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FinTech 2020


Speaker(s): Alma M. Angotti, Andras P. Teleki, Angela Angelovska-Wilson, Annemarie Tierney, Barbara A. Stettner, Brian S. Trackman, Chris Setaro, Daniel Alter, Deborah Connor, Derek Newman, Elizabeth N. Pendleton, Haimera Workie, John Zecca, K. Susan Grafton, Kristina Littman, Matthew Hays, Michael Sherman, Neel Maitra, Paul D Glenn, Prof. Robert H. Ledig, Rochelle G Kauffman Plesset, Sandra M. Hanna
Recorded on: Aug. 10, 2020
PLI Program #: 277883

Alma Angotti is a Managing Director and Co-Head of the Global Investigations & Compliance practice. With over 25 years of regulatory practice, Ms. Angotti has held senior enforcement positions at the SEC, Treasury’s Financial Crimes Enforcement Network (FinCEN) and FINRA (Financial Industry Regulatory Authority). In these positions, she was responsible for conducting investigations involving securities fraud, insider trading, financial fraud, anti-money laundering (“AML”) and counter terrorist financing, market manipulation, investor and market protection, and other regulatory violations.  At FinCEN and FINRA, she designed and lead the AML enforcement programs.  She regularly worked with criminal prosecutors in a variety of jurisdictions and the U.S. Department of Justice to investigate and bring actions jointly.

Ms. Angotti has counselled her clients, large global financial institutions, multinational companies, smaller financial institutions, broker-dealers and Fintech companies, in a variety of projects, including gap analyses, compliance program reviews, risk assessments, remediation efforts, investigations and transaction reviews. Recently, she held interim senior compliance leadership positions at several global and regional financial institutions providing day-to-day management of their compliance programs and assisting them with implementing enhancements, often in the context of a regulatory or criminal enforcement action. 

She has trained and advised the financial services industry as well as other regulators and government officials worldwide on AML, sanctions, and combating the financing of terrorism (CFT) and other regulatory compliance issues.


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 a member of A&O’s global Financial Services Regulatory practice and managing partner of the Washington, DC office. She represents banks, asset managers, broker-dealers, and other financial institutions on regulatory obligations in domestic and cross-border matters involving securities distributions and fundraising activities, including through crowdfunding platforms and over the blockchain, Fintech and virtual currency/ICO trading, lending and advisory platforms, and other regulatory matters under the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Bank Secrecy Act. Previously, Barbara was at the SEC’s Division of Trading and Markets, as Special Counsel in Office of the Chief Counsel, Attorney-Advisor in the Office of Risk Management, and Senior Counsel in the Office of International Affairs. According to Chambers USA, Barbara receives accolades for the reasoned regulatory compliance advice she provides to her clients: “she is a ‘real out-of-the-box thinker’ and is ‘one of the best to get in that area to answer your questions.’”


John A. Zecca has served as EVP, Chief Legal and Regulatory Officer since October 2019. Previously, Mr. Zecca was SVP, General Counsel North America and Chief Regulatory Officer from April 2018 to September 2019, after serving as SVP, Senior Deputy General Counsel from July 2017 to April 2018. Mr. Zecca was SVP, MarketWatch,Nasdaq’s market surveillance group, from January 2010 to July 2017 and before that, he held a variety of other legal and regulatory roles at Nasdaq. Prior to joining Nasdaq in 2001, Mr. Zecca served as legal counsel to an SEC Commissioner and practiced corporate and securities law at both Hogan Lovells and Kaye Scholer.


Michael L. Sherman is a partner in Dechert’s financial services practice group. He focuses his practice on counseling investment advisers (including advisers to hedge funds), investment companies and other financial institutions in regulatory, corporate and compliance matters.

Much of Mr. Sherman’s work involves helping clients with issues related to investment adviser registration, compliance policies and procedures, marketing and advertising (including Global Investment Performance Standards), investment company status questions, and regulatory issues and examinations. He is a frequent conference speaker and author of numerous articles on related topics.

