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Financial Services RegTech and Regulatory Compliance Forum 2019


Speaker(s): Alixandra Smith, Benjamin Gruenstein, Charles D. Riely, Clifford E. Kirsch, Kevin M. Bopp, Lara Shalov Mehraban, Marina Kaganovich, Maurya C. Keating, Megan Prendergast Millard, Melissa Hall, Nathan J. Greene, Sarah E. Paul, Satish M. Kini, Scott M. Kirwin, Scott W. Bauguess
Recorded on: Nov. 21, 2019
PLI Program #: 247734

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


Alixandra Smith is the Chief of the Business and Securities Fraud Section at the United States Attorney’s Office for the Eastern District of New York.  She has investigated and prosecuted a wide variety of criminal matters against both individuals and entities, including fraud involving publicly-traded companies, market manipulation, insider trading, healthcare fraud, tax crimes, money laundering, cyber-enabled crime and violations of the Foreign Corrupt Practices Act (“FCPA”).  Alix is also an adjunct professor at New York University Law School.

Prior to joining the United States Attorney’s Office, Alix was an associate at two law firms in New York; completed clerkships with the Honorable Julio M. Fuentes, United States Court of Appeals for the Third Circuit, and the Honorable Faith S. Hochberg, United States District Court for the District of New Jersey; and served as an adjunct professor at Fordham Law School.  She graduated from Harvard University and Harvard Law School.


Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland (now Eversheds Sutherland) in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.

Experience

Eversheds Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Eversheds Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Eversheds Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.  Eversheds Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Eversheds Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Eversheds Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

Professional Activities

Member, New York City Bar Association

Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania

Former Chair, FINRA Variable Products Committee

Former Board Member, National Society of Compliance Professionals


Kevin M. Bopp serves as the Chief Compliance Officer of New York Life Investment Management LLC and the MainStay Funds. He also serves as the Chief Compliance Officer of IndexIQ Advisors LLC and the IndexIQ ETFs. Mr. Bopp is responsible for overseeing the compliance programs of the investment advisers and registered funds, including the development and administration of policies and procedures, and the oversight of service providers. Prior to becoming Chief Compliance Officer, Mr. Bopp was an Associate General Counsel at New York Life Investment Management LLC responsible for legal matters relating to the MainStay Funds.

Prior to joining New York Life in 2010, Mr. Bopp was an associate at Dechert LLP, and an Assistant General Counsel at American International Group, Inc. Mr. Bopp graduated from New York Law School (JD, Cum Laude), and St. John’s University (MBA and BA). He is a member of the New York and New Jersey bars.


Lara Shalov Mehraban is an Associate Director for Enforcement in the New York Office of the U.S. Securities and Exchange Commission, which means that she supervises a staff of approximately 150 attorneys, investigators, accountants and paralegals in the New York Office’s enforcement program.  She joined the SEC in 2007 and has served as an Assistant Regional Director, a member of the SEC’s Asset Management Unit, and a senior counsel.  Before joining the SEC, she was a litigation associate at for seven years, first at Paul, Weiss, Rifkind, Wharton & Garrison LLP and then at Stillman, Friedman & Shechtman, P.C.  Prior to her law firm practice, she served as a law clerk to the Honorable Michael Daly Hawkins on the United States Court of Appeals for the Ninth Circuit.  She received her J.D. from the University of Michigan Law School and her B.A. from Duke University.


Maurya Crawford Keating is an Associate Regional Director in the New York Regional Office of the U.S. Securities and Exchange Commission.  She joined the Investment Adviser/ Investment Company unit of the SEC’s Office of Compliance, Inspections and Examinations in 2018. 

Before joining the SEC, she was a Lead Director and Associate General Counsel in the National Compliance Office of AXA Equitable Life Insurance Company.  Her work for AXA Equitable included advising on a wide range of securities, insurance and investment advisory compliance, product and distribution issues, including international legal and compliance issues associated with AXA Equitable’s affiliation with AXA Group, a global financial services organization.  Maurya was also Vice President, Chief Broker-Dealer Counsel & Investment Advisor Chief Compliance Officer of AXA Advisors, LLC, a full-service broker-dealer and investment adviser.  Prior to AXA Equitable, she was an Associate General Counsel at New York Life Insurance Company and Royal Alliance Associates, Inc.

Maurya received her J.D. from St. John’s University School of Law, and her B.A. and M.A. from The Catholic University of America. She is admitted to practice as an attorney in New York state, and is on the Roll of Solicitors of the Law Society of England & Wales.


Megan Prendergast Millard assists companies in compliance matters and investigations, including risk assessments, strengthening risk management and compliance programs, remediation efforts, corporate monitorships, and internal investigations. 

