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FinTech 2019


Speaker(s): Amy M. Starr, Amy Reischauer, Andras P. Teleki, Annemarie Tierney, Barbara A. Stettner, Bjorn J. Hall, Daniel Alter, Daphna A. Waxman, Deborah Connor, Derek Newman, Donna M. Parisi, Gino Soave, Haimera Workie, Jeffrey S Davis, K. Brent Tomer, K. Susan Grafton, Lee A. Schneider, Neelanjan Maitra, Robin Nunn, Rochelle K Plesset, Stephen T. Cohen, Watt Wanapha
Recorded on: Aug. 12, 2019
PLI Program #: 253841

Amy M. Starr is Chief of the Office of Capital Markets Trends in the Division of Corporation Finance of the Securities and Exchange Commission. Prior to taking this position, Ms. Starr was a Senior Special Counsel in the Office of Chief Counsel in the Division of Corporation Finance from 2008 to 2010. From 2003-2008, Ms. Starr was Senior Special Counsel to the Director of the Division. She also has been a special counsel in the Division's Office of the Chief Counsel and in disclosure operations. Ms. Starr has been involved in many Commission rulemakings, including Securities Offering Reform, Regulation FD, Municipal Securities Rulemakings, and rulemakings under Title VII of the Dodd-Frank Act regarding swaps and security-based swaps. Prior to joining the Commission in 1992, Ms. Starr practiced corporate and securities law for 11 years in New York City.


Amy Reischauer is Special Counsel in the Office of Small Business Policy in the Division of Corporation Finance of the Securities and Exchange Commission. The office assists companies seeking to raise capital through exempt or smaller registered offerings, and participates in and reviews SEC rulemaking and other actions that may affect small businesses. She also has been involved in the SEC’s Disclosure Effectiveness Initiative. 

Ms. Reischauer joined the SEC in 2012 in the Division’s Office of Health Care and Insurance. Before joining the SEC, she served as Associate General Counsel at drugstore.com, inc., a Walgreens company, and as Assistant General Counsel at Shurgard Storage Centers, Inc., a publicly traded REIT.  Previously, Ms. Reischauer practiced securities and corporate law at the Seattle office of Perkins Coie LLP.

She received her law degree from the Georgetown University Law Center, her M.B.A. from Georgetown University’s McDonough School of Business, and her B.A. in International Studies from Vassar College


András Teleki is the managing member of the Teleki AML and Cybersecurity Law Firm based in Washington, DC.  He also serves as the Chief Legal Officer and Head of Compliance for M3Sixty Administration and oversees internal and external firm legal and compliance matters.  András Teleki received his Juris Doctorate from Tulane Law School in 1998 and is admitted to practice in New York and the District of Columbia.   He is a frequent speaker on topics impacting the investment management industry. 

Prior to founding the Teleki AML and Cybersecurity Law Firm and joining M3Sixty, Mr. Teleki was a partner at the law firm of K&L Gates where he was a member of the Investment Management group from 2001 to 2015.  His practice focused on regulatory and compliance issues facing registered investment companies, including mutual funds and closed-end funds, broker-dealers, investment advisers, unregistered funds, variable insurance product issuers and distributors, and related service providers. He also advised insurance companies on variable insurance and other registered products and financial institutions on anti-money laundering, OFAC, cybersecurity, privacy, social media and financial technology issues. Mr. Teleki also has experience conducting internal investigations and working on regulatory enforcement matters with the SEC and FINRA.


Barbara Stettner is the Head of Allen & Overy’s US Financial Services Regulatory Practice, a member of the Global Financial Services Regulatory Steering Committee, and a member of the Global Board. Barbara's practice focuses on advising U.S. and foreign financial institutions on their regulatory and compliance obligations under the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Bank Secrecy Act. Barbara has extensive experience representing foreign and domestic banks, asset managers, and broker-dealers on the various regulatory obligations of domestic and cross-border securities distributions and fundraising activities, including broker-dealer, investment adviser, finder and placement agent status questions, sales practice requirements, research, and custody arrangements. She regularly applies this experience in the Fintech and digital asset space to various custodians, “robo advisers,” “crowdfunding platforms,” and DLT (“blockchain”) or other digital securities distribution and trading platforms. She has a particular focus on the interstitial and complex regulatory issues that arise between bank, broker-dealer, and investment adviser affiliates who provide services to the same clients.

