Speaker(s): Clifford E. Kirsch, David C. Kaleda, John H. Walsh, Joseph J. Sheirer, Julie K. Glynn, Lourdes Gonzalez, Maria Gattuso, Melissa Hall, Michelle Kelley Recorded on: Feb. 5, 2020
PLI Program #: 275318
View Program on PLI.edu
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.
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.
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
David C. Kaleda is a Principal with Groom Law Group. His broad range of experience includes handling fiduciary matters impacting plan sponsors, investment and other fiduciary committees, investment managers/advisors, recordkeepers, broker-dealers, banks and other financial services firms.
In December of 2011, Mr. Kaleda was appointed by the Secretary of Labor to the DOL's ERISA Advisory Council for a three-year term (2012-2014). Mr. Kaleda is a frequent speaker and author on a range of employee benefits-related topics. He authors the bi-monthly “Compliance Consult” column for PlanAdviser Magazine and is a regular contributor of articles to The Investment Lawyer. His articles have also appeared in Employee Benefit News, Employee Benefit Adviser, Plan SponsorMagazine, Employee Benefits Law Journal, Journal of Pension Planning & Compliance, and others.
He has presented on ERISA-related topics for number of organizations such as SIFMA, NSCP, Asset International, Society of Actuaries, International Retirement Resource Center, ASPPA, ABA Tax Section, ABA Business Law Section, IAML, PLI and FIRMA.
He has been quoted in numerous publications such as On Wall Street, PlanSponsor Magazine, PlanAdviser Magazine, Investment News, Pensions & Investments, and Financial Adviser.
John Walsh is a 23-year veteran of the Securities and Exchange Commission (SEC), John Walsh joined Eversheds Sutherland (US) in October 2011. With his deep, insider’s experience and perspective of the SEC, John now represents broker-dealers, hedge funds, investment advisers and other securities firms in compliance and regulatory issues involving the agency. He counsels clients on the full spectrum of securities issues from development and compliance to cooperation in examinations and defense in enforcement proceedings.
At the SEC, John played a key role in creating the Office of Compliance Inspections and Examinations (OCIE), which administers examinations of U.S. registered securities entities. He designed and implemented the SEC’s securities compliance examination practices, first as a senior advisor for compliance policy and then, most recently, as associate director-chief counsel. In 2009, he served as OCIE’s acting director and led a massive retraining of examination staff on antifraud techniques.
Prior to his tenure at OCIE, John was special counsel to former SEC Chairman Arthur Levitt from 1993 to 1995. From 1990 to 1993, he worked in the SEC Division of Enforcement, serving first as senior counsel and then as chief of the branch of regional office assistance, where he regularly appeared before the Commission’s closed meetings to present and discuss regional office enforcement cases.
He also advised the commissioners and staff on securities laws and agency policy. John began his career with the SEC in 1988 as an attorney in the Office of General Counsel.
Recognized by The Legal 500 United States in the area of financial services: regulatory(2018)
Recipient, SEC Law and Policy Award (2010-2011)
Recipient, SEC Examination Award of Excellence (2000)
Recipient,SEC Regulatory Simplification Award (1996)
Member, American Law Institute
Joseph J. Sheirer currently leads FINRA’s national Member Supervision Firm Examination Program. Mr. Sheirer previously oversaw the Woodbridge, Boston and Philadelphia district offices, developed and oversaw FINRA’s national Membership Application Program group, and worked in varying capacities in a number of other FINRA departments including Risk Oversight & Operational Regulation, Continuing Education, Testing, and Qualifications & Registration. Mr. Sheirer is a graduate of Brooklyn Law School and Drew University and is a member of the Bars of the States of New York and New Jersey.
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.
Lourdes Gonzalez is Assistant Chief Counsel for Sales Practices in the Division of Trading and Markets at the U.S. Securities and Exchange Commission. The Office of Sales Practices has program responsibility for a broad range of broker-dealer sales practice issues, including Regulation Best Interest and Form CRS, as well as broker-dealer supervision, anti-money laundering compliance, and securities arbitration. The Office also has program responsibility for business conduct obligations of security-based swap dealers.
During her tenure, Ms. Gonzalez has received numerous SEC awards, including the SEC’s Distinguished Service Award in 2017, which is the SEC’s highest honorary award and given annually to recognize employees or teams who have made substantial and lasting contributions to the SEC’s mission. Prior to joining the Commission, Ms. Gonzalez worked at the U.S. Department of the Treasury. She earned her law degree from George Washington University and her undergraduate degree from Georgetown University
Maria Gattuso has over 25 years of experience in financial services and leads Deloitte’s Financial Services Regulatory Remediation practice. She focuses on regulatory and compliance matters for Deloitte’s investment management and wealth clients including investment advisers, wealth managers, broker dealers, mutual fund complexes, BDCs, hedge funds, and private equity funds. Representative engagements include large scale remediation projects involving forensic and data analysis, calculating investor harm, rule implementation (including Reg BI, DOL and the mutual fund liquidity rule) and performing gap analyses against regulatory requirements and controls assessments, including in connection with SEC enforcement actions and deficiency letters and FINRA investigations. She has also assisted clients with assessing legal and compliance departments for efficiencies and modernization, impact analyses of structuring alternatives around different operating models, mock exams and regulatory analytics.
