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The Volcker Rule 2015: What It Means for Financial Institutions and Markets


Speaker(s): Anna M. Harrington, Camille L. Orme, Curtis K. Tao, Cyrus Amir-Mokri, Edina Cavalli, Emma M. Bailey, Erin M. Coffer, Katherine Mooney Carroll, Margaret E. Tahyar, Michael L. Kadish, Phillip S. Gillespie, Richard M. Cundiff, Jr., Robert Maxant, Sally A. Miller, Satish M. Kini, W. Danforth Townley, William L. Kuhn IV
Recorded on: May. 19, 2015
PLI Program #: 58709

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”).

Chambers USA has recognized Mr. Kini as a leading lawyer in Financial Services Regulation: Banking (Compliance). For example, in 2013, Chambers’ sources described Mr. Kini as “a trusted adviser who is thoughtful, strategic, responsive and extremely knowledgeable.” He also is recognized by Chambers Global (2016) for Banking & Finance: Mainly Regulatory and The Legal 500 US (2015), in both the Financial Services Regulatory and Data Protection and Privacy categories.

Mr. Kini is the author or co-author of numerous articles regarding compliance issues and banking and securities legal developments and has been published in numerous periodicals, including The American Banker, Barrons, The Banking  Law Journal, Boston College Law Review, Journal of Investment Compliance, Journal of Payment Systems, Privacy and Data Security Review, The New York Law Journal and The Wall Street Lawyer. He currently serves on the Board of Editors of The Banking Law Journal and The Privacy and Data Security Review and the Board of Advisors for the University of North Carolina Banking Law Institute. Mr. Kini also is a frequent speaker on sanctions, anti-money laundering and other financial institutions matters.

Prior to joining Debevoise in 2009, Mr. Kini was a partner in Goodwin Procter’s Business Law Department and Financial Services Practice and a partner at Wilmer Cutler & Pickering in Washington, D.C.

Mr. Kini also served in the Legal Division of the Federal Reserve Board from 1996 to 2000, rising to the level of counsel and working on a broad range of regulatory matters before the agency. From 1992 to 1993, he clerked for Judge Richard J. Cardamone of the U.S. Court of Appeals for the Second Circuit.

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.


Camille Orme is a partner in the Firm’s Financial Services Group. Ms. Orme represents U.S. and non-U.S. financial institutions on a range of regulatory, corporate and transactional matters. Recent areas of focus include advising financial institutions on responding to the significant changes in the regulatory landscape following the financial crisis, including the Volcker Rule, the consequences of being designated systemically significant, the interplay of U.S. and non-U.S. regulatory changes, restructuring global businesses in light of shifting regulatory requirements and standards, the Federal Reserve’s enhanced prudential standards, and the OCC’s guidelines establishing heightened standards for large banking organizations.

Ms. Orme’s regulatory practice also includes advice regarding controlling and non-controlling investments by and in banking organizations, bank activities powers, the affiliate transaction rules, restrictions on insider transactions, restrictions on depository institution management interlocks, brokered deposit regulations, and broker-dealer push-out.
 
In addition, Ms. Orme has advised on numerous transactional matters and corporate and disclosure matters. She also has experience with derivatives regulation and the formation and designation of electronic exchanges.
 
Ms. Orme has been a speaker on U.S. regulatory reform and other bank regulatory issues, including at conferences and programs hosted by the American Bar Association, the Institute of International Bankers, Practising Law Institute, the Washington, D.C. Bar Association and the Association of the Bar of the City of New York. She is a Co-Chair of the ABA Banking Law Committee International Banking Subcommittee, a member of the Banking Law Committee of the Association of the Bar of the City of New York, and a past member of the Association of the Bar of the City of New York Committee on Futures Regulation. 
 
Ms. Orme serves as Co-Chair of the Firm’s Women’s Initiative Committee and an Associate Development Partner for the Firm’s Financial Services Group. She has been recognized for her work in Chambers USA as an Up and Coming lawyer in Financial Services Regulation: Banking Compliance and was awarded the Best in Financial Regulation award at Euromoney Legal Media Group's Americas Women in Business Law Awards in 2016.


Curtis Tao is a Managing Director and Associate General Counsel at Citigroup, and advised on bank and bank holding company regulatory matters at Citigroup from 2005 to 2009, and returned to Citigroup in November 2011.  From 2009 to November 2011, Curtis was an Associate General Counsel at Goldman Sachs, also advising on bank and bank holding company regulatory matters. 