Before entering private practice, she worked at the SEC’s Division of Market Regulation (now Trading and Markets), where she served as Special Counsel in the Office of the Chief Counsel and as an Attorney-Advisor in the Office of Risk Management and Control. She also served as Senior Counsel in the Commission’s Office of International Affairs, where she worked on a multi-country committee to produce the first IOSCO paper addressing cross-border securities transactions over the Internet.  At the SEC and in private practice, Barbara served with the Financial Services Volunteer Corp, providing pro bono technical assistance to emerging markets on the regulatory and supervisory systems of markets and market intermediaries, including Jordan, the UAE, Russia, and Romania. She is a current member of the Board of Advisors of the SEC’s Historical Society.  

Barbara is widely recognized as a leading regulatory lawyer, having been recognized in Chambers USA in both Securities: Regulation: Advisory and Financial Services Regulation: Broker Dealer (Compliance). According to Chambers USA, Barbara is described as "an amazing broker-dealer attorney" by market commentators and impresses with the breadth of her advisory practice, which encompasses state and federal broker-dealer regulations and securities laws. A client says: "She is extremely knowledgeable and also not afraid to push the envelope to improve the regulatory environment."


Brent is currently a Chief Trial Attorney with the Division of Enforcement at the Commodity Futures Trading Commission in the New York office. Brent supervises a team of trial attorneys and investigators and represents the Division in enforcement actions that are filed in the United States District Court. He has successfully prosecuted and negotiated settlements relating to a wide variety of actions, including matters sounding in manipulation, fraud, and trade practices. Brent regularly represents the Commission in actions and investigations related to digital assets and is the advisor of the Division of Enforcement’s Digital Assets Task Force. Brent is a graduate of Washington & Lee University School of Law.


Daphna A. Waxman is a Senior Attorney in the Cyber Unit of the Division of Enforcement at the U.S. Securities and Exchange Commission.  She joined the SEC in 2001 and has investigated and prosecuted enforcement actions involving registration violations, insider trading, market manipulation, and offering and accounting fraud.  As a member of the Cyber Unit, her work focuses on matters related to distributed ledger technology, digital assets, and initial coin offerings.  She also served as Special Counsel to the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) within the SEC’s Division of Corporate Finance from November through July 2019.  Ms. Waxman received her JD from Brooklyn Law School in 2001, where she served on the Law Review, and her undergraduate degree from Cornell University in 1998.


Donna Parisi is global co-head of Finance at Shearman & Sterling and global head of the firm’s Derivatives & Structured Products practice.

Donna is a leading lawyer in the derivatives and structured products space, respected and recognized for the breadth of her knowledge of derivatives transactions and agreements, regulatory requirements and commercial considerations.

Donna advises clients on the full range of derivatives, structured products, securitization, capital markets and commodities matters. In particular, she has assisted clients in developing and structuring new financial products and has extensive experience in the negotiation and documentation of OTC derivative transactions across all asset classes. In addition, her practice includes the exchange-traded futures and options markets, as well as advising on a variety of investment management matters.

She is ranked as a leading attorney by all prominent legal directories, was recently selected as one of the world’s leading attorneys for Structured Finance and Securitization by Expert Guides and received a Finance Monthly Global award in recognition of her outstanding legal work.

Donna holds a JD from Boston College Law School, where she graduated magna cum laude, Order of the Coif, and a B.A. from Vassar College. She frequently serves as a panelist at events organized by the Financial Times, Glass Hammer, Thomson Reuters and the Practising Law Institute, among others, and has published broadly on the global regulatory reforms following from the recent financial crisis.


Annemarie Tierney is the Founder and Principal of Liquid Advisors, a consulting firm offering strategic advisory services around private placements and secondary liquidity structuring and regulatory requirements, including for digital or token-based securities.  Previously, Annemarie was the Chief Strategy Officer and General Counsel of Templum, Inc., a registered broker dealer/alternative trading system approved to conduct primary offerings and secondary trading in unregistered digital securities.  Annemarie is a seasoned financial services lawyer/strategist with substantial SEC, law firm, and in-house legal experience, as well as experienced in broker dealer regulation, blockchain legal and regulatory issues, securities transactional work, SEC rules and regulations, corporate governance, and international expansion.  Annemarie has led a broad range of regulatory and legislative thought leadership initiatives in the private issuer space and is a frequent speaker on a range of private market topics.  Annemarie previously served as Head of Strategy at Nasdaq Private Market and as the General Counsel of SecondMarket, Inc., now Digital Currency Group.  Annemarie has also worked at the Securities and Exchange Commission, Skadden Arps Slate Meagher & Flom, the NYSE and NYFIX.  She is a member of the Board of Directors of the Association of SEC Alumni and a former member of the SEC’s Advisory Committee on Small and Emerging Companies.   She earned her BA/BS in Finance and International Relations from the Alfred Lerner College of Business and Economics at the University of Delaware and her JD from the Catholic University of America.  Annemarie is also FINRA series 7 and 24 licensed.


