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The Volcker Rule 2016: What it Means for Financial Institutions and Markets


Speaker(s): Angela R. Mokodean, Anna M. Harrington, Camille L. Orme, Christopher V. Scarpati, Curtis K. Tao, Edina Cavalli, Erik F. Remmler, Gabriel D. Rosenberg, Heather S. Cruz, Joerg Riegel, John Niebling, Jonathan Gould, Mary Louise Guttmann, Michael A. Mazzuchi, Phillip S. Gillespie, Richard Coffman, Robert Maxant, Satish M. Kini, Theodore Dowd
Recorded on: May. 17, 2016
PLI Program #: 148797

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 is a member of the Financial Institutions Practice Group at WilmerHale where she advises 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.


Camille Orme is a partner in the Firm’s Financial Services Group. Ms. Orme represents U.S. and non-U.S. financial institutions on a range of regulatory, corporate and transactional matters. Recent areas of focus include advising financial institutions on responding to the significant changes in the regulatory landscape following the financial crisis, including the Volcker Rule, the consequences of being designated systemically significant, the interplay of U.S. and non-U.S. regulatory changes, restructuring global businesses in light of shifting regulatory requirements and standards, the Federal Reserve’s enhanced prudential standards, and the OCC’s guidelines establishing heightened standards for large banking organizations.

Ms. Orme’s regulatory practice also includes advice regarding controlling and non-controlling investments by and in banking organizations, bank activities powers, the affiliate transaction rules, restrictions on insider transactions, restrictions on depository institution management interlocks, brokered deposit regulations, and broker-dealer push-out.
 
In addition, Ms. Orme has advised on numerous transactional matters and corporate and disclosure matters. She also has experience with derivatives regulation and the formation and designation of electronic exchanges.
 
Ms. Orme has been a speaker on U.S. regulatory reform and other bank regulatory issues, including at conferences and programs hosted by the American Bar Association, the Institute of International Bankers, Practising Law Institute, the Washington, D.C. Bar Association and the Association of the Bar of the City of New York. She is a Co-Chair of the ABA Banking Law Committee International Banking Subcommittee, a member of the Banking Law Committee of the Association of the Bar of the City of New York, and a past member of the Association of the Bar of the City of New York Committee on Futures Regulation. 
 
Ms. Orme serves as Co-Chair of the Firm’s Women’s Initiative Committee and an Associate Development Partner for the Firm’s Financial Services Group. She has been recognized for her work in Chambers USA as an Up and Coming lawyer in Financial Services Regulation: Banking Compliance and was awarded the Best in Financial Regulation award at Euromoney Legal Media Group's Americas Women in Business Law Awards in 2016.


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 D. 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 Haas School of Business at U.C. Berkeley and the Yale School of Management.


Heather Cruz represents investment advisers and investment banks in connection with the structuring and distribution of U.S. and international private investment products, including private equity funds, multi- and single-strategy hedge funds, real estate funds, infrastructure funds, credit and distressed debt funds, as well as fund of funds. She also advises clients on the establishment, operation and sale of investment adviser and broker-dealer businesses.

With respect to private investment funds, Ms. Cruz advises clients on a broad spectrum of legal issues and considerations relating to the establishment and operation of private investment funds marketed and operated on a global basis. She also represents institutional investors seeking to invest in private investment funds and in investment advisers.

In addition, Ms. Cruz has extensive experience providing regulatory advice to broker-dealers and investment advisers, including regarding compliance with various aspects of the Dodd-Frank Act, with a particular focus on the Volcker Rule. She also advises on a range of issues relating to U.S. Investment Advisers Act, the U.S. Investment Company Act, and the rules and regulations of FINRA.

Ms. Cruz has repeatedly been selected for inclusion in Chambers Global: The World’s Leading Lawyers for Business and Chambers USA: America’s Leading Lawyers for Business. She also was named in Expert Guides – The World’s Leading Lawyers Chosen By Their Peers, The Best Lawyers in America and as a worldwide leading lawyer in Euromoney Institutional Investor’s 2015 Banking Finance and Transactional Expert Guide.

Ms. Cruz received her J.D. from New York University School of Law and her M.B.A. from NYU Leonard Stern School of Business. She also holds a B.S. from University of Southern California. Ms. Cruz is member of the Private Investment Funds Committee of the Association of the Bar of the City of New York.


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.


Jonathan Gould is a Director in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions.  He advises clients on a range of issues affecting financial services companies, including many elements of the post-crisis legislative, regulatory and supervisory framework.