From 2001 to 2005, Curtis was an associate at the law firm of Cleary, Gottlieb, Steen & Hamilton LLP.  Curtis clerked for Chief Justice Deborah T. Poritz of the New Jersey Supreme Court for the 2000-2001 term, and for Judge John L. Coffey of the Federal Court of Appeals for the Seventh Circuit for the 1999-2000 term.  Curtis received his J.D. from Rutgers School of Law, Newark (1999), and his B.A. from Rutgers University (1995).  Curtis is admitted to practice in New York and New Jersey.


Erin M. Coffer is Managing Director, Global Banking and Markets Compliance at Bank of America.  Erin has held many positions with Bank of America, including Head of Regulatory Analysis and Policy Management and Head of Volcker Implementation, so she is well-versed on Volcker Rule compliance issues.

Prior to her work at Bank of America, Erin was Vice President, Corporate Counsel at Prudential Securities as well as Senior Counsel with the U.S. Securities and Exchange Commission.


Katherine Mooney Carroll is a partner in the Washington, D.C. office of Cleary Gottlieb Steen & Hamilton LLP. Katherine’s practice focuses on advising U.S. and international financial institutions on U.S. regulatory matters, including recent reforms pursuant to the Dodd-Frank Act, regulatory aspects of bank mergers and acquisitions, cybersecurity and privacy matters, and compliance with U.S. sanctions and anti-money laundering (AML) laws.

Katherine served as Counselor to U.S. Secretary of Defense Ash Carter from April 2016 to January 2017. At the U.S. Department of Defense, she advised Secretary Carter on a broad range of issues, including cybersecurity and related intelligence matters. She was awarded the Secretary of Defense Medal for Outstanding Public Service.

Katherine’s recent representations include advising more than a dozen major U.S. and international financial institutions regarding compliance with the Volcker Rule; multiple U.S. and international banks in the preparation of their U.S. resolution plans and related corporate structure and cross-border resolution issues; IMB HoldCo, the parent of OneWest Bank, in its $3.4 billion sale to CIT Group; ongoing AML advice to major global private equity firms; and a major Mexican financial institution regarding its AML program and its U.S. correspondent relationships with U.S. banks.

She has been recognized as a leading financial services regulation lawyer by The Legal 500 U.S., Chambers USA as well as IFLR 1000: The Guide to the World’s Leading Law Firms. In 2015, Katherine received the “Best in Financial Regulation” award at Euromoney LMG’s Americas Women in Business Law Awards, and in 2013 she was named “Finance Up and Coming Lawyer of the Year” at the Chambers USA Women in Law Awards.

Katherine joined the firm in 2001 and became partner in 2012. She left the firm to serve in the Defense Department in 2016 and returned as a partner in 2017. She worked in the firm’s Hong Kong and New York offices before moving to the Washington office in 2003. Katherine received her J.D. from Yale Law School and her A.B. from Harvard College, magna cum laude.


Legal Coverage Areas and Expertise:

Emma Bailey is an attorney at Barclays overseeing regulatory strategy and enterprise structuring in the Americas. In particular, Ms. Bailey is responsible for advising Barclays on certain prudential banking reform measures in the United States, including capital reform and the Volcker Rule. She joined Barclays in 2008 as part of t heir acquisition of Lehman Brothers.

Notable Deals and Achievements:

- Worked on the sale of Lehman Brothers to Barclays

- Coordinating Barclays' response to the Volcker Rule

Professional Experience:

- Director- Barclays, 2008-Present

- Senior Vice President - Lehman Brothers

- Associate- Fried, Frank, Harris, Shriver & Jacobson


Phillip S. Gillespie joined SSGA in June 2008 as Executive Vice President and General Counsel. In that role, Phil is responsible for the global legal affairs of SSgA and oversees a team of experienced attorneys, paralegals and assistants located in Boston, London, Paris, Tokyo, Montreal, Hong Kong and Sydney. He is a member of SSgA's Executive Management Group.

Phil joined SSgA from OppenheimerFunds, Inc. (OFI) where he was Senior Vice President and Deputy General Counsel and responsible for the day-to-day operations of OFI's Legal Department. Prior to joining OFI in 2004, Phil was First Vice President - Legal Advisory at Merrill Lynch Investment Managers (MLIM), where he managed a team of attorneys and paralegals providing legal services and oversight for MLIM's U.S. based investment teams, operations and its U.S. registered fund business.