Bjorn is the General Counsel of Fundrise.

Prior to joining Fundrise, Bjorn spent over 8 years practicing securities and general corporate law, primarily at O'Melveny & Myers LLP and Venable LLP in Washington, DC, with short stopovers at the Securities and Exchange Commission and a Russian steel corporation.

Bjorn received his B.A. in Political Science from the University of North Dakota, and his J.D. from Georgetown University Law Center.


Daniel Alter is a Shareholder in the New York office of Murphy & McGonigle, P.C., who advises clients on a wide range of fintech regulatory matters and represents them in related litigation.  Previously, Danny was the first General Counsel for the New York Department of Financial Services and was one of the primary architects of New York’s regulatory scheme for virtual currencies.  He was also General Counsel to itBit (now Paxos), which is a New York Stated chartered trust company specializing in blockchain solutions for the financial services industry that also provides a fully regulated crypto exchange platform.


Deborah is Chief of the Money Laundering and Asset Recovery Section (MLARS) in the Criminal Division of the Department of Justice.  MLARS leads the Department’s anti-money laundering and asset forfeiture enforcement efforts, providing leadership in the prosecution and coordination of complex, sensitive, multi-district money laundering and asset forfeiture prosecutions. Deborah has been a criminal prosecutor with the Department of Justice for 24 years.  Prior to joining MLARS, Deborah served for more than 16 years as an Assistant United States Attorney in the U.S. Attorney’s Office for the District of Columbia.  Prior to joining the U.S. Attorney’s Office Deborah was a Trial Attorney in the Antitrust Division and an Associate at a large D.C. law firm.  She is an adjunct professor of Trial Advocacy at Georgetown University Law Center where she graduated with a J.D. cum laude in 1994.


Haimera Workie is the Head of Financial Innovation and Senior Director at FINRA.  In this capacity, he is responsible for leading FINRA’s Office of Financial Innovation, which focuses on analyzing financial technology (FinTech) innovations and emerging risks and trends related to the securities market. As part of these responsibilities, Mr. Workie works to foster an ongoing dialogue with market participants in order to build a better understanding of FinTech innovations and their impact on the securities markets.  Previously, Mr. Workie served as Deputy Associate Director in the Division of Trading and Markets at the U.S. Securities and Exchange Commission. Mr. Workie also previously served as Counsel in the SEC Office of the Chairman. Prior to joining the SEC, he was an associate at the law firm of Skadden, Arps, Slate, Meagher & Flom, with a practice focusing on corporate law. He is a graduate of the Massachusetts Institute of Technology (B.S., M.S.) and Harvard Law School (J.D.).


K. Susan Grafton counsels a wide variety of broker-dealers, including U.S. and multinational broker- dealers, full service firms, institutional and retail broker-dealers, equity and fixed income alternativetrading systems, investment banking boutiques, and private placement agents as well as securities exchanges. She has been ranked nationally by Chambers USA in the Broker-Dealer (Compliance) category since 2010 and is recognized in The Legal 500 US for fintech. In the most recent edition of Chambers, clients noted that "She helps us to think through complex issues with recent SEC issues and how to navigate them. She is a very keen listener and spends a lot of time trying to understand our business and the outcomes that we desire. She is a terrific lawyer who really supports her clients well." "Susan is an expert on broker-dealer regulation - thoughtful, engaging, knowledgeable and practical." Past editions noted that “the ‘very smart’ Susan Grafton demonstrates strength advising global broker- dealers and investment banks on a comprehensive range of regulatory matters. Her compliance expertise encompasses, among other areas, SEC, FINRA and CFTC regulations. A source says: ‘She has a wealth of experience and knows how to apply it practically to clients.’”

