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Financial Services RegTech and Regulatory Compliance Forum 2020


Speaker(s): Alixandra Smith, Benjamin Gruenstein, Charles D. Riely, Clifford E. Kirsch, Eric T. Young, Haimera Workie, Mark A. Egert, Natalia Lima Dambach, Nathan J. Greene, Nicole S. Healy, Richard Webley, Sarah E. Paul, Satish M. Kini, Scott W. Bauguess, Scott W. Weinstein
Recorded on: Nov. 23, 2020
PLI Program #: 278509

Satish Kini is Chair of Debevoise’s Banking Group and a member of its Financial Institutions Group. Mr. Kini advises on a wide range of regulatory and transactional banking issues.

For example, he has:

  • represented large financial services firms in transactional matters, including to secure regulatory approvals for transactions from U.S. federal and state bank regulatory agencies and to develop compliance frameworks for various business combinations;
  • counseled banks, insurers, asset managers and securities firms in a broad range of regulatory and compliance issues, ranging from the Volcker Rule to affiliate transactions, anti-money laundering, economic sanctions and data privacy/security;
  • represented clients in adversarial proceedings before the federal bank regulatory agencies and the Consumer Financial Protection Bureau, including in enforcement proceedings and in adverse examination contexts; and
  • advised clients on regulatory and compliance issues arising out of cross- border transactions and outsourcing arrangements, including with respect to sanctions and money laundering issues.

In the context of these matters, Mr. Kini has led internal fact investigations of clients (involving allegations of data breaches/fraud, money laundering and sanctions compliance issues) and advised clients on compliance governance and structuring. He also has briefed senior business decision-makers and boards of directors, based in the United States and abroad, on important regulatory, enforcement and investigations matters.

Mr. Kini has represented a wide range of firms (including banks, insurers, securities broker-dealers and asset managers) and leading industry trade associations on regulatory reform issues, including those arising out of the Dodd-Frank Act, and has assisted clients to participate in the policymaking process before federal regulators. He has helped to create industry coalitions to advocate for regulatory positions and to arrive at consensus interpretations on difficult issues. He also has testified on Dodd-Frank issues before Congress and has represented clients on Dodd-Frank and other matters before the federal banking agencies, the U.S. Securities and Exchange Commission, the Financial Stability Oversight Council and the U.S. Treasury Department and its Financial Crimes Enforcement Network (“FinCEN”) and Office of Foreign Assets Control (“OFAC”).

Mr. Kini received his B.A. magna cum laude from Colgate University in 1985. He received his J.D. from Columbia University School of Law in 1992, where he was a Harlan Fiske Stone Scholar, a John M. Olin Fellow in Law and Economics and the Managing Editor of the Columbia Law Review. He is a member of the District of Columbia and the New York Bars


Alixandra Smith is the Chief of the Business and Securities Fraud Section at the United States Attorney’s Office for the Eastern District of New York (“EDNY”).  She has investigated and prosecuted a wide variety of criminal matters against both individuals and entities, including fraud involving publicly-traded companies, market manipulation, insider trading, healthcare fraud, tax crimes, money laundering, cyber-enabled crime and violations of the Foreign Corrupt Practices Act (“FCPA”).  Alix is also an adjunct professor at New York University Law School.

During her time at the Office, Alix has worked on significant white collar cases.  For example, Alix was the co-lead prosecutor on the case United States v. Martin Shkreli and Evan Greebel, in which a pharmaceutical executive and his attorney were charged with securities fraud, wire fraud conspiracy and securities fraud conspiracy in connection with four complex fraud schemes.  Both defendants were tried and convicted in separate trials lasting a combined total of 17 weeks in 2017.  In addition, Alix led the Office’s team that, along with the Department of Justice’s Fraud Section, investigated and prosecuted United States v. Odebrecht and United States v. Braskem, collectively one of the largest foreign bribery cases in history.  In that case, Brazilian-based companies Odebrecht and Braskem pled guilty to conspiracy to violate the FCPA for their roles in a bribery scheme that involved payments of close to a billion dollars over a 15-year period to foreign government officials in Brazil and twelve other countries to obtain and retain business in those countries.  Alix was also the lead criminal prosecutor for United States v. AmerisourceBergen Specialty Group, in which a subsidiary of a major pharmaceutical company pled guilty to a violation of the Federal Food, Drug and Cosmetics Act for the illegal distribution of misbranded oncology drugs, and paid a total of $885 million in criminal and civil penalties. 