Over her 25-year career, Maria has acquired extensive experience on a broad range of issues and transactions affecting clients in the investment management industry. In her prior role as outside counsel, she has significant experience advising on the creation and operation of open end and closed end funds, ETFs, business development companies, hedge funds, managed account platforms as well as on transactional matters such as fund mergers, fund adoptions and adviser acquisitions. She has advised clients on a broad range of topics, including with respect to regulatory, compliance and fund governance matters, structuring alternatives, new product development and alternative fund structures (including registered and unregistered master/feeder and fund-of-funds structures and BDCs), status issues and obtaining exemptive relief and no-action relief.
Maria serves as a co-chairperson of the 100 women in hedge fundsTM Legal Peer Advisory Group and has co-chaired the Women’s Investment Management Forum. She has served as an adjunct professor of law of Georgetown University Law Center, where she has taught classes on investment management law.
Maria regularly participates in conference panels, including those sponsored by the Investment Company Institute, NICSA and Practicing Law Institute regarding important issues affecting the asset management industry. Topics presented on have included compliance related matters, Regulation Best Interest, the DOL Fiduciary Rule, Mutual Fund Modernization, Liquidity Rule, Pay-to-Play regulations, registration requirements for investment advisers, registered closed end funds and business development companies.
Maria is fluent in Spanish.
Prior to joining Deloitte in 2015, Ms. Gattuso was most recently a partner at Willkie Farr & Gallagher LLP. Prior to that, she was a partner at Shearman & Sterling LLP.
University of Pennsylvania JD, 1994
State University of New York at Stony Brook BA, 1990
Melissa Hall is a bank and payments regulatory attorney focused on representing domestic and foreign banks, nonbank financial services and technology companies, investors in financial services, and technology companies. With nearly two decades of experience and a business-centered approach, clients regularly turn to Melissa as a trusted advisor on complex, cross-discipline financial regulatory matters that require in-depth knowledge of regulations and business lines.
Melissa advises clients on all aspects of financial institutions laws, including the Bank Holding Company Act, the National Bank Act, the Federal Reserve Act, the Federal Deposit Insurance Act, the Bank Secrecy Act, and key state banking law requirements. Melissa’s practice involves counseling clients on a wide range of traditional bank and finance regulatory compliance and enforcement issues at both the state and federal levels, including licensing requirements, consumer financial products and compliance, corporate and transactional matters, anti-money laundering compliance, financial institution investment and acquisition, as well as advising in the development of new financial services products.
Melissa has developed a niche advising on emerging regulatory issues in connection with financial technology, including payment systems rules, credit cards and stored value cards, money services businesses, virtual currency transmission and custody, marketplace lending, and consumer financial regulatory requirements. Melissa takes pride in partnering with her clients to understand their legal risks and business goals in order to move forward and remain innovative while operating in areas a regulatory environment that lags behind faster-paced innovation. She also represents nonbank financial institutions and their investors regarding regulatory compliance and due diligence of state and federal bank and consumer financial laws.
Based in Washington DC, Melissa has cultivated high-level relationships and long-standing connections throughout the regulatory arena, giving her a unique industry insight and access to resources critical to the success of her clients. Prior to starting her private practice, Melissa served as an attorney in the Office of the Chief Counsel of the Department of the Treasury’s Bureau of the Public Debt.
“Melissa brings an insider’s perspective and extensive network from her time at the Treasury Department. The fintech space is evolving at a breakneck pace, and her help navigating these regulatory changes is tantamount to our clients’ success.”—Stephen A. Aschettino, partner and chair of Loeb & Loeb’s Payments Technology Practice and co-leader of the Blockchain Practice
On the corporate side of her practice, Melissa advises banks and financial services companies, as well as their directors and officers, in connection with corporate governance, management, business and operational, investment, and merger and acquisition (M&A) matters, as well as bank securities and fiduciary activities.
Outside of her practice, Melissa is an avid reader and enjoys rock climbing and traveling with her husband and two teenage daughters.
As senior vice president and associate general counsel for LPL Financial, Michelle Kelley is responsible for managing the legal advice provided regarding the firm’s investment advisory and retirement platforms, privacy and data security, and state laws. She is located in LPL Financial’s Boston office.
Prior to joining LPL Financial in 2006, Ms. Kelley practiced investment management law at Ropes & Gray, LLP, where she focused on investment advisor and investment company matters. Ms. Kelley received a Bachelor of Arts from Colgate University and a Juris Doctor from Boston College Law School. She is a member of the Massachusetts Bar Association.