Ms. Grafton’s practice includes representing broker-dealers in all aspects of regulatory compliance,beginning with assisting them in registering with the SEC – as alternative trading systems as well as broker-dealers – and obtaining membership in the Financial Industry Regulatory Authority (FINRA) and other self-regulatory organizations (SROs). As part of this process, she drafts all needed documents, such as written supervisory procedures, customer account documents, soft dollars and commission sharing agreements, and electronic access agreements. She also advises clients on new business initiatives and assists them in obtaining required SRO and state approvals. Similarly, she handles the regulatory approvals in connection with changes of control of broker-dealers. Ms. Grafton also advises clients on broker-dealer status questions for themselves and their employees, including compliance with the Rule 15a-6 safe harbor for foreign broker-dealers and drafts agreements and procedures related to the same.

Ms. Grafton’s practice is wide ranging and includes advising clients on regulatory issues related to nearly every aspect of a broker-dealer’s business, financial, operations and supervisory responsibilities. For example, she advises clients on compliance issues relating to Regulations ATS, NMS, SCI and SHO; sponsored access and other electronic trading issues; large trader and position reporting; suitability and standard of care issues; Regulation M and FINRA’s corporate finance rules; information barriers and insider trading; soft dollars and commission sharing arrangements; research, social media and other written communications; political contributions, outsourcing and expense sharing arrangements; the net capital and customer protection rules; cyber security and data protection issues; books-and-records requirements; and OATS and trade reporting. She is frequently consulted on strategic issues, including the implications of acquiring other financial institutions and developing compliant management and supervisory structures. Ms. Grafton has drafted firmwide and business- specific policies and procedures.

She also represents retail investment advisers, hedge fund and other private fund managers, research providers and trade associations representing the financial services industry. She has been involved in several key policy issues arising from the Dodd-Frank Act, including the uniform standard of care for broker-dealers and investment advisers, municipal advisor registration, private fund adviser registration, and compliance officer responsibilities under new CFTC rules.

Ms. Grafton frequently represents broker-dealers and investment advisers before the SEC and FINRA in connection with regulatory examinations and enforcement investigations pertaining to a wide range of issues, including most recently registration requirements; Rule 15a-6 “chaperoning” arrangements; outside business activities; best execution; markups and markdown, Regulations ATS, M, NMS and SHO; the net capital and customer protection rules; margin requirements; wrap accounts; disclosures; prospectus delivery; supervision; and marketing materials and advertising. She also regularly conducts in-house training on a variety of topics, including preparation for regulatory examinations.

Ms. Grafton has a unique combination of regulatory, in-house and law firm experience. She began her career with the SEC’s Division of Trading and Markets (formerly Market Regulation) where she was responsible for interpretations and no-action relief with respect to the net capital and customer protection rules and broker-dealer books and records requirements. She also led several significant rulemaking initiatives, including the proposal and adoption of Regulation M and amendments to Rules 10b-18, and provided regulatory exemptions and interpretations that facilitated numerous multinational securities offerings, merger transactions, and exchange offers. Subsequently, Ms. Grafton served as a vice president and associate general counsel of Goldman Sachs where she advised on a variety of strategic, regulatory compliance and operational issues related to the firm’s institutional equities sales and trading businesses. Ms. Grafton is currently a member of the Board of Trustees of the SEC Historical Society.

 


Lee A. Schneider is a financial services and technology lawyer based in NYC. He serves as general counsel for Ava Labs, a leading blockchain software company. Lee co-hosts a FinTech podcast with former SEC Commissioner Troy Paredes, available on iTunes and other podcast services. Lee is the father of two wonderful, exhausting college students and learns about Japanese art history from his wife.


Mr. Newman serves as Senior Regulatory Counsel at Motley Fool Wealth Management, LLC.   He advises the company and its advisory affiliates on a variety of regulatory, corporate and business matters, including compliance with U.S. laws and regulations governing the operations of registered investment companies and investment advisers.

Before joining Fool Wealth, Mr. Newman served as Associate General Counsel with a global asset management firm, followed by an assignment in the SEC’s Division of Investment Management. Mr. Newman spent most of his career as a corporate and securities associate in the Washington, D.C. and Hong Kong offices of a prominent U.S. financial services law firm.


Neel is a Senior Special Counsel and is the Crypto Specialist in the Division of Trading and Markets, where his work focuses on initial coin offerings, as well as broker-dealer, fund-related and exchange/ATS matters relating to digital assets and DeFi, as well as fintech more generally.

