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Financial Services RegTech and Regulatory Compliance Forum 2018


Speaker(s): Benjamin Gruenstein, Carlo V. di Florio, Clifford E. Kirsch, James R. Burns, Lara Shalov Mehraban, Michael Bahar, Natalie Lamarque, Pablo Quiñones, Peter D. Santori, Scott M. Kirwin, Scott W. Bauguess, Stacey Song
Recorded on: Nov. 12, 2018
PLI Program #: 219339

Carlo di Florio joined FINRA in June 2013 as Chief Risk Officer and Head of Strategy. Carlo also serves on the Executive Committee of the Board of Governors of the Risk Management Association (RMA) in New York, and he teaches Strategic Risk Management at Columbia University in the Master’s Program for Enterprise Risk Management.

Prior to joining FINRA, Carlo served as the Director of the SEC's Office of Compliance Inspections and Examinations from 2010 through 2013.  In that role, he oversaw a team of 900+ examiners across the country in the SEC's nationwide examination programs for investment advisers, investment companies, hedge funds, private equity firms, broker-dealers, securities markets, credit rating agencies and clearing agencies. At the SEC, Carlo led a transformation to a risk based exam program, coordinated with regulatory partners nationally and internationally, regularly represented the SEC at media and conference events and testified before committees of both the United States Senate and the House of Representatives regarding regulatory strategy, risk and performance. 

Before joining the SEC in 2010, Carlo was a partner with PricewaterhouseCoopers in its Financial Services Risk & Regulatory Practice in New York, advising financial services clients across banking, capital markets, asset management and insurance industries globally.  In this capacity, Carlo helped clients: understand and address new regulatory requirements; implement tailored risk governance, risk management and compliance management programs; and undertake large scale investigations and regulatory remediation projects across a broad range of risk and regulatory topics.

Carlo received his Master of Laws (LL.M) in International and Comparative law with distinction from Georgetown University Law Center, his J.D. from Penn State University and his bachelor's degree in political economy from Tulane University. Carlo was named by the National Association of Corporate Directors as one of the 100 Most Influential Leaders in Corporate Governance, by Worth Magazine as one of the 100 Most Influential People in Finance and by The National Law Journal as one of the Top 50 Trailblazers & Pioneers in Governance, Risk Management and Compliance.


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


James R. Burns is a partner in the Asset Management Group at Willkie Farr & Gallagher LLP, focusing on counseling investment managers, broker-dealers, self-regulatory organizations, and other registered entities on regulatory, compliance and enforcement matters. Prior to joining Willkie, Mr. Burns served as Deputy Director of the SEC’s Division of Trading and Markets.

Mr. Burns has significant experience in both the trading and markets and investment management areas. He provides clients with insights into current issues in SEC examination and enforcement contexts as well as strategic advice on the effects of SEC initiatives on the business operations and compliance programs of registrants overseen by the Division of Trading and Markets and the Division of Investment Management. He advises clients on cybersecurity and business continuity issues – ranging from broker-dealer and investment adviser regulatory obligations to expectations established by the SEC, FINRA and other federal and state authorities in connection with breaches and technology failures.

Mr. Burns is currently lead attorney for a large equity derivatives clearing organization. He brings well-respected knowledge and understanding of the equity, fixed income, and derivatives markets, having played an integral role in the development of current SEC positions and regulatory initiatives affecting those markets, their intermediaries, and sell-side and buy-side participants. This includes trading, cybersecurity issues and the use of complex financial products. He played a central role in the development and execution of significant rules under the Dodd-Frank Act, including the Volcker Rule and the SEC’s security-based swap regulatory regime.

Mr. Burns has wide-ranging SEC and private practice experience across broad areas of the asset management industry, covering investment managers and fiduciaries for registered investment companies, private funds and other types of clients. He has extensive experience counseling advisers to registered and private funds, advising fund boards and addressing various governance, risk, compliance and disclosure-related matters of concern to the asset management industry. He counseled an adviser in connection with cyber breach of its platform. He also has represented investment advisers, broker-dealers, mutual funds, and hedge funds in various examination and enforcement-related inquiries by self-regulatory organizations and the SEC.


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.


Michael Bahar, a partner in the Washington DC office of Eversheds Sutherland (US) LLP, is the Co-Lead of the firm's global Cybersecurity and Data Privacy Team and a member of the firm’s Litigation practice. As former Deputy Legal Advisor to the National Security Council at the White House, former Minority Staff Director and General Counsel for the U.S. House Intelligence Committee, and as a former Active Duty U.S. Navy JAG, Michael provides advice on cybersecurity and privacy, international law and national security law. 

While with the House Intelligence Committee, he was a lead drafter and negotiator for the Cybersecurity Act of 2015, the USA Freedom Act (which reformed certain key surveillance authorities) and four annual Intelligence Authorization Acts. More recently, he was a leader of the Committee’s investigation into the Russian hacking of the 2016 election. 

Michael offers clients a wealth of knowledge about cybersecurity, information sharing, privacy, crisis management and establishing cybersecurity programs that not only accord with ever evolving laws and regulations, but that also finds business opportunities.

He speaks regularly at industry and corporate conferences across the country, as well as on national television, and he is widely quoted in the press and a frequent author.

Michael’s previous experience also includes serving nearly 10 years on Active Duty with the Navy's Judge Advocate General (JAG) Corps, where he litigated felony court-martials, dealt with cutting-edge legal issues involving the laws of war, led the capture and investigation of the US Navy’s first set of captured pirates in generations, led a team of lawyers deployed to Afghanistan in support of a Special Operations Task Force, and completed two Pentagon tours. He has received two Defense Meritorious Service Medals, six Navy Commendation Medals and one Navy Achievement Medal, in addition to earning his Navy Parachutist Wings.


