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Bank Fiduciary Activities and Collective Investment Funds 2020


Speaker(s): Carol T. McClarnon, Clifford E. Kirsch, David J. Stankiewicz, Gerald Lins, Joel Miller, Patricia (Tish) Dalton, Rebecca Stump, Ruth Calaman
Recorded on: Oct. 27, 2020
PLI Program #: 275428

Carol McClarnon is a Partner in the Washington office of Eversheds Sutherland (US) LLP. Carol has more than 25 years of experience working with financial services companies and other service providers, as well as plan sponsors, on compliance with the Employee Retirement Income Security Act (ERISA). She has an in-depth understanding of retirement plans, retirement plan laws and the retirement plan industry. Focusing much of her practice on advising banks, broker-dealers, insurance companies, asset managers, recordkeepers and other product and service providers on ERISA and federal income tax matters that impact their business operations. Together with our securities and insurance lawyers, Carol is on the forefront of developing cutting edge retirement investment products. 

Carol also represents employers and service providers in administrative proceedings before the United States Department of Labor and the Internal Revenue Service (IRS) and has a background in ERISA litigation defense. She is skilled in working with clients to proactively resolve compliance issues through obtaining prohibited transaction exemptions, private letter rulings and IRS voluntary compliance relief and closing agreements. Her experience involves the full range of retirement solutions, including employer-sponsored qualified pension and profit sharing plans, 403(b) plans, IRAs, 457(b) plans and non-qualified annuities.


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


David Stankiewicz is the Technical Expert for Asset Management Policy in the Market Risk Policy Division within Bank Supervision Policy at the Office of the Comptroller of the Currency.  In that capacity, he serves as an advisor to OCC management, bank examiners, and external entities on the development, implementation, and interpretation of asset management regulations, policies, and risk.  Formerly, he was Special Counsel in the OCC’s Legal Department, where he worked on a variety of matters related to national banks and Federal savings associations, including issues related to asset management, permissible bank investments, the Federal securities laws, financial benchmarks, and emerging financial technologies.

Prior to joining the OCC in 2013, Mr. Stankiewicz was an associate at Morvillo, Abramowitz, Grand, Iason & Anello, where he specialized in criminal defense and civil litigation.  He received his J.D. from Harvard Law School in 2006 and his B.A. in English, cum laude, from Brigham Young University in 2003.


Joel Miller is a part-time member of the Asset Management (AM) Policy group within the Market Risk Division in Bank Supervision Policy at the Office of the Comptroller of the Currency (OCC).

In this previous role of Director of AM Policy, Mr. Miller was responsible for managing the day-to-day operations of the AM Policy Group, which establishes OCC policy and identifies risks in the personal trust, investment management, employee benefit, bank collective fund, AM operations, corporate trust, and related areas. The AM Policy team of examiners and risk analysts issue guidance to OCC examiners and the industry, respond to inquiries, and advise senior management regarding AM issues and risks. Joel has been a frequent speaker before industry groups focusing on current asset management topics and risks.

Prior to serving as Director of AM Policy, Mr. Miller served in a variety of capacities in the OCC providing advice on asset management issues and risks policy as well as on the OCC’s legal staff in the Enforcement & Compliance and Securities & Corporate Practices Divisions. He also was on the staff of Commodity Futures Trading Commission and with a private law firm. Mr. Miller served as a Fellow with the Financial Crisis Inquiry Commission (FCIC) from 2009 to 2010 and contributed to the FCIC’s Financial Crisis Inquiry Report. Mr. Miller also served on a detail to the Senate Banking Committee, and, in 2017, worked with the OCC’s Office of Innovation.

Mr. Miller received his juris doctor from the University of Illinois College of Law, and earned a bachelor of arts from Columbia University.


Mr. Lins served for 20 years as the General Counsel of Voya Investment Management (formerly ING U.S. Investment Management), which comprises several investment advisory entities managing a wide variety of investment strategies and vehicles, including separate accounts, pension plans, mutual funds, hedge funds, offshore funds, wrap fee programs, insurance general accounts and collateralized debt obligations.  Previously, Mr. Lins was in charge of legal matters for a number of major asset managers and fund complexes, and also spent several years in private practice, concentrating on general corporate law matters and the regulation of investment companies, investment advisers, and other financial service providers.  Prior to that, he was a staff attorney in the Office of Chief Counsel in the SEC’s Division of Investment Management, where he had a broad range of experience with the regulation of investment companies and investment advisers under the federal securities laws.