He has advised banking entities on Volcker-related issues since the rule’s enactment in 2010.  Prior to the final rule’s release in 2013, this assistance included assessments of the impact of the proposed rule on covered activities, analysis of the extra-territorial impact of the rule, and review and drafting of comment letters on behalf of banking entities and trade associations.  Following the final rule’s release, he helped banking entities define and explain to regulators their trading desk hierarchy, document the activities of trading desks, develop compliance frameworks, and draft specific elements of Volcker compliance programs, including policies and procedures.  Since the 2015 conformance deadline, he has helped firms refine and test elements of their Volcker program with a specific focus on hedging, market making and underwriting, and models and metrics.
 
Prior to joining BlackRock in 2014, Mr. Gould was at Promontory Financial Group, where he advised financial institution clients on U.S. and international regulatory issues, including the implementation of various Dodd-Frank Act mandates, and served as Promontory's Deputy General Counsel.  Mr. Gould also served as counsel to the Senate Banking Committee from 2005 to 2008, with responsibility for all banking-related issues and agency oversight.  He began his career as a lawyer with Alston & Bird’s financial services group.
 
Mr. Gould holds an AB degree, cum laude, from Princeton University and a JD from Washington and Lee University School of Law.


Phillip S. Gillespie joined SSGA in June 2008 as Executive Vice President and General Counsel. In that role, Phil is responsible for the global legal affairs of SSgA and oversees a team of experienced attorneys, paralegals and assistants located in Boston, London, Paris, Tokyo, Montreal, Hong Kong and Sydney. He is a member of SSgA's Executive Management Group.

Phil joined SSgA from OppenheimerFunds, Inc. (OFI) where he was Senior Vice President and Deputy General Counsel and responsible for the day-to-day operations of OFI's Legal Department. Prior to joining OFI in 2004, Phil was First Vice President - Legal Advisory at Merrill Lynch Investment Managers (MLIM), where he managed a team of attorneys and paralegals providing legal services and oversight for MLIM's U.S. based investment teams, operations and its U.S. registered fund business.

From 1993 to 1997, Phil was an attorney with the U.S. Securities and Exchange Commission (SEC) in its Washington, D.C. headquarters holding posts as Senior Counsel in the Legal Policy and Counseling Group of the SEC's Office of the General Counsel and as Senior Counsel in the Office of Chief Counsel of the SEC's Division of Investment Management.

Prior to joining the SEC, Phil was an associate in the corporate finance practice of the Seattle law firm, Perkins Coie, and started his legal career as a law clerk to the Honorable Charles Clark, Chief Judge of the U.S. Court of Appeals for the Fifth Circuit.

Phil is a graduate of Georgetown University's School of Foreign Service and earned his JD, magna cum laude, from Tulane Law School. He is a native of the state of Mississippi.


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.


Ted Dowd is Deputy Chief Counsel at the Office of the Comptroller of the Currency (OCC). He assumed this role in June 2018.

Mr. Dowd previously served as Director of the Securities and Corporate Practices division. In that role, he oversaw the division that provided legal interpretations and advice to OCC policymakers, senior managers, and examiners on banking, securities, derivatives, and corporate governance matters. He has had the lead role for the Law Department in Volcker Rule implementation including completion of the proposed revisions to the Volcker rule. He has supervised the department’s legal work in areas including capital markets, investment securities, financial technology, Dodd-Frank rulemakings, and fiduciary matters. Mr. Dowd also oversaw staff members responsible for legal issues related to national bank and federal savings association securities offerings and related disclosures.

Prior to joining the OCC, Mr. Dowd served as a Senior Trial Attorney for the U.S. Commodity Futures Trading Commission (CFTC), Division of Enforcement. He represented the CFTC in numerous enforcement actions in federal court.

He received his law degree from the Catholic University of America, Columbus School of Law, and is also a graduate of Providence College.


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.


Bob currently serves as a senior Partner in Deloitte’s Governance, Risk and Regulatory practice. He is the Managing Partner leading the Volcker Rule service offering. Bob has substantial professional services and industry experience in the areas of finance, risk and treasury processes and controls, governance, methodologies, regulatory compliance and technology implementation and integration. His area of focus at clients and in industry has included all cash market and derivative asset classes: fixed income including mortgage and asset backed securities, foreign exchange, energy and other commodities, and equities

Experience

From June 2005 to April 2009, Bob served as Managing Director, Global Head of Product Control at UBS Investment Bank. Product Control consisted of over 1000 specialists responsible for accounting, reporting and assessing fair values for a balance sheet that exceeded USD 1 trillion. Product Control was also responsible for pnl attribution, validation and reporting, and executing Group Treasury processes as well as effecting and overseeing change delivery impacting downstream f2b technology and processes.