Prior to joining the Office, Alix was an associate at two law firms in New York; completed clerkships with the Honorable Julio M. Fuentes, United States Court of Appeals for the Third Circuit, and the Honorable Faith S. Hochberg, United States District Court for the District of New Jersey; and served as an adjunct professor at Fordham Law School.  She graduated from Harvard University and Harvard Law School.

 

 

 


Benjamin Gruenstein is a partner in Cravath’s Litigation Department and a member of the Firm’s Investigations and White Collar Criminal Defense practice.  His  practice focuses on the representation of U.S. and multinational companies and their senior executives in government and internal corporate investigations in such areas as the Foreign Corrupt Practices Act (“FCPA”), healthcare fraud, insider trading, criminal antitrust, accounting fraud and trade sanctions and accompanying civil litigation.  Mr. Gruenstein has handled both domestic and cross-border investigations, including in Latin America, Asia and Europe.

Prior to joining Cravath, Mr. Gruenstein served as an Assistant U.S. Attorney in the Criminal Division of the U.S. Attorney’s Office for the Southern District of New York from 2002 to 2008.  He returned to Cravath in 2008, and became a partner in 2012.

Mr. Gruenstein is a fellow of the American Bar Foundation.  Mr. Gruenstein has been recognized for his white collar criminal defense work by Benchmark Litigation (2016-2020) and The Best Lawyers in America (2016-2020).  He has also been recognized by The Legal 500 United States for white collar criminal defense work (2016-2019), general commercial disputes (2019), securities litigation and related regulatory enforcement matters (2015-2017) and for his experience in the media and entertainment industry (2017-2018).  From 2013 through 2018, Mr. Gruenstein was selected by Lawdragon as one of “500 Leading Lawyers in America.”  He and his colleagues earned the Firm a top tier ranking for Criminal Defense: White Collar in the U.S. News Best Lawyers “Best Law Firms” survey in 2018, as well as recognition in the investigations and criminal defense categories of both Chambers USA (2015-2019) and Legal 500 US (2016-2019) and the FCPA category of Chambers USA (2018-2019).  In 2014 and 2015, Mr. Gruenstein was named one of Ethisphere Institute’s “Attorneys Who Matter” and in 2013, he was recognized as one of five Law360 “Rising Stars” in the nation in the White Collar category.

Mr. Gruenstein received an A.B. summa cum laude in Philosophy and Mathematics from Harvard College in 1996, where he was elected to Phi Beta Kappa, and a J.D. magna cum laude from Harvard Law School in 1999, where he was an Editor of the Law Review.  After graduating from law school, Mr. Gruenstein clerked for the Honorable Stephen F. Williams of the U.S. Court of Appeals for the D.C. Circuit and for the Honorable David H. Souter of the U.S. Supreme Court.  


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


Mark A. Egert has served as a trusted Compliance Officer or Regulatory Counsel in one form or another for over 25 years.  On the legal side, he began his career as an Associate at Shearman & Sterling, where he formed and represented investment advisors and broker-dealers.  He served as a Partner at Crowell & Moring, where he chaired the Financial Institutions Regulatory Group.  He also held the position of Chief Legal Officer for the Wholesale Business in North America for ABN AMRO.  

On the compliance side, Mark has successfully enhanced the compliance programs at multiple firms, helping navigate senior management through complex regulations, aggressive regulators, rapidly changing markets and challenging situations.  He has leveraged his deep experience to identify, evaluate and implement controls that reduce regulatory risk. This experience includes serving at JP Morgan as Managing Director, Chief Compliance Officer of JPMorgan Investment Management Inc. (over $2T in AUM) and Head of Asset Management Compliance for the Americas.  At Brown Brothers Harriman, Mark was the CCO for the broker-dealer, investment advisor and investment companies, as well as serving as the Global Head of Core Compliance.  At Cowen & Company, he was the Chief Compliance Officer and held other titles.  At RBC Capital Markets, he was the Legal & Compliance Director.