Neel received a Bachelor of Civil Laws degree from Oxford University in 2004, and a Juris Doctor degree from Columbia Law School in 2010. Prior to joining the Commission, Neel worked as a corporate and securities law associate at Sullivan and Cromwell LLP.


Robin Nunn has a wealth of experience gained in private practice as well as working in-house for Fortune 500 companies. Robin is a co-leader of the firm’s banking industry team and has a winning track record defending Fortune 500 companies as lead counsel in high-profile enterprise litigation nationwide. Robin assists clients in the areas of commercial litigation, strategic counseling, and crisis management.  Robin’s practice focuses on complex civil litigation, enforcement litigation, white collar defense, transactional due diligence, creation and review of corporate compliance programs, and investigations. She also counsels on novel issues connected to new communication technologies, blockchain, cryptocurrencies, payments, artificial intelligence, and big data.

Robin has handled high-stakes cases on behalf of a wide range of clients, including banks, financial services firms, fintech companies, pharmaceutical companies, technology companies, and private equity firms in connection with civil trials and hearings, regulatory investigations and enforcement proceedings, state licensing, product development, regulatory compliance, examination, transactional matters, False Claims Act investigations, antitrust disputes and consumer protection lawsuits.

She also has experience in the statistical review and analysis of data and design and implementation of corporate compliance programs. She advises on privacy, cybersecurity, breach investigation, breach reporting and breach responses, and has assisted clients on compliance with the Truth in Lending Act (TILA)/Reg. Z, Equal Credit Opportunity Act (ECOA)/Reg. B, Truth in Savings Act (TISA), Home Mortgage Disclosure Act (HMDA), Fair Credit Reporting Act (FCRA)/Reg. V, Electronic Fund Transfer Act (EFTA)/Reg. E, Gramm–Leach–Bliley Act (GLBA), Fair Debt Collection Practices Act (FDCPA), Real Estate Settlement Procedures Act (RESPA), Servicemembers Civil Relief Act (SCRA), Unfair, Deceptive, or Abusive Acts or Practices Act (UDAAP), Community Reinvestment Act (CRA), Bank Secrecy Act (BSA), USA PATRIOT Act, Federal Trade Commission Act, Reg. K, Reg. O, Reg. W, Reg. Y, state money transmitter laws, state licensed lender laws, state unclaimed property laws, state prepaid access laws, and other federal and state laws and regulations.

 Robin has also represented individuals and institutions before a number of US agencies, including the Consumer Financial Protection Bureau (CFPB), US Department of Justice, US Department of Housing and Urban Development (HUD), Federal Trade Commission, Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC), as well as state attorneys general and state banking regulators. She is often called on by the national media for commentary.

Robin is committed to creating and sustaining open, equal, collaborative, innovative, and inclusive environments throughout the world. She maintains an active pro bono and diversity and inclusion practice, and has been awarded a Pro Bono Publico Award for her representation of immigrant adults and children and led a prisoner rights case which led to the reversing of a wrongful dismissal in McPeek v. Blanchard (8th Circuit).

Before joining Morgan Lewis, Robin served as in-house counsel with two Fortune 500 companies. In those roles, she established and executed legal strategies for the company’s legal department, including on lawsuits and enforcement matters. She also counseled internal clients on legal issues across the business, including on cybersecurity, breach response, product design and launch, regulatory compliance, corporate governance, credit, operations, underwriting, and risk in a broad range of products including financial services, credit card, mortgage, auto, broker-dealer, and banking.


Rochelle Kauffman Plesset is a Senior Counsel in the Chief Counsel's Office in the SEC’s Division of Investment Management. During her long career at the SEC, Rochelle has been involved in all major aspects of investment company and investment adviser regulation, participating in a variety of rulemaking and interpretive initiatives for the Division. Notably, she drafted rules under the Investment Company Act that address the status of asset-backed issuers and investment advisory programs under that Act, and is currently undertaking a review of interpretive issues relating to real estate investment trusts and other types of mortgage companies. Rochelle was primarily responsible for researching and drafting Chapter 1, The Treatment of Structured Finance under the Investment Company Act, in the Division’s 1992 report, Protecting Investors: A Half Century of Investment Company Act Regulation.  She also participated in the drafting of the staff report, Implications of the Growth of Hedge Funds. More recently, Rochelle was a prime drafter of the Division’s guidance on robo-advisers that was issued this past February.