From 1993 to 1997, Phil was an attorney with the U.S. Securities and Exchange Commission (SEC) in its Washington, D.C. headquarters holding posts as Senior Counsel in the Legal Policy and Counseling Group of the SEC's Office of the General Counsel and as Senior Counsel in the Office of Chief Counsel of the SEC's Division of Investment Management.

Prior to joining the SEC, Phil was an associate in the corporate finance practice of the Seattle law firm, Perkins Coie, and started his legal career as a law clerk to the Honorable Charles Clark, Chief Judge of the U.S. Court of Appeals for the Fifth Circuit.

Phil is a graduate of Georgetown University's School of Foreign Service and earned his JD, magna cum laude, from Tulane Law School. He is a native of the state of Mississippi.


Sarah (Sally) Miller is the Chief Executive Officer of the Institute of International Bankers.  The IIB’s mission is to help resolve the many special legislative, regulatory, tax and compliance issues confronting internationally headquartered financial institutions that engage in banking, securities and insurance activities in the United States.  Collectively, the U.S. operations of internationally headquartered banks contribute significantly to the U.S. economy and to the depth, liquidity and vitality of the U.S. financial markets.

Prior to joining the IIB on November 1, 2010, Sally was a Senior Vice President at the American Bankers Association charged with the responsibility for assisting member banks with legislation, regulations and other issues involving securities, trusts and investments.  Sally also served as Executive Director and General Counsel for the ABA Securities Association (“ABASA”) and in that capacity focused on investment banking, derivatives and other similar bank capital markets activities.

In August 2011, Sally completed a three-year term as Chair of the American Bar Association’s Banking Law Committee.  Previously, she had served as Vice-chair of the Committee and Chair of its Securities Subcommittee.

Prior to going to ABA, Sally served as Special Counsel in the Division of Corporation Finance and in the Office of the General Counsel at the Securities and Exchange Commission.

She received her Bachelor’s degree from Boston University and her J.D. from American University’s Washington College of Law.  She is a member of the D.C. Bar.


William Kuhn is a Senior Vice President and Deputy General Counsel at HSBC.  Will has advised on bank and bank holding company regulatory matters at HSBC from 2009 to present.  From 2007 to 2009, Will advised HSBC on credit card matters.  Prior to 2007, Will practiced at McGuireWoods LLP and at Jenner & Block.

Will received his J.D. from Harvard Law School (1999), and his B.A. from the University of Arizona (1996).  Will is admitted to practice in Illinois. 


Bob currently serves as a senior Partner in Deloitte’s Governance, Risk and Regulatory practice. He is the Managing Partner leading the Volcker Rule service offering. Bob has substantial professional services and industry experience in the areas of finance, risk and treasury processes and controls, governance, methodologies, regulatory compliance and technology implementation and integration. His area of focus at clients and in industry has included all cash market and derivative asset classes: fixed income including mortgage and asset backed securities, foreign exchange, energy and other commodities, and equities

Experience

From June 2005 to April 2009, Bob served as Managing Director, Global Head of Product Control at UBS Investment Bank. Product Control consisted of over 1000 specialists responsible for accounting, reporting and assessing fair values for a balance sheet that exceeded USD 1 trillion. Product Control was also responsible for pnl attribution, validation and reporting, and executing Group Treasury processes as well as effecting and overseeing change delivery impacting downstream f2b technology and processes.

From November 2007 to March 2009 Bob served as Chairman of the Securities Industry and Financial Markets Association (‘SIFMA’) Product Controllers Committee. This Committee included product control representatives of all of the major investment and commercial banks.

Prior to joining UBS, Bob had worked at Deloitte & Touche LLP since 1981. During that tenure, Bob’s exclusive focus was serving financial services industry in the development of capabilities to support their capital markets activities. In that capacity, In 2002, Bob was appointed US National Managing Partner, Capital Markets Services. From September 2004 to June 2005, Bob served as Deloitte’s Global Managing Partner, Capital Markets Services. Bob is a CPA licensed in the state of New York.

Education

  • State University of New York at Albany, BS Accounting


Michael Kadish is Managing Director and Head of U.S. Bank Compliance for Deutsche Bank.  He had been Deutsche Bank’s Senior U.S. Bank Regulatory Counsel from 2003 to 2011, and re-joined Deutsche Bank after two years as Senior U.S. Bank Regulatory Counsel for RBS. 