Mr. Sherman is a graduate of American University (B.A., cum laude) and Vanderbilt University Law School (J.D., associate authorities editor of the Vanderbilt Journal of Transnational Law). He is a member of the Maryland and District of Columbia Bars.


Robert H. Ledig is a Professor of Law at George Mason University’s Antonin Scalia Law School,  where he is also Director of the Law & Economic Center's Program on Financial Regulation & Technology.  Prior to joining the faculty in 2018 he practiced law at Dechert LLP and Fried Frank Harris Shriver & Jacobson LLP from 1984 through 2018.  Prior to that he was an attorney at the Federal Home Loan Bank Board. 

Professor Ledig has extensive experience in banking and financial services regulation and related financial technology, privacy and information security, corporate, securities, administrative law and litigation matters.  He has written and spoken widely on financial services issues.

Professor Ledig is an editor and author of a number of books including: The Volcker Rule: Commentary and Analysis (Thomson Reuters 2014), Dechert LLP’s Analysis of Financial Regulatory Reform [The Dodd-Frank Act] for the American Bankers Association (2010), 21st Century Money Banking & Commerce (1998), Management of Risks Created by Internet-Initiated Value Transfers, National Automated Clearing House Association (1995), The Fair Lending Guide (Glasser Legal Works 1995) and Contracting with the RTC and FDIC (Prentice Hall Law and Business 1991).

 


Sandra M. Hanna represents public companies, boards of directors, accounting professionals, senior officers, broker-dealers, investment advisers and other companies and individuals in investigations by the Securities and Exchange Commission, Department of Justice, the PCAOB, FINRA and other state and federal agencies. Her recent representative matters include cases concerning public company financial reporting and disclosure matters, auditor independence, the Foreign Corrupt Practices Act, and insider trading. Ms. Hanna also maintains an active civil litigation practice.

Ms. Hanna has significant experience representing partners of major accounting firms in investigations before a range of enforcement and licensing bodies. Recent clients include the engagement partner in a significant independence matter, the engagement quality review partner in an auditing standards matter, three national office partners in an auditing standards matter, and an accounting professional in an independence investigation involving non-audit services.

Ms. Hanna is recognized as a nationwide leader in securities enforcement matters in the 2014-2020 editions of Chambers USA: America’s Leading Lawyers for Business, and is recognized as a leading attorney in the area of Securities Regulation in the 2016 - 2020 editions of The Best Lawyers in America® and recent editions of SuperLawyers. She is a regular speaker at industry conferences, has appeared as a commentator on Bloomberg TV, and served as the Co-Chair of the DC Bar Committee on SEC Enforcement and Broker-Dealer Regulation. Ms. Hanna is also an active member of the Women in White Collar Defense Association.

Prior to co-founding the firm, Ms. Hanna worked at Willkie Farr & Gallagher LLP, Foley & Lardner LLP and Morrison Foerster. As a law student, Ms. Hanna participated in the Summer Honors Program at the Securities and Exchange Commission, in the Division of Enforcement. Prior to attending law school and business school, she ran an entertainment company, where she managed the professional and business careers of several Grammy Award winning artists.

Ms. Hanna attended the United Nations International School in New York City, and graduated from Tufts University in 1993. She received a JD and an MBA from Georgetown University in 2001. She is active in several charitable organizations, and also devotes time to pro bono activities.


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.


Chris Setaro is the Global Chief Compliance Officer of SharesPost, Inc. and Chief Compliance Officer for SharesPost Financial Corporation, an SEC-registered broker-dealer and alternative trading system. Before joining SharesPost, Chris was Chief Compliance Officer for Nasdaq, Inc.’s five U.S. broker-dealer subsidiaries whose businesses included equities and options routing, U.S. Treasury securities trading, private company liquidity programs and issuer advisory services, , and Vice President of Nasdaq, Inc. overseeing the compliance staff for its registered investment advisor. Prior to Nasdaq, Chris held various positions at Instinet Incorporated, most recently as Chief Compliance Officer for Instinet, LLC.