For nearly fifteen years, Ms. Millard worked at the New York State Department of Financial Services (formerly the New York State Banking Department.)  She began her career in the General Counsel’s Office and most recently served as the Deputy Superintendent for Enforcement where she supervised investigations of licensed institutions in a wide range of areas including anti-money laundering, OFAC sanctions, market manipulation, virtual currency as well as all other banking and insurance matters.  She was also responsible for oversight of monitors engaged pursuant to consent orders issued by the Department. 

Ms. Millard also served as a Senior Assistant District Attorney for the Office of the District Attorney in Kings County, NY where she performed all aspects of criminal prosecutions from investigation to trial. 

 


Melissa Hall is a bank and payments regulatory attorney focused on representing domestic and foreign banks, nonbank financial services and technology companies, investors in financial services, and technology companies. With nearly two decades of experience and a business-centered approach, clients regularly turn to Melissa as a trusted advisor on complex, cross-discipline financial regulatory matters that require in-depth knowledge of regulations and business lines.

Melissa advises clients on all aspects of financial institutions laws, including the Bank Holding Company Act, the National Bank Act, the Federal Reserve Act, the Federal Deposit Insurance Act, the Bank Secrecy Act, and key state banking law requirements. Melissa’s practice involves counseling clients on a wide range of traditional bank and finance regulatory compliance and enforcement issues at both the state and federal levels, including licensing requirements, consumer financial products and compliance, corporate and transactional matters, anti-money laundering compliance, financial institution investment and acquisition, as well as advising in the development of new financial services products.

Melissa has developed a niche advising on emerging regulatory issues in connection with financial technology, including payment systems rules, credit cards and stored value cards, money services businesses, virtual currency transmission and custody, marketplace lending, and consumer financial regulatory requirements. Melissa takes pride in partnering with her clients to understand their legal risks and business goals in order to move forward and remain innovative while operating in areas a regulatory environment that lags behind faster-paced innovation. She also represents nonbank financial institutions and their investors regarding regulatory compliance and due diligence of state and federal bank and consumer financial laws.

Based in Washington DC, Melissa has cultivated high-level relationships and long-standing connections throughout the regulatory arena, giving her a unique industry insight and access to resources critical to the success of her clients. Prior to starting her private practice, Melissa served as an attorney in the Office of the Chief Counsel of the Department of the Treasury’s Bureau of the Public Debt.

“Melissa brings an insider’s perspective and extensive network from her time at the Treasury Department. The fintech space is evolving at a breakneck pace, and her help navigating these regulatory changes is tantamount to our clients’ success.”—Stephen A. Aschettino, partner and chair of Loeb & Loeb’s Payments Technology Practice and co-leader of the Blockchain Practice

On the corporate side of her practice, Melissa advises banks and financial services companies, as well as their directors and officers, in connection with corporate governance, management, business and operational, investment, and merger and acquisition (M&A) matters, as well as bank securities and fiduciary activities.

Outside of her practice, Melissa is an avid reader and enjoys rock climbing and traveling with her husband and two teenage daughters.


Sarah Paul’s practice spans all areas of white-collar defense, with a particular focus on government, internal, and cross-border investigations, tax controversy, and cybersecurity and privacy law.  She has extensive experience litigating complex criminal and civil cases.

Sarah joined Eversheds Sutherland from the United States Attorney’s Office for the Southern District of New York, where she served for over nine years as an Assistant United States Attorney in the Criminal Division. As a member of the Complex Frauds and Cybercrime Unit for nearly six years, she worked on sophisticated white-collar cases involving the investigation and prosecution of institutions and individuals for a variety of financial crimes, including Foreign Corrupt Practices Act violations, wire fraud, bank fraud, cybercrime, international money laundering, securities fraud, health care fraud, and Bank Secrecy Act violations. She also served in the Money Laundering and Asset Forfeiture Unit, where she litigated substantial asset forfeiture matters, including significant art fraud cases. In 2019, Sarah was recognized by the Women in Federal Law Enforcement Foundation, which selected her from a nationwide pool of female federal prosecutors to receive the Top Prosecutor Award.

During her time as federal prosecutor, Sarah led numerous high-profile cross-border investigations, including an investigation resulting in the first US indictment in connection with the Panama Papers leak, an investigation resulting in a $547 million resolution with a Swiss bank and the guilty pleas of two Swiss bankers, and an investigation resulting in the guilty pleas of Cayman Islands investment brokerage and trust companies. Sarah also conducted fourteen federal jury trials, and briefed and argued multiple appeals before the US Court of Appeals for the Second Circuit.         

