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Dually Registered Broker-Dealers and Advisers—Regulatory, Compliance and Enforcement 2019


Speaker(s): Cece Baute Mavico, Cheryl L. Haas, Clifford E. Kirsch, Jennifer L. Klass, John C. Munch, Joseph M. Gallo, Julie K. Glynn, Walter Booker
Recorded on: Feb. 6, 2019
PLI Program #: 251229

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


Jennifer L. Klass is a regulatory counseling lawyer with a broad background in investment management regulation. She advises clients on a wide range of investment advisory matters, including investment adviser registration and interpretive guidance, disclosure and internal controls, regulatory examinations, and enforcement actions. Her clients include major investment banks, investment advisers, broker-dealers, and the sponsors of private investment funds and mutual funds. Previously vice president and associate general counsel at Goldman, Sachs & Co., Jen’s practice focuses on the convergence of investment advisory and brokerage services.


Joseph Gallo is Vice-President and Senior Counsel of Lincoln Financial Group –responsible for providing strategic legal advice, support and counseling to senior management within Lincoln Financial Distribution and Lincoln Financial Network - Lincoln’s affiliated retail wealth management firm.  He oversees all legal and compliance aspects of LFN’s investment advisory platform, program and services offered and sponsored by LFN. 

Prior to joining Lincoln, Mr. Gallo served in a variety of industry roles, most recently as an Executive Director for Morgan Stanley Wealth Management, where he provided legal and regulatory counsel to the retail advisory wealth management business in the U.S.  Prior to Morgan Stanley, Mr. Gallo was Senior Counsel at SEI Investments, where he provided leadership and direction on a broad range of matters for SEI’s asset management and investment advisory business. 


Walter K. Booker is an experienced leader and passionate practitioner of evolutionarily excellent client service.  In his current role as Director of Client Experience, Walter leads efforts to evolve MarketCounsel’s client-facing strategies and to create an industry-leading client experience to complement the firm’s legal, regulatory and business counsel.

Previously, Walter has been a senior operating executive in both the institutional and individual investor sectors of the financial services industry as well as a consultant to organizations across their lifecycles.  Early in his career, he traded fixed income securities and led institutional sales, trading and research efforts for Salomon Brothers, Bear Stearns, Dean Witter and Painewebber in addition to being an instructor at the New York Institute of Finance.  After this, he transitioned to the individual investor-focused sector of the industry and led one of Ameriprise Financial’s highest performing and most profitable regions for more than a dozen years.  He then developed and consulted for a number of entrepreneurial ventures and led the evolution of a $500mm+ AUM financial planning practice before joining MarketCounsel.

Walter brings an abundance of technical and industry experience to his current role. He is a graduate of Harvard College and has held numerous securities licenses, including Series 7, 63 and 24 and several New Jersey state insurance licenses.


As chair of McGuireWoods’ Financial Services Litigation Department, Cheryl represents companies across the country in high-stakes disputes in federal and state courts as well as before the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and state securities regulators.

Cheryl represents Fortune 100 companies, investment companies and advisers, broker-dealers and private individuals. In addition to her commercial litigation practice, she represents broker-dealer and investment advisors in securities enforcement matters and in public and private investigations. She monitors regulatory developments, advises clients on compliance matters and conducts internal investigations. In addition, she represents companies involved in regulatory investigations concerning alleged securities or accounting fraud, Ponzi schemes, insider trading, Foreign Corrupt Practices Act violations, privacy, supervision and other issues.

Before joining McGuireWoods, Cheryl was a partner in an Am Law 100 law firm. She also handled securities and complex commercial litigation for a major New York firm, and clerked for then-U.S. District Judge David G. Trager of the Eastern District of New York.

Cheryl serves on McGuireWoods’ Diversity Action Committee and on the board of the nonprofit Grove Park Foundation.

EDUCATION

  • New York University School of Law, JD, cum laude, Senior Articles Editor, New York University Law Review
  • Emory University, BA, Phi Beta Kappa


Cece is a managing attorney in LPL’s Compliance, Legal, and Risk organization, specifically the Head of Regulatory Inquiries & Strategy.  She and her team are responsible for representing the firm in complex regulatory matters and advising on regulatory strategy.  She is located in LPL Financial’s Fort Mill office.

Prior to joining LPL Financial in 2015, Ms. Mavico was in private practice where she focused on securities regulatory and enforcement matters and was a senior regulatory specialist with the NASD in Washington, DC.  Ms. Mavico started her career in the financial services industry in compliance and supervisory roles and held various securities and insurance licenses.  Ms. Mavico received a Bachelor of Science in Finance from Trinity University and a Juris Doctor from American University, Washington College of Law.  She is a member of the New York, District of Columbia and Texas Bar Associations.


John Munch has been a member of SEI’s Legal Team since 2001 and General Counsel of SEI Investments Distribution Co., SEI’s broker-dealer subsidiary, since 2004.  In addition, Mr. Munch leads the SEI Legal Department teams responsible for supporting SEI’s business units globally.  Prior to joining SEI, Mr. Munch was an associate with the law firm of Howard Rice Nemorvoski Canady Falk & Rabkin and, prior thereto, Seward & Kissel, specializing in the representation of mutual funds, investment advisers and broker-dealers.   Mr. Munch is a graduate of the University of Connecticut (B.A.) and Tulane Law School (J.D.).


Julie Glynn joined JP Morgan Chase in 2011 and is currently the General Counsel of Chase Wealth Management.  She previously worked in the Government Investigation and Regulatory Enforcement Group and as Deputy Chief Legal Officer for JP Morgan Securities, LLC and JP Morgan Clearing Corporation.  Prior to working at JP Morgan Chase was worked at FINRA Enforcement, Morgan Stanley and Morrison & Foerster.