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Municipal Securities Activity by Broker-Dealers and Advisers 2012

Speaker(s): David Levy, Ernesto A. Lanza, Malcolm Northam, Maurine R. Bartlett, Robert A. Fippinger, Weiyen Jonas
Recorded on: Mar. 26, 2012
PLI Program #: 34337

Robert Fippinger is a senior counsel in the New York office of Orrick, Herrington & Sutcliffe, where  he specializes in the securities law of public finance. After receiving his undergraduate degree from Duke University and his law degree from the University of Michigan law school, he received a Ph.D. in 1969 at Northwestern University in its law and politics program.

Mr. Fippinger was an adjunct professor at New York University law school and Hofstra law school where he taught the securities law of public finance, and was a visiting lecturer in law at Yale University law school where he taught the constitutional, tax and securities law of public finance. He is the author of the third edition of the Practicing Law Institute's treatise entitled The Securities Law of Public Finance, which, in prior editions, has been updated annually for 20 years. He is currently serving as a member of the Municipal Securities Rulemaking Board.

Malcolm Northam is the Director of the Fixed Income Securities Group within the Sales Practice Policy division at FINRA.

An authoritative market and regulatory voice about capital markets compliance and risk management, Mac Northam leads the creation and design of FINRA's member regulation compliance policy for credit and rates product origination, distribution, back-office processing, and resulting price and transaction dissemination. He coordinates the implementation of these policies through a program of FINRA advisory, educational, examining and enforcement initiatives. 

Mac has more than 25 years successful experience with debt products, beginning with the Office of the Comptroller of the Currency as a banking and securities examiner and then as Deputy Director of the OCC's Capital Markets Division designing and implementing regulation policy for buy-side portfolios; rates management and hedging; and for bond origination, institutional and retail distribution. While at the OCC he was a leader in creating and implementing uniform multi-agency regulatory approaches for distressed and defaulted bonds; mortgage-backed securities; and manipulative trading and investment practices. For the 7 years immediately prior to joining FINRA, Mac founded and managed a successful nation-wide consultative compliance practice  designing and coordinating preventive and remedial risk management, compliance, internal control, continuing education and information solutions. 

Mac represents FINRA at government agency, SRO, and industry and advisory meetings and is a staff liaison for FINRA's Fixed Income Committee, and the Series 72, Series 11, and Series 24 professional qualification examination review committee. He is a Certified Fraud Examiner, and a contributing market participant about bond issuance, pre and post trade price discovery and market transparency initiatives, firm disclosure responsibilities, and resulting firm risk and compliance management, investor protection, and buy-side portfolio risk management. He advises on examiner credit and rates education programs for FINRA, and is an instructor for SRO, SEC, bank regulatory agency and state examiners and legal staff, and for industry legal, compliance and audit professionals.

Weiyen Jonas is a Vice President and Associate General Counsel in the FMR LLC Legal Department of Fidelity Investments in Boston, Massachusetts.  She is part of the legal team which interprets, applies and oversees compliance with the Internal Revenue Code, ERISA and other federal and state laws affecting retirement plans. She also advises on new product designs, reviews pending legislation and regulations, and negotiates contracts, among other responsibilities, with a specialization in retirement plans offered by tax-exempt and governmental employers. Ms. Jonas is a current contributor to the 403(b) Answer Book, frequently presents at conferences, is a member of the American Law Institute - American Bar Association Continuing Professional Education Employee Benefits Advisory Panel, and has taught ERISA and Employee Benefits Law at Suffolk University Law School in Boston.

Before joining Fidelity in 1999, Ms. Jonas practiced employee benefits law at Goodwin Procter LLC in Boston after graduating cum laude from Harvard Law School. After graduating magna cum laude from Georgetown University and prior to attending law school, she was employed as a tax accountant and CPA for Price Waterhouse. Ms. Jonas is a member of the Massachusetts Bar.

David Levy is Managing Director in Corporate Compliance at US Bancorp where his responsibilities include providing regulatory guidance to the firm's Municipal Securities Group. Prior to joining US Bank, Mr. Levy spent many years in the legal departments of UBS and Citigroup concentrating on municipal securities issues before founding Municipal Regulatory Consulting LLC, where he provided regulatory guidance to broker-dealers and municipal advisors.  Mr. Levy is a graduate of Brooklyn Law School and the State University of New York at Albany.

Ernesto A. Lanza is Deputy Executive Director of the Municipal Securities Rulemaking Board, the federal self-regulatory organization that regulates broker-dealers, banks and municipal advisors engaging in municipal securities and other public sector financial services activities.  He currently advises on market regulation and market transparency initiatives, after having previously served as Chief Legal Officer/General Counsel leading the MSRB's legal, corporate governance and rulemaking activities.

Mr. Lanza led the design, development and launch of the MSRB's Electronic Municipal Market Access system (EMMA) as well as the development of the MSRB's long-range plan for the further evolution of its market transparency systems, and he currently continues to oversee the strategic direction of EMMA and related market transparency products.  Previously, Mr. Lanza led the MSRB's initial rulemaking and interpretive initiatives relating to broker-dealer activities in 529 college savings plans and has worked on a broad range of fair practice, suitability, pay-to-play and disclosure issues relating to municipal bonds.

Prior to joining the staff of the MSRB in 1997, Mr. Lanza was in private practice at Ballard Spahr, Greenberg Traurig and Holland & Knight.  He received his law degree in 1988 from the University of Pennsylvania Law School and his B.A. degree in Government from Harvard University in 1985.

Maurine Bartlett is a member of the Financial Services Group in the New York City office of Cadwalader, Wickersham & Taft LLP, who specializes in securities regulatory issues.  Ms. Bartlett was a Cadwalader Partner for many years and is currently a Senior Counsel. She provides ongoing regulatory guidance to major broker-dealers, derivatives dealers, hedge funds and investment advisers, has experience drafting policies and procedures to facilitate compliance with applicable regulatory requirements and assists with transaction documentation and securities offerings.  She addresses issues arising under all of the federal securities laws and regulations, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940, as well as under FINRA and MSRB rules. As part of her practice, Ms. Bartlett has assisted clients in connection with various enforcement proceedings, internal compliance reviews and applications to the Federal Reserve Board. She also has provided expert witness services in connection with broker-dealer arbitrations involving the margin rules and provided assistance with respect to the formation of SEC-registered broker-dealers and investment advisers.

Ms. Bartlett has given compliance presentations for a number of broker-dealers and has participated in numerous Sifma, BMA, PLI and other panels.  She is ranked as a "leading lawyer" in Chambers USA: America's Leading Lawyers for Business and has been recommended by Legal 500. She has co-authored a chapter on asset-backed securities for The Handbook of Asset-Backed Securities, as well as a chapter of the Regulation of the Commodities Futures and Options Markets treatise, and is the author of a chapter on the Glass-Steagall Act and Regulation D in The Securitization of Financial Assets

Ms. Bartlett earned her bachelor's degree with high distinction at the University of Michigan, where she was a member of Phi Beta Kappa. A magna cum laude graduate of Georgetown University Law Center, she was an Editor of the Georgetown Law Journal and served as Co-Chairman of The Barristers' Council.  Prior to law school, Ms. Bartlett worked as a legislative assistant to Congressman Philip Ruppe (R-Mich).