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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 serves as the Co-chair of Baker McKenzie's Financial Regulation and Enforcement Practice in North America. Jen is an experienced investment management lawyer with particular focus on investment adviser regulation and the convergence of investment advisory and brokerage services. She regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking interpretative guidance and in managing examination and enforcement matters. Jen is a leading practitioner in digital investment advice and the use of FinTech in the asset management industry.

Jen provides practical advice that is informed by her experience as Vice President and Associate Counsel at Goldman, Sachs & Co., where she represented the asset management and private wealth management businesses.

Practice Focus

Jen counsels financial services firms on regulatory and compliance matters arising under federal and state securities laws, including fiduciary duty and conflicts of interest, standards of conduct, disclosure and internal controls, advertising and social media, regulatory examinations and enforcement defense. She also has deep experience counseling clients in the development and operation of managed account (or wrap fee) programs and in performing strategic business reviews designed to review and benchmark existing business and compliance practices.

Jen's practice tends to focus on the retail and wealth management businesses of investment advisers and dual registrants, her clients include the full range of asset managers, broker-dealers, and sponsors of private investment funds, mutual funds, and exchange-traded funds.


Joseph Gallo is Chief Counsel and Vice-President of Lincoln Financial Network (LFN), Lincoln Financial Group’s affiliated retail wealth management firm. Mr. Gallo is responsible for overseeing the strategic legal advice, support and counseling provided to LFN senior management regarding all aspects of LFN’s retail wealth management and distribution services.  

Over the last sixteen years, Mr. Gallo has served in a variety of senior counsel roles with several industry leading financial firms focusing his practice on securities law matters including the investment management and retail wealth management practice areas. In addition, Mr. Gallo currently serves as an Advisory Council Member with the Financial Services Institute (FSI) and a Distribution Committee Member of the American Council of Life Insurers (ACLI). Mr. Gallo graduated from the Catholic University of America Columbus School of Law and served as a law clerk to both the U.S. Securities and Exchange Commission and the U.S. Department of Labor during law school. 


Julie Glynn joined JPMorgan Chase in 2011 and is currently the General Counsel of its US Wealth Management business, which includes Chase Wealth Management, J.P. Morgan Advisors, Digital Wealth Management, National Branch and You Invest.  Her other roles at JPMC include regulatory and investigations and assisting in broker-dealer governance.  Prior to working at JP Morgan Chase she worked at FINRA, Morgan Stanley, and Morrison & Foerster and completed a fellowship at Georgetown Law School. 


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, FINRA arbitration, 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, privacy, supervision and other issues.

She has been named as a “Leading Lawyer” for General Commercial Disputes, Georgia, Legal 500 US and a 2020 Georgia Trailblazer by the Daily Report.  In addition, she was named a BTI Client Service All Star in 2020.

Prior to private practice in New York and Atlanta, Cheryl 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 Strategy & Special Investigations.  She and her team are responsible for representing the firm in complex regulatory matters, advising on regulatory strategy, and leading internal investigations.  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 with the NASD in Washington, DC.  Ms. Mavico started her career in the financial services industry in compliance 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.).