In 2016, she became the Tax Coordinator for the Criminal Division. During her two and a half year tenure as the Tax Coordinator, she supervised all criminal tax matters in the Southern District of New York, including hundreds of investigations and dozens of publicly charged cases, and she worked extensively with the Internal Revenue Service and the Tax Division of the Department of Justice.

Prior to her time as an Assistant United States Attorney, Sarah was a defense attorney for two prominent New York law firms, where she advised clients on anticipating, managing and mitigating legal and regulatory risks related to government enforcement and represented clients in all phases of criminal and civil litigation. She also worked as a federal law clerk for the Honorable Berle Schiller in the United States District Court for the Eastern District of Pennsylvania.


Scott M. Kirwin is Vice President and Associate General Counsel in the Brokerage and Wealth Management group of the legal department of Fidelity Investments. In his current role, Mr. Kirwin serves as the Chief Legal Officer for Strategic Advisers LLC, the Fidelity registered investment adviser responsible for the money management aspects of Fidelity’s managed account, asset allocation and financial solutions products.  As part of his role, Mr. Kirwin and his team support Fidelity’s retail, workplace and intermediary managed account offerings, its digital investment advisory program, and its financial planning products and services. In addition, Mr. Kirwin provides legal support for Fidelity’s Personal Investing and Workplace Investing business units.  During his time at Fidelity, Mr. Kirwin has supported a number of Fidelity divisions and business units in various capacities, including the Global Asset Allocation Division, the Portfolio Advisory Services group, the Strategic Advisers group of mutual funds and Fidelity’s 529 educational savings vehicles.

Prior to joining Fidelity, Mr. Kirwin was an associate with Ropes & Gray LLP, where his practice focused on the representation of mutual funds and their advisers, closed-end fund offerings, private fund advisers and leveraged finance transactions.  Mr. Kirwin earned a J.D., cum laude, from Harvard Law School in 2001, where he was Executive Editor of the Harvard Human Rights Journal and an Instructor of Legal Reasoning and Argument. He received a Bachelor of Science in Political Science, summa cum laude from Northeastern University in 1998.


Benjamin Gruenstein is a partner in Cravath’s Litigation Department and a member of the Firm’s Investigations and White Collar Criminal Defense practice.  His  practice focuses on the representation of U.S. and multinational companies and their senior executives in government and internal corporate investigations in such areas as the Foreign Corrupt Practices Act (“FCPA”), healthcare fraud, insider trading, criminal antitrust, accounting fraud and trade sanctions, and accompanying civil litigation. Mr. Gruenstein has handled both domestic and cross-border investigations, including in Latin America, Asia, and Europe.

Prior to joining Cravath, Mr. Gruenstein served as an Assistant U.S. Attorney in the Criminal Division of the U.S. Attorney’s Office for the Southern District of New York from 2002 to 2008. He returned to Cravath in 2008, and became a partner in 2012.

Mr. Gruenstein is a fellow of the American Bar Foundation.  Mr. Gruenstein has been recognized for his white collar criminal defense work by Benchmark Litigation (2016-2018) and The Best Lawyers in America (2016-2018). He has also been recognized by The Legal 500 United States for white collar criminal defense work (2016 2018), securities litigation and related regulatory enforcement matters (2015 2017) and for his experience in the media and entertainment industry (2017-2018).  From 2013 through 2018, Mr. Gruenstein was selected by Lawdragon as one of “500 Leading Lawyers in America.” He and his colleagues earned the Firm a top tier ranking for Criminal Defense: White Collar in the U.S. News Best Lawyers “Best Law Firms” survey in 2018, as well as recognition in the investigations and criminal defense categories of both Chambers USA (2015-2018) and Legal 500 US (2016-2018) and the FCPA category of Chambers USA (2018).  In 2014 and 2015, Mr. Gruenstein was named one of Ethisphere Institute’s “Attorneys Who Matter” and in 2013, he was recognized as one of five Law360 “Rising Stars” in the nation in the White Collar category.

Mr. Gruenstein received an A.B. summa cum laude in Philosophy and Mathematics from Harvard College in 1996, where he was elected to Phi Beta Kappa, and a J.D. magna cum laude from Harvard Law School in 1999, where he was an Editor of the Law Review.  After graduating from law school, Mr. Gruenstein clerked for the Honorable Stephen F. Williams of the U.S. Court of Appeals for the D.C. Circuit and for the Honorable David H. Souter of the U.S. Supreme Court.   


Marina is a Director in BNP Paribas’ U.S. Corporate and Institutional Banking Compliance team. She specializes in advising on cybersecurity, data privacy, robotics, machine learning and digital transformation topics. Marina supports the firm’s Technology and Innovation divisions in the design of strategic solutions, leading cross-functional projects and providing thought leadership and guidance on governance and implementation considerations.