Mark graduated from George Washington University Law School cum laude and served as an Editor of the Law Review.  He graduated from the University of Delaware magna cum laude, Phi Beta Kappa.  Mark frequently speaks at conferences, publishes articles on regulatory matters and proactively serves on industry committees and roundtables.  

 

 


Nicole Healy is a partner in the Redwood City office of Ropers Majeski PC.  Ms. Healy represents companies and individuals in litigation and arbitration involving a wide range of industries in matters concerning corporate governance and control; commercial disputes; shareholder class action and derivative litigation; antitrust violations; False Claims Act litigation; disputes concerning intellectual property rights and trade secrets; and mergers and acquisitions.  She has conducted, and has represented companies and their executives in, corporate internal investigations into possible violations of federal and state law.  Ms. Healy has represented companies and individuals in investigations by the Federal Trade Commission, the Securities and Exchange Commission, U.S. Attorneys’ Offices, and other government agencies.  She has tried cases to judgment in state and federal courts, and to decision in private arbitration proceedings.  Ms. Healy has counseled companies regarding compliance with state and federal laws, including the U.S. Foreign Corrupt Practices Act (“FCPA”), UK Bribery Act, and anti-money laundering laws

In addition to her work as a litigator, Ms. Healy serves as a mediator for the U.S. District Court for the Northern District of California.

Prior to entering private practice, Ms. Healy was a prosecutor for the U.S. Department of Justice, in the Fraud Section, Criminal Division where she focused on violations of the FCPA, defense procurement fraud, and international white-collar criminal matters. 

Ms. Healy is the author of the Anti-Money Laundering Deskbook: a Practical Guide to Law and Compliance (Practising Law Institute, 2020 ed.), as well as numerous articles regarding money laundering and terrorist finance, the FCPA, and other topics, and is a frequent speaker.


Sarah Paul’s practice spans all areas of white-collar defense, with a particular focus on government, internal, and cross-border investigations, tax controversy, and cybersecurity and privacy law.  She has extensive experience litigating complex criminal and civil cases.

Sarah joined Eversheds Sutherland from the United States Attorney’s Office for the Southern District of New York, where she served for over nine years as an Assistant United States Attorney in the Criminal Division. As a member of the Complex Frauds and Cybercrime Unit for nearly six years, she worked on sophisticated white-collar cases involving the investigation and prosecution of institutions and individuals for a variety of financial crimes, including Foreign Corrupt Practices Act violations, wire fraud, bank fraud, cybercrime, international money laundering, securities fraud, health care fraud, and Bank Secrecy Act violations. She also served in the Money Laundering and Asset Forfeiture Unit, where she litigated substantial asset forfeiture matters, including significant art fraud cases. In 2019, Sarah was recognized by the Women in Federal Law Enforcement Foundation, which selected her from a nationwide pool of female federal prosecutors to receive the Top Prosecutor Award.

During her time as federal prosecutor, Sarah led numerous high-profile cross-border investigations, including an investigation resulting in the first US indictment in connection with the Panama Papers leak, an investigation resulting in a $547 million resolution with a Swiss bank and the guilty pleas of two Swiss bankers, and an investigation resulting in the guilty pleas of Cayman Islands investment brokerage and trust companies. Sarah also conducted fourteen federal jury trials, and briefed and argued multiple appeals before the US Court of Appeals for the Second Circuit.         

In 2016, she became the Tax Coordinator for the Criminal Division. During her two and a half year tenure as the Tax Coordinator, she supervised all criminal tax matters in the Southern District of New York, including hundreds of investigations and dozens of publicly charged cases, and she worked extensively with the Internal Revenue Service and the Tax Division of the Department of Justice.