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 Connor is Chief of the Money Laundering and Asset Recovery Section in the Criminal Division for the Department of Justice where she has served for more than three years. MLARS leads the Department’s asset forfeiture and anti-money laundering enforcement efforts, providing leadership in the prosecution and coordination of complex, sensitive, multi-district asset forfeiture investigations. In her role as chief, Deb supervises a section of over 80 prosecutors and 150 professionals responsible for civil and criminal enforcement of the money laundering statutes, forfeiture, and the Bank Secrecy Act. 

Deb has been a criminal prosecutor with the Department of Justice for over 22 years.  She served for more than 16 years as an Assistant United States Attorney in the U.S. Attorney’s Office for the District of Columbia.  While at the United States Attorney’s office Deb supervised and tried more than 100 criminal cases.  In her last five years with the office Deborah served as the Chief of the Fraud and Public Corruption Section.  During her time at the U.S. Attorney’s Office Deborah also served as the Chief of the Asset Forfeiture Unit, and a Deputy Chief in the Office’s Federal Major Crimes Section.

Prior to joining the U.S. Attorney’s Office, Deb was a Trial Attorney in the Antitrust Division and an Associate at a large D.C. law firm.  Before attending law school, Deborah was an Assistant Vice President at a larger commercial bank in Chicago.  Deborah is a cum laude graduate of Georgetown University Law Center where she is also an Adjunct Professor teaching trial advocacy.


Elizabeth N. Pendleton (Liz) is a Chief Trial Attorney in the U.S. Commodity Futures Trading Commission’s Division of Enforcement in the Chicago office. Liz supervises a team of trial attorneys and investigators and represents the Division in enforcement actions that are filed in the United States District Courts. She is also the co-chair of the Division’s Digital Asset Task Force, where she advises the Director on legal and policy issues in the digital asset space and coordinates investigative resources across the CFTC offices. Liz has led a broad range of enforcement activities including cryptocurrency fraud and manipulation, trade practice violations, Ponzi schemes, and other abuses concerning commodity derivatives and swaps that threaten market integrity. Liz serves as the CFTC’s representative on the intra-agency Midwest Cryptocurrency Task Force, a collaborative law enforcement group that identifies and investigates individuals and criminal enterprise groups responsible for financial crimes involving digital assets. Prior to joining the CFTC, Liz spent several years in private practice representing clients in the technology, digital media, financial, manufacturing, and music industries; and clerked for a federal judge.  Liz graduated from Kenyon College and Boston College Law School. 


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.).


Kristina Littman is the Chief of the Division of Enforcement’s Cyber Unit, a national, specialized unit that focuses on protecting investors and markets from cyber-related misconduct. Ms. Littman joined the SEC’s Division of Enforcement in 2010 in the Philadelphia office.  She has held senior attorney positions in SEC Chairman Jay Clayton’s office, the Trial Unit, and the Market Abuse Unit. Prior to joining the SEC, Ms. Littman practiced law at Drinker Biddle & Reath LLP, specializing in white collar and securities litigation. Ms. Littman earned her J.D. and M.B.A. from Rutgers University School of Law – Camden and an undergraduate degree from Florida State University.


Matthew R. Hays leads Dechert's asset-backed securitization team. Mr. Hays has considerable experience with matters across a broad range of asset classes relating to structured finance transactions, warehouse facilities, asset sale transactions, as well as public and private securitization transactions. He represents clients in numerous industries such as automotive finance, banking, technology and manufacturing. 

Mr. Hays regularly provides insight on FinTech and marketplace lending at conferences around the country, including the ABS East Conference, SFIG Conference, and Lend360 Conference. Prior to joining Dechert, Mr. Hays was a corporate partner at a large global law firm.  


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.