Prior to joining BNP Paribas, Marina was a Vice President at Goldman Sachs, spearheading Compliance coverage of the Technology, Human Capital Management and Corporate Services divisions. In addition, Marina held a dual role as Financial Regulatory Attorney and Compliance Manager at Thomson Reuters (Refinitiv), where she oversaw the broker dealer compliance program.

She earned her juris doctorate at Brooklyn Law School and graduated with honors from the Bernard Baruch Zicklin School of Business. Marina also holds the Series 7, 24, 63 and 99 FINRA licenses.


Nathan Greene is a partner in Shearman & Sterling’s Investment Funds practice and is based in New York City.

He has extensive experience advising on the regulatory aspects of fund and investment advisory operations, and also counsels funds and financial institutions on regulatory considerations around emerging technologies. In his funds work, Nathan represents fund management organizations and fund families as well as independent fund boards, fund distributors and underwriters, fund administrators and others.

Nathan often speaks and writes on issues relating to big data, blockchain, and artificial intelligence. Most recently, he co-authored a chapter in the inaugural edition of AI, Machine Learning & Big Data, published by Global Legal Group Ltd, London. The book covers legal issues and related market practices around artificial intelligence and does so across more than 30 different global jurisdictions. Nathan is regularly quoted in prominent publications and news services, including BoardIQ, Bloomberg, Fund Board Views, Hedge Fund Law Report, Reuters and the Wall Street Journal.

Chambers USA recognizes Nathan for his work with registered funds and quotes clients as saying that “he knows the regulations inside out,” adding that “he is adept at taking complex concepts and being able to communicate them; he's creative in finding solutions.”

He also serves or has served on various advisory boards and industry committees, including those associated with the American Bar Association, Association of the Bar of the City of New York, the Alternative Investment Management Association, Investment Company Institute, Managed Funds Association and Mutual Fund Directors Forum.

Nathan earned his juris doctorate, magna cum laude, at the Georgetown University Law Center and his bachelor of arts degree at the University of Maryland.


Charles Riely is a partner at Jenner & Block LLP.  As a lawyer at the SEC for more than a decade, he handled a number of significant matters, working extensively with criminal authorities in parallel investigations, and developing deep expertise in all aspects of the federal securities laws.  At the SEC, he received the Ferdinand Pecora Award for tenacity, creativity and efficiency. 

Mr. Riely most recently served as assistant regional director for the Division of Enforcement for the US Securities and Exchange Commission (SEC).  In that role, he led teams of lawyers in the New York Regional Office and Market Abuse Unit conducting investigations and litigations.  Mr. Riely’s matters at the SEC generally entailed highly complex issues and included some of the most significant actions filed by the SEC during his tenure.  These included matters against large hedge funds for insider trading, valuation fraud and other violations.  He was also one of the original members of the Market Abuse Unit and worked on a number of market manipulation cases as well as cases involving dark pools.

While at the SEC, he worked on matters involving disclosure failures by public companies; alleged fraud and regulatory violations by investment advisers and broker-dealers; insider trading; anti-money laundering violations; “spoofing” and other forms of market manipulation; failure-to-supervise violations; the adequacy of firms’ cyber-security procedures and protections; and a variety of other fraud and regulatory matters.

Mr. Riely also gained extensive experience coordinating investigations with the US Department of Justice (DOJ) and worked on more than a dozen publicly filed SEC enforcement actions where the criminal authorities filed a parallel case.  He also gained extensive experience working with international enforcement officials as well as the Commodity Futures Trading Commission (CFTC), the New York Attorney General’s Office, FINRA, the New York Stock Exchange and other domestic agencies.  He also consulted extensively with the compliance examiners and other professionals that conduct compliance inspections and examinations of regulated investment advisers and broker-dealers in the New York region.

Mr. Riely’s work at the firm has included representing and advising corporations and individuals in compliance, criminal defense matters, government enforcement matters, internal investigations and litigations.  This includes working on matters relating to accounting fraud, the Federal Corrupt Practices Act, the adequacy of public company disclosures, anti-money laundering, and insider trading.


Scott Bauguess is the former SEC’s Deputy Chief Economist and Deputy Director of the Division of Economic and Risk Analysis (DERA). He oversaw the Division’s risk assessment and data-driven, predictive analytics development, designed to detect fraud and misconduct in the Commission’s investigation and examination programs, specifically in the areas of corporate issuers, broker- dealers, and asset managers. As part of this, he directed economic analyses in recommendations to the Commission on issues related to the form and manner of registrant disclosures and governance. Scott received his Ph.D. in Finance from Arizona State University in 2004. He also holds a B.S. and M.S. in Electrical Engineering and prior to his doctoral studies spent six years working as an engineer in the high tech industry.