Prior to her time as an Assistant United States Attorney, Sarah was a defense attorney for two prominent New York law firms, where she advised clients on anticipating, managing and mitigating legal and regulatory risks related to government enforcement and represented clients in all phases of criminal and civil litigation. She also worked as a federal law clerk for the Honorable Berle Schiller in the United States District Court for the Eastern District of Pennsylvania.


Scott Weinstein is a Vice President in the Corporate Compliance Department of New York Life Insurance Company.  Scott joined New York Life in 2000 and over time he has taken on roles with increasing responsibilities within the Corporate Compliance Department.  In part, his current role includes compliance oversight for New York Life’s affiliated broker dealer, NYLIFE Securities LLC and registered investment advisor, Eagle Strategies LLC.  Scott’s teams provide compliance support and guidance to the affiliated broker-dealer and registered investment advisor including periodic testing of the compliance programs to ensure adequacy and effectiveness with applicable securities laws, regulatory expectations and the firm’s policies and procedures.

Scott graduated from the State University of New York at Albany where he earned a Bachelor of Arts Degree with a double major in Psychology and Anthropology.  Scott then attended the City University School of Law at Queens College where he earned a Juris Doctor.  Scott is admitted to the Bar in New York and New Jersey.


Eric specializes in re-engineering Compliance & Ethics programs to enable regulatory health / business growth.

  • Eric Young teaches Corporate Compliance at the Fordham University School of Law in New York City. He is also CEO of Young Enterprises LLC, an enterprise compliance leadership forum.
  • He has 40 years’ regulatory, financial crimes and Chief Ethics & Compliance Officer (CCO) experience with the Fed, JP Morgan, General Electric, S&P Global Ratings, and four foreign banks including UBS, and most recently as CCO of BNP Paribas Americas (the large French bank).
  • He therefore brings deep regulatory, financial services, and industrial compliance experience at the enterprise and divisional levels.

  • Eric’s compliance programs aligns with the US DoJ Sentencing Guidelines, Federal Reserve, State and international standards.

  • Eric graduated from Columbia University at the age of 20, with a degree in Economics and has securities licenses with FINRA and is ACAMS-certified.
  • He is a frequent speaker/author, and been featured in the Wall Street Journal, Forbes, Reuters and the American Banker.
  • He is presently completing his first book, “Declaration of Independence” about the strategic partnership of Compliance and the independent Board in order to enable directors to carry out their fiduciary “duty of care” and monitoring -- by holding management more accountable.


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.).


Richard has 24 years of financial industry experience and is the head of Citi Global Data Insights, within the Institutional Clients Group (ICG).

Citi Global Data Insights (CGDI) is a business unit focused on developing Data & Analytics products for Institutional clients of Citigroup. CGDI offers data products via a proprietary data marketplace and on a bespoke consulting basis.

Prior to leading GGDI Richard was Americas Head of Business Advisory Services (BAS), the strategic consulting team within Global Investor Sales.  

Richard began his career in 1995 at JP Morgan in the Investment Bank and held various roles in operations & technology before joining the specialist capital markets consulting company m.a.partner in 2001. As a partner in the US practice he worked with a wide variety of the Investment Banks and Hedge Funds across the spectrum of operations and technology business consulting, including business strategy, market research, organizational design, operations & technology architecture, and vendor outsourcing. When Detica Consulting acquired m.a.partners in 2007 Richard ran the US financial services consulting practice before joining Citi in 2009 to run strategy & planning for the US Broker-Dealer before joining Business Advisory Services in 2010.

Richard holds a Bachelor’s Degree in Economics from East London University and attended Harvard Business School's Leading Professional Services Firms course in 2008.


Charles Riely is a partner at Jenner & Block LLP.  As a lawyer at the SEC for more than a decade, he handled a number of significant matters, working extensively with criminal authorities in parallel investigations, and developing deep expertise in all aspects of the federal securities laws.  At the SEC, he received the Ferdinand Pecora Award for tenacity, creativity and efficiency. 