Before joining Deutsche Bank, Mr. Kadish had been in private practice in California (1981 - 1989 and 1996 – 2002), and had been Assistant General Counsel and Assistant Secretary for Citicorp (1989 – 1996).  He began his career in the Legal Division of the Federal Reserve Board (1978 – 1981).

Mr. Kadish represents Deutsche Bank on committees and working groups of several U.S. bank trade associations, including The Clearing House, the Institute of International Bankers, and SIFMA.  He has chaired three subcommittees of the American Bar Association’s Banking Law Committee and has appeared as a speaker or moderator on several ABA programs and meetings.

He earned his B.S. from the Wharton School of the University of Pennsylvania (1975) and a J.D. from Georgetown University Law Center (1978).


Ms. Tahyar is a partner in Davis Polk’s Financial Institutions Group. Her practice focuses on providing strategic bank regulatory and financial regulatory reform advice and advising on bank M&A and recapitalizations and capital markets transactions where the target or issuer is a financial institution. She also advises on corporate governance and securities settlement systems and payment systems. Most recently, a substantial amount of her time has been spent advising clients on the Dodd-Frank Act and its regulatory implementation, including living wills and the Volcker Rule. Her clients in this area have included all of the United States’ six largest banks, many non-U.S. banks and SIFMA. Ms. Tahyar has worked on almost two dozen living wills for clients ranging from the largest and most complex organizations to smaller regional banks. She frequently works on enforcement matters before financial regulatory agencies and is a member of the FinTech Practice Group. From 1997 to 2009, Ms. Tahyar worked in the Davis Polk Paris and London offices and frequently advises on the international aspects of transactions and regulatory reform.

She has been listed as a leading lawyer in Chambers Europe, Chambers Global, Chambers USA, and the IFLR 1000, among others, and was named a "Banking MVP of the Year" by Law360. In addition to her full-time practice, Ms. Tahyar has taught as an adjunct professor at Columbia Law School and co-teaches, with Professor Howell E. Jackson, a course on financial regulation at Harvard Law School where she is the Bruce W. Nichols Lecturer on Law. She is a co-author of Financial Regulation: Law and Policy (Foundation Press, 2016) with Michael S. Barr of the University of Michigan Law School and Howell E. Jackson of Harvard Law School. She is a graduate of the University of Michigan and Columbia Law School, and was a law clerk for the Honorable Robert H. Bork, U.S. Court of Appeals, D.C. and the Honorable Thurgood Marshall, U.S. Supreme Court.


Anna M. Harrington is a Senior Supervisory Financial Analyst in the Special Projects Unit, within the Division of Banking Supervision and Regulation of the Board of Governors of the Federal Reserve, where she develops and implements banking policy initiatives and analyzes and addresses supervisory issues related to a number of rulemakings.  Her current areas of focus include the implementation of the Volcker Rule and the swap margin rule.  In addition, Ms. Harrington recently facilitated the completion of a final rule to establish new long-term debt and total loss-absorbing capacity requirements for systemically important banks.  She also is developing final rules relating to qualified financial contracts and single counterparty credit limits.

Ms. Harrington previously served as Counsel in the Legal Division of the Board, where she analyzed numerous proposals, applications, and issues arising under U.S. banking laws, including the Bank Holding Company Act, the Change in Bank Control Act, the Federal Reserve Act, and the International Banking Act and related regulations.  She also contributed to interagency efforts to implement key provisions of the Dodd-Frank Act, including the swap margin rule and the Volcker Rule.

Ms. Harrington earned a J.D. degree, magna cum laude, from Boston College Law School, where she was elected to the Order of the Coif and served as a Note Editor on the Boston College Law Review.  She earned an A.B. degree, magna cum laude, in Economics from Harvard College.  Anna is a member of the New York bar.


Edina Cavalli is a Managing Director at RBC's Legal Department and covers US Bank Regulatory matters. She is also RBC's US Company Secretary. Prior to that she served as Dodd-Frank and G20 Enterprise Program Regulatory Reform Liaison for TD and was responsible for TD's Volcker Rule conformance, amongst others. She was also Global Head of PE & PI and Risk as well as Americas Head of Funds & Advisory and IBD Advisory Compliance at Barclays in New York and served as CCO of an SEC registered investment adviser and co-headed the Americas IBD Compliance team on an interim basis. In these capacities she served on Barclays cross-disciplinary senior management teams addressing legislative changes (e.g. Volcker Rule, s165, Dodd-Frank, AIFMD, etc.) impacting on Barclays’ asset management and IB businesses in the U.S. and Europe. Prior to joining Barclays, Ms. Cavalli acted as in-house counsel to Carpathian Asset Management (formerely, Dawnay, Day Panterra) and worked as an investment banker at Morgan Stanley. She was also an associate with the debt capital markets practice of CMS Cameron McKenna and with the corporate finance and financial services advisory practice of Norton Rose in London. Ms. Cavalli is an English qualified solicitor and holds both a common law and a civil law degree.