Natalie Lamarque is a Vice President in the Corporate Compliance Department of New York Life Insurance Company, supervising over 60 compliance professionals in the areas of Sales Practice Business Conduct and Ethics, Privacy, Cybersecurity, Anti-Money Laundering, Broker/Dealer, and Retail Investment Advisor.

Ms. Lamarque joined New York Life Insurance Company in 2014.  Prior to her current role, she was the Chief of Staff to the General Counsel spearheading programs related to cybersecurity, social media, global anti-corruption, fraud prevention, internal investigations, and corporate governance.   

Prior to joining New York Life Insurance Company, she served as an Assistant United States Attorney in the Southern District of New York, prosecuting organized crime cases.  Prior to her role as an AUSA, she was an Associate in the Litigation Department of Debevoise & Plimpton LLP. 

Ms. Lamarque served as a law clerk to the Honorable Ann Claire Williams, United States Court of Appeals for the Seventh Circuit, in Chicago, Illinois and to the Honorable Malcolm Howard, United States District Court for the Eastern District of North Carolina.

Ms. Lamarque received her J.D. magna cum laude from Duke University School of Law and her B.A. cum laude from Duke University.

Ms. Lamarque is on the Board of Directors for the Legal Aid Society of New York a not-for-profit legal services organization providing quality legal representation to low-income New Yorkers.  She also serves on the Board of Directors of City Year New York, a not-for-profit focused on reducing dropout rates in America's most challenged public schools.


Pablo Quiñones is the Founder of Quiñones Law, a white-collar boutique law firm, representing companies and individuals in government investigations, enforcement actions and federal criminal cases, and providing corporate compliance and monitor services.  Quiñones is also the former Executive Director and a current Senior Fellow of the Program on Corporate Compliance and Enforcement at NYU School of Law. 

He previously served as the Chief of Strategy, Policy, and Training and as a Deputy Chief of the Fraud Section at the U.S. Department of Justice, overseeing the development of white-collar enforcement strategies and corporate compliance evaluation practices. His government service also includes working for 8 years as an Assistant U.S. Attorney in the Southern District of New York, where he investigated and prosecuted insider trading, market manipulation, accounting fraud, investment fraud, corruption, and money laundering crimes. 

Quiñones also has significant prior experience in private practice as both in-house counsel and outside counsel and has been appointed an Adjunct Professor of Law at both NYU School of Law and Cornell Law School, where he currently teaches a seminar on cyber enforcement, regulation, and policy at the Cornell Tech campus.

He received his A.B. from Cornell University and his J.D. from Michigan Law School.


Peter D. Santori is counsel in the international law firm Jacobson Segal (HK) Ltd. He is the former Executive Vice President and Chief Regulatory Officer of the Chicago Stock Exchange, Inc. (CHX), and served in this role from 2012 to 2017. In this role, Mr. Santori was responsible for the regulatory oversight of all CHX Participants to ensure that the trading activity on the facilities of CHX complies with all applicable CHX and SEC rules and regulations. Mr. Santori also served as CHX’s Chief Compliance Officer from 2012 to 2015, where he created, staffed and directed CHX’s compliance function, and was responsible for establishing and implementing policies and procedures reasonably designed to ensure that CHX fulfilled its compliance and regulatory obligations, and served as the primary point of contact for the SEC regarding CHX’s compliance and regulatory obligations. Mr. Santori previously served as Senior Vice President and Chief Legal Officer of thinkorswim Group Inc. in 2008 and 2009. At thinkorswim, Mr. Santori provided oversight, guidance, and direction regarding all legal, compliance, and regulatory matters for thinkorswim Group Inc. and its subsidiaries, including Investools, Inc. Mr. Santori previously served at FINRA from 1994 to 2008, and 2010 to 2012, where he held positions of increasing responsibility, culminating with the position of Chief Counsel to the Market Regulation Department. Mr. Santori received a B.S. in Finance from Saint Joseph’s University, an M.B.A. in International Business Administration from Temple University, a J.D. from the Widener University Law Center, and a Masters of Laws in Securities and Financial Regulation, and Taxation from the Georgetown University Law Center. Mr. Santori is a member of the Illinois, Maryland, New Jersey, and Pennsylvania bars.


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.   


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.


Stacey Song is a corporate partner resident in Fried Frank's New York office. She rejoined the Firm and became a partner in 2018.

Ms. Song concentrates her practice on securities regulation, with a focus on investment advisers, private funds, and broker-dealers. She has particular experience in advising investment advisers on complex compliance and regulatory matters, especially in the face of newly developing trends and regulations. Ms. Song regularly advises on matters arising under the Advisers Act, Company Act, Securities Act, and the Exchange Act, including with respect to registration issues, fiduciary duty, advertising and marketing, as well as structuring and ongoing management of private funds and other alternative investment vehicles.

Prior to rejoining Fried Frank, Ms. Song served as Senior Counsel in the Private Funds Branch of the Division of Investment Management at the Securities and Exchange Commission. While at the SEC, she served as the primary expert on all legal matters relating to private funds, providing interpretive guidance to other divisions and offices within the SEC and various participants in the industry. Before her role at the SEC, Ms. Song was a corporate associate at Fried Frank, where she focused on various regulatory matters.