Mr. Trackman has a longstanding interest in law and technology.  He began his career conducting research in Central America to support digitalization and reform of the national land registries.  After work in private practice, Mr. Trackman joined the Securities and Exchange Commission, where he reviewed novel derivative securities products.  He was on the team that analyzed the Gold ETF, the first commodity asset-backed exchange traded fund, and developed standards to permit listing of similar products.  He later oversaw the registration program for alternative trading systems.  Following the financial crisis, Mr. Trackman contributed to the Dodd-Frank implementation effort at the SEC and then the Commodity Futures Trading Commission.  In 2017, Mr. Trackman joined the effort to help stand up the CFTC’s new innovation office, LabCFTC.  LabCFTC seeks to promote responsible innovation through engagement with innovators, education, and policy development.  Now as Senior Counsel to LabCFTC, Mr. Trackman advises on a wide range of fintech topics and provides thought leadership on potential impacts of new technology.


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, other blockchain-related matters and fintech issues, as well as broker-dealer, fund-related and exchange/ATS matters. Neel also serves as the point of contact for queries for the Division through the Commission’s FinHub.

Prior to this, Neel was part of the team in the Division’s Office of Market Supervision which reviewed the first filings to list cryptocurrency-based exchange traded products. He has also worked on several novel types of exchange-traded funds, alternative trading systems for digital assets, liquidity and incentive programs for market makers, and issues arising from the European Union’s Markets in Financial Instruments Directive II.

Neel received a Bachelor of Civil Laws degree from Oxford University in 2004, and a Juris Doctor degree from Columbia Law School in 2010, where he was a Stone Scholar. Prior to joining the Commission in 2016, Neel worked in the Washington D.C. office of Sullivan and Cromwell LLP, where his work included capital markets offerings, funds, derivatives and broker-dealer regulatory matters.


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 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. Rochelle was primarily responsible for researching and drafting Chapter 1, The Treatment of Structured Finance under the Investment Company Act, in the Division’s 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. For her efforts, Rochelle was awarded the SEC Staff Excellence Award in June 2018.


Susan Grafton leads Dechert’s Broker-Dealer, Securities Trading and Markets practice and co-leads its FinTech practice. She is consistently ranked nationally by Chambers USA in the Broker-Dealer (Compliance) and Broker-Dealer (Enforcement) categories. Among other comments, clients note her “problem-solving orientation. I find her to be very practical and she can work with us on getting to a positive resolution. She always has her client's goals in mind.” (Chambers USA 2017). Market observers call her “an excellent regulatory attorney” and note that “Susan’s work as always been very impressive.” (Chambers USA 2018). They also note that she is “very well connected in the industry, and is able to get the SEC and FINRA to be more responsive” (Chambers USA 2016). Clients also describe her as “a go-to attorney…especially in Regulation M issues and distribution type questions, [where] she's very knowledgeable” (Chambers USA 2015).

Ms. Grafton counsels a wide range of broker-dealers, including alternative trading systems, on all aspects of their business, including registration and changes in control; sales practices, including proposed Regulation Best Interest; trading and execution issues, including compliance with best execution, trade and order reporting, and Regulation NMS and SHO requirements; and Regulation M and FINRA’s corporate finance rules. Her practice also includes representing investment avisers, including hedge fund managers, on a variety of issues, including broker-dealer status issues and solutions to avoiding broker-dealer registration, the use of expert networks, handling material non-public information, and compliance with Rule 105 of Regulation M. She advises buy-side and sell-side clients on soft dollar issues and intersection between Section 28(e) and MiFID II.

In addition, Ms. Grafton frequently represents clients before the SEC and FINRA in connection with regulatory examinations and enforcement investigations pertaining to a wide range of issues.

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, and subsequently served as a vice president and associate general counsel of Goldman Sachs & Co. where she advised on a variety of strategic, regulatory compliance and operational issues related to the firm’s institutional equities sales and trading businesses.