W. Danforth Townley is an Attorney Fellow in the Division of Investment Management at the U.S. Securities and Exchange Commission in New York and Washington, D.C. Mr. Townley participates in rulemaking activities of the Division and provides advice on policy initiatives affecting the asset management industry. Prior to joining the SEC, Mr. Townley was a partner at Davis Polk & Wardwell LLP, advising clients on the structuring and offering of hedge funds, private equity funds and other investment vehicles and advising on regulatory compliance with the Investment Company Act and the Investment Advisers Act. Mr. Townley has been practicing in New York City for most of his career; he also worked for several years in the Hong Kong and Tokyo offices of Davis Polk. Mr. Townley received his J.D. from the Yale Law School in 1985 and graduated from Yale College with a B.A. in History in 1979. He clerked with U.S. District Court Judge Robert Sweet from 1985-86.


Cyrus Amir-Mokri handles complex litigation and investigations, and provides strategic advice to clients on global regulatory matters, compliance and operational risk.

Mr. Amir-Mokri rejoined the firm in 2014 after serving as the Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, where he was responsible for developing and coordinating policy on issues affecting financial institutions. Before his service at Treasury, Mr. Amir-Mokri was Senior Counsel to the chairman of the Commodities Futures Trading Commission (CFTC). He participated in both the passage and implementation of the Dodd-Frank Act and international financial reform.

In addition to working with U.S. and international financial regulatory agencies on issues of financial stability, market structure, and safety and soundness, Mr. Amir-Mokri was responsible for developing and coordinating Treasury’s policy on insurance, consumer financial services and cybersecurity. At Treasury, Mr. Amir-Mokri’s most recent policy development efforts focused on the impact of emerging information and telecommunications technology on financial services. In particular, he supervised the agency’s efforts to develop a framework for cybersecurity policy and to coordinate the federal government’s response to incidents in the financial sector. He also supervised Treasury’s report on the modernization of insurance regulation.

Prior to his recent government service, Mr. Amir-Mokri was a partner at Skadden representing clients in complex and appellate litigation. Although his work emphasized representing financial services clients in federal antitrust, securities and regulatory matters, he also represented clients outside the financial services sector in general corporate and commercial litigation.

At Treasury, Mr. Amir-Mokri was the recipient of the Alexander Hamilton Award. He was included on the Carnegie Corporation’s “Great Immigrants: The Pride of America” list in 2012 and is a recipient of the Ellis Island Medal of Honor. He also is a life member of the Council on Foreign Relations.

Bar Admissions

New York
Illinois

Education

J.D., University of Chicago Law School, 1995

Ph.D., University of Chicago, 1992

A.B., Harvard University, Harvard College, 1986

Experience

Assistant Secretary for Financial Institutions, U.S. Department of the Treasury (2011-2014)

Board Member, National Cooperative Bank (2011-2014) (Appointed by President Obama and confirmed by the Senate)

Director, Securities Investor Protection Corporation (2012-2014)

Senior Counsel to the Chairman of the Commodities Futures Trading Commission (2009-2011)

Law Clerk, Hon. Bruce M. Selya, U.S. Court of Appeals for the First Circuit (1998-1999)


Rich is General Counsel of BlackRock Alternative Investors (BAI), BlackRock’s global alternative investment management business. BAI manages over $100 billion across all major alternative asset classes, including hedge funds, funds of hedge funds, private equity, funds of private equity funds, real estate and infrastructure.  Prior to joining BlackRock in 2011, Mr. Cundiff spent eight years as a Vice President of Goldman Sachs Asset Management (GSAM), responsible for legal coverage of GSAM's hedge fund and institutional asset management businesses.  Mr. Cundiff earned a BA degree in Economics with highest distinction from the University of Michigan in 1993, and a JD degree, cum laude, from Harvard Law School in 1996.