heads the U.S. Bank Regulatory, ERISA, Benefits and U.S. Cross Border practice groups in Credit Suisse’s general counsel department. Mr. Ibrahimi was previously the lead lawyer advising Credit Suisse’s wealth and asset management businesses on U.S. banking laws. He has particular expertise on the interaction of banking laws to asset management activities. Mr. Ibrahimi is particularly focused on the Bank Holding Company Act, Volcker Rule, regulatory examinations, and legislative and regulatory advocacy. Before joining Credit Suisse, Mr. Ibrahimi was a senior associate at Skadden Arps, where he focused on restructuring and insolvency law. Before joining the firm, he clerked for a Justice of the Delaware Supreme Court.

Mr. Ibrahimi received his law degree from Cornell University and his undergraduate degree from the Macaulay Honors College at the City University of New York. He is a member of the New York and Delaware bars.

As Deputy Director, Mr. Remmler supervises the CFTC branch responsible for addressing registration and compliance of intermediaries including in particular implementation of swap dealer regulations.  Among other activities, his branch provides guidance to the Commission and market participants; drafts regulations, advisories and no action letters; and coordinates the CFTC’s Volcker Rule implementation.  Mr. Remmler has also lead or participated in drafting numerous new regulations since the adoption of the Dodd-Frank Act.

Prior to joining the CFTC in 2010, Mr. Remmler practiced law in the capital markets for 18 years at major law firms with a focus on over-the-counter derivatives and structured finance.  In that capacity, he structured and negotiated hundreds of swap agreements and developed new derivatives products.

Ms. Klyce Pennoyer is a Vice President and Associate General Counsel at JPMorgan Chase & Co in the Bank Regulatory Group, which reviews new activities and investments and acquisitions, advises on the impact of U.S. regulations on existing business, prepares U.S. bank regulatory applications for the firm, and serves as a liaison with the firm’s U.S. bank regulatory agencies.

Prior to joining JPMC Ms. Klyce Pennoyer was an associate in Davis Polk’s Financial Institutions Group, where she advised domestic and non-U.S. financial institutions on a wide range of bank regulatory matters, including regulatory reform and implementation, the Bank Holding Company Act, single-point of entry recapitalization, enforcement actions, Volcker funds considerations, Freedom of Information Act considerations for financial institutions, and the preparation of living wills.

Ms. Klyce Pennoyer received her A.B. from Harvard College and her J.D. from Columbia Law School.

Andrew R. Bernstein is a Senior Special Counsel in the Office of Derivatives Policy in the Division of Trading and Markets, where he works on drafting new rules necessary to implement the OTC derivatives reforms in Title VII of the Dodd Frank Act. He also plays a leading role on the cross-divisional and interagency teams responsible for the Volcker Rule. In addition, Andrew provides interpretive advice on the regulatory treatment of novel derivatives products under the Securities Exchange Act of 1934, and administering new product provisions contained in the Dodd-Frank Act. Prior to holding his current position, Andrew was a Branch Chief in the Office of Chief Counsel and a Special Counsel in the Office of Clearance and Settlement, both of which are also in the Division of Trading and Markets. 

Prior to joining the SEC in 2010, Andrew practiced securities and corporate law at Sullivan & Cromwell LLP. Andrew received a Bachelor of Science from the College of Agriculture and Life Science at Cornell University in 1995, and a Juris Doctor, magna cum laude, from American University Washington College of Law in 2005.