Mr. Lins is a co-author of numerous articles and books including:

  • Regulation of Investment Advisers (Thomson West, 2020 ed.)
  • Regulation of Investment Companies (Matthew Bender & Co., Inc., 2020 ed.)
  • Regulation of Exchange-Traded Funds (Matthew Bender & Co., Inc., 2020 ed.)
  • Soft Dollars and Other Trading Activities (Thomson West, 2019-2020 ed.)
  • ERISA for Money Managers and Advisors (Thomson West, 2020-2021 ed.)
  • Hedge Funds and Other Private Funds: Regulation and Compliance (Thomson West, 2019-2020 ed.)
  • Collective Trusts and Other Commingled Funds (Law Journal Press, 2015 ed.)
  • Mutual Fund Sales Practices (Thomson West, 2020 ed.)
  • Regulation of Financial Planners (Thomson West, 2020 ed.)
  • Mortgage-Backed Securities (Thomson West, 2019-2020 ed.)
  • How to Read a Mutual Fund Prospectus (Mercer Point Press, 1999)


Rebecca is a member of SEI Investment Company’s legal department serving as General Counsel to SEI Private Trust Company, a limited purpose federal savings association supervised by the Office of the Comptroller of the Currency and a wholly-owned subsidiary of SEI.  Rebecca’s practice focuses on custody and fiduciary trust services provided to individual, institutional, private banks and high net worth clients.  She covers a range of legal issues that impact a federal savings association as well as counsels the business on regulatory and compliance matters.   

Prior to joining SEI in 2013, Rebecca worked in civil litigation at Margolis Edelstein and Curtin & Heefner, LLP, and began her career in criminal litigation as a contract attorney for the U.S. Department of Justice.

Rebecca received a Bachelor of Arts degree from The George Washington University in 2001, and a Juris Doctor degree from The Catholic University, Columbus School of Law in 2004.

 


Ruth is a Managing Director and the General Counsel and Chief Compliance Officer for Evercore Trust Company, N.A., a national trust bank regulated by the Office of the Comptroller of the Currency, and Evercore Wealth Management, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission. Ruth is responsible for all aspects of the legal, compliance and risk management oversight for these entities, including Bank Secrecy Act and Anti-Money Laundering compliance. 

Prior to joining Evercore in 2011, Ruth was a Vice President and Compliance Officer at Goldman, Sachs & Co., serving as the Chief Compliance and Bank Secrecy Act and Anti-Money Laundering Officer for The Goldman Sachs Trust Company, N.A. and The Goldman Sachs Trust Company of Delaware.  From 1998 to 2005, Ruth began her career at Morgan Stanley Trust where she was a Trust Officer, eventually serving as the Chief Compliance and Bank Secrecy Act and Anti-Money Laundering Officer for Morgan Stanley Trust, FSB and Morgan Stanley Trust, N.A.

Ruth is Co-Chair of the National Women’s Law Center Leadership Advisory Committee and a member of the Fiduciary and Investment Risk Management Association, Inc. (FIRMA). She holds a Certified Regulatory Compliance Manager (CRCM) certification from the Institute of Certified Bankers and a Certified Fiduciary & Investment Risk Specialist (CFIRS) designation from the Cannon Financial Institute.   

Ruth received her B.A. in Latin American Studies from Brown University and a J.D. from St. John’s University School of Law.  She is admitted to practice law in New York.


Tish is Director for Asset Management Policy in the Market Risk Policy Division within Bank Supervision Policy. Asset Management Policy provides policy guidance and interpretation for bankers and examiners to promote a safe, sound and competitive federal banking system. We provide examiner training and outreach to bankers, and often provide direct support to the OCC’s examination teams.

Prior to joining the OCC in 2005, Tish spent more than 30 years in the banking industry where she managed bank and asset management operations and related risk management and support functions. She is a graduate of the University of Virginia and the Virginia Bankers Association School of Bank Management and holds the designations of Certified Securities Operations Professional (CSOP) and Certified Fiduciary & Investment Risk Specialist (CFIRS)