From November 2007 to March 2009 Bob served as Chairman of the Securities Industry and Financial Markets Association (‘SIFMA’) Product Controllers Committee. This Committee included product control representatives of all of the major investment and commercial banks.

Prior to joining UBS, Bob had worked at Deloitte & Touche LLP since 1981. During that tenure, Bob’s exclusive focus was serving financial services industry in the development of capabilities to support their capital markets activities. In that capacity, In 2002, Bob was appointed US National Managing Partner, Capital Markets Services. From September 2004 to June 2005, Bob served as Deloitte’s Global Managing Partner, Capital Markets Services. Bob is a CPA licensed in the state of New York.

Education

  • State University of New York at Albany, BS Accounting


John Niebling
Director, Head of Volcker Compliance, Head of Global Credit Compliance

John Niebling is a Director of Markets Compliance at Barclays Investment Bank. Based in New York, Mr. Niebling is responsible for managing the Volcker Compliance Team.  Along with his responsibilities relating to Volcker Compliance, Mr. Niebling also is responsible for managing teams across the Markets Division covering Credit and Municipal Products globally, from an advisory compliance perspective. Mr. Niebling joined Barclays in 2010 from Bank of America where he was responsible for providing advisory compliance services to the Global Rates Trading Desks. Prior to that, he worked at Morgan Stanley in their Anti Money Laundering group within the Compliance Department.

Mr. Niebling grew up in New York and graduated with a BS in Finance, and a MBA in Executive Management, from St. John’s Tobin School of Business.


Angela R. Mokodean is a Branch Chief in the Division of Trading and Markets’ Office of Trading Practices at the Securities and Exchange Commission.  In this role, Ms. Mokodean primarily focuses on the proprietary trading provisions of the Volcker Rule, which she has been involved with since the Dodd-Frank Act was enacted in 2010.  Since joining the Commission in 2009, she has also worked on short selling regulations and certain other trading and anti-manipulation rules.  Ms. Mokodean received a B.A. from Lehigh University and a J.D. from Indiana University Maurer School of Law.


Edina Cavalli is a Managing Director at RBC's Legal Department and covers US Bank Regulatory matters. She is also RBC's US Company Secretary. Prior to that she served as Dodd-Frank and G20 Enterprise Program Regulatory Reform Liaison for TD and was responsible for TD's Volcker Rule conformance, amongst others. She was also Global Head of PE & PI and Risk as well as Americas Head of Funds & Advisory and IBD Advisory Compliance at Barclays in New York and served as CCO of an SEC registered investment adviser and co-headed the Americas IBD Compliance team on an interim basis. In these capacities she served on Barclays cross-disciplinary senior management teams addressing legislative changes (e.g. Volcker Rule, s165, Dodd-Frank, AIFMD, etc.) impacting on Barclays’ asset management and IB businesses in the U.S. and Europe. Prior to joining Barclays, Ms. Cavalli acted as in-house counsel to Carpathian Asset Management (formerely, Dawnay, Day Panterra) and worked as an investment banker at Morgan Stanley. She was also an associate with the debt capital markets practice of CMS Cameron McKenna and with the corporate finance and financial services advisory practice of Norton Rose in London. Ms. Cavalli is an English qualified solicitor and holds both a common law and a civil law degree.


Mary Lou Guttmann is an Assistant General Counsel in the Wells Fargo Law Department managing the Investment Banking and Securities Section.  She joined Wells Fargo in 2000 and is based in New York City.  She is also a leading member of the Wells Fargo Law Department Enterprise Volcker team.   Mary Lou is a graduate of the Duke University School of Law and Smith College.


Michael A. Mazzuchi is a partner based in the Washington, D.C. office of Cleary Gottlieb Steen & Hamilton LLP.

Mr. Mazzuchi’s practice focuses on corporate and securities matters, particularly domestic and international structured finance and derivatives matters.  He has extensive experience in mortgage and asset securitizations, collateralized bond obligation transactions, synthetic debt securities and repackagings, credit derivative transactions and interest rate, currency and equity derivatives.  He is distinguished as one of the leading lawyers by Chambers Global, Chambers USAThe Legal 500 U.S. and IFLR 1000: The Guide to the World’s Leading Law Firms. 

Mr. Mazzuchi joined the firm in 1992 and became a partner in 2001. He received a J.D. degree, magna cum laude, in 1992 from the University of Michigan Law School, where he was a member of the editorial board of the Michigan Law Review.  He received an undergraduate degree from the University of Michigan in 1989.

Mr. Mazzuchi is a member of the Bar in the District of Columbia.