Mr. Riely most recently served as assistant regional director for the Division of Enforcement for the US Securities and Exchange Commission (SEC).  In that role, he led teams of lawyers in the New York Regional Office and Market Abuse Unit conducting investigations and litigations.  Mr. Riely’s matters at the SEC generally entailed highly complex issues and included some of the most significant actions filed by the SEC during his tenure.  These included matters against large hedge funds for insider trading, valuation fraud and other violations.  He was also one of the original members of the Market Abuse Unit and worked on a number of market manipulation cases as well as cases involving dark pools.

While at the SEC, he worked on matters involving disclosure failures by public companies; alleged fraud and regulatory violations by investment advisers and broker-dealers; insider trading; anti-money laundering violations; “spoofing” and other forms of market manipulation; failure-to-supervise violations; the adequacy of firms’ cyber-security procedures and protections; and a variety of other fraud and regulatory matters.

Mr. Riely also gained extensive experience coordinating investigations with the US Department of Justice (DOJ) and worked on more than a dozen publicly filed SEC enforcement actions where the criminal authorities filed a parallel case.  He also gained extensive experience working with international enforcement officials as well as the Commodity Futures Trading Commission (CFTC), the New York Attorney General’s Office, FINRA, the New York Stock Exchange and other domestic agencies.  He also consulted extensively with the compliance examiners and other professionals that conduct compliance inspections and examinations of regulated investment advisers and broker-dealers in the New York region.

Mr. Riely’s work at the firm has included representing and advising corporations and individuals in compliance, criminal defense matters, government enforcement matters, internal investigations and litigations.  This includes working on matters relating to accounting fraud, the Federal Corrupt Practices Act, the adequacy of public company disclosures, anti-money laundering, and insider trading.


Nathan Greene is a partner in the Investment Funds practice. He has extensive experience advising on the regulatory aspects of fund and investment advisory operations, and also counsels funds and financial institutions on regulatory considerations around emerging technologies like blockchain, big data and artificial intelligence. His practice includes the formation and representation of U.S. and foreign investment companies, sponsors, advisers and directors, including SEC registration, exemptions, inspections and investigations; fund formation, distribution and marketing; fund board and governance matters; compliance manuals and testing; and high-profile corporate transactions involving asset management businesses. He is particularly well-known for his representation of prominent industry participants in the registered alternatives market and has notable experience representing major players in M&A deals that have a registered fund component.

Nathan has lectured on funds regulation at prominent New York-area law schools. He is regularly quoted in prominent publications and news services, including BoardIQ, Bloomberg, Fund Board Views, Hedge Fund Law Report, Reuters and The Wall Street Journal. Nathan is in demand as a speaker, including on issues relating to big data, blockchain and artificial intelligence.

Nathan has been recognized by Chambers USA in Investment Funds: Registered Funds (2017–2018). Clients commented in the 2018 edition that “he knows the regulations inside out,” adding that “he is adept at taking complex concepts and being able to communicate them; he’s creative in finding solutions.” In the 2017 edition, clients said he is “the expert on the Investment Company Act” and “an extremely savvy lawyer who understands the complex intertwining of the business and regulatory worlds better than most.” He has also been recognized as a “Financial & Corporate Rising Star” in Investment Funds in IFLR1000 (2018) and a “Leading Individual” in Private Funds: Regulatory by Who’s Who Legal (2017). Nathan has received the prestigious “BTI Client Service All-Star” Award for outstanding client service (2015) and the Burton Award for distinguished legal writing (2013).


Scott Bauguess is the former SEC’s Deputy Chief Economist and Deputy Director of the Division of Economic and Risk Analysis (DERA). He oversaw the Division’s risk assessment and data-driven, predictive analytics development, designed to detect fraud and misconduct in the Commission’s investigation and examination programs, specifically in the areas of corporate issuers, broker- dealers, and asset managers. As part of this, he directed economic analyses in recommendations to the Commission on issues related to the form and manner of registrant disclosures and governance. Scott received his Ph.D. in Finance from Arizona State University in 2004. He also holds a B.S. and M.S. in Electrical Engineering and prior to his doctoral studies spent six years working as an engineer in the high tech industry.