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Broker-Dealer Retail Wealth Management 2018: Current Legal and Compliance Issues Facing Dual Registrants

Speaker(s): Akrivi Mazarakis, Andras P. Teleki, Cece Baute Mavico, Clifford E. Kirsch, Derek Newman, James Huang, John C. Munch, Joseph M.. Gallo, Lisa M. Francomano, Mackenzie E. Crane, Robert H. Shapiro, Svetlana Milina, Todd Cook
Recorded on: Feb. 7, 2018
PLI Program #: 219141

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.

Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland (now Eversheds Sutherland) in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.


Eversheds Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Eversheds Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Eversheds Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.  Eversheds Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Eversheds Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Eversheds Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

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

Joseph Gallo is Chief Counsel and Vice-President of Lincoln Financial Network (LFN), Lincoln Financial Group’s affiliated retail wealth management firm. Mr. Gallo is responsible for overseeing the strategic legal advice, support and counseling provided to LFN senior management regarding all aspects of LFN’s retail wealth management and distribution services.  

Over the last sixteen years, Mr. Gallo has served in a variety of senior counsel roles with several industry leading financial firms focusing his practice on securities law matters including the investment management and retail wealth management practice areas. In addition, Mr. Gallo currently serves as an Advisory Council Member with the Financial Services Institute (FSI) and a Distribution Committee Member of the American Council of Life Insurers (ACLI). Mr. Gallo graduated from the Catholic University of America Columbus School of Law and served as a law clerk to both the U.S. Securities and Exchange Commission and the U.S. Department of Labor during law school. 

Cece is Senior Vice President, Associate General Counsel, Head of Regulatory and Investigation at LPL Financial.  She and her team are responsible for representing the firm in complex regulatory matters, advising on regulatory strategy, and leading internal investigations.  She is located in LPL Financial’s Fort Mill office.

Prior to joining LPL Financial in 2015, Ms. Mavico was in private practice where she focused on securities regulatory and enforcement matters and with the NASD in Washington, DC.  Ms. Mavico started her career in the financial services industry in compliance and held various securities and insurance licenses.  Ms. Mavico received a Bachelor of Science in Finance from Trinity University and a Juris Doctor from American University, Washington College of Law.  She is a member of the New York, District of Columbia and Texas Bar Associations.

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.

John Munch has been a member of SEI’s Legal Team since 2001 and General Counsel of SEI Investments Distribution Co., SEI’s broker-dealer subsidiary, since 2004.  In addition, Mr. Munch leads the SEI Legal Department teams responsible for supporting SEI’s business units globally.  Prior to joining SEI, Mr. Munch was an associate with the law firm of Howard Rice Nemorvoski Canady Falk & Rabkin and, prior thereto, Seward & Kissel, specializing in the representation of mutual funds, investment advisers and broker-dealers.   Mr. Munch is a graduate of the University of Connecticut (B.A.) and Tulane Law School (J.D.).

Robert Shapiro is a Branch Chief in the SEC’s Division of Investment Management’s Chief Counsel’s Office. In that role, he routinely reviews requests for interpretive and/or exemptive relief under both the Investment Company Act and the Investment Advisers Act. 

Prior to joining the Commission, Robert was an associate at Ropes & Gray LLP, where he focused on providing advice to investment companies and investment advisers. Robert received his JD from the University of Virginia and his BS in Political Science and History from the University of Illinois at Urbana-Champaign.

Todd Cook is a Managing Director and Associate General Counsel in the Asset & Wealth Management division of JPMorgan Chase & Co. He is currently Global Head of Legal for the firm’s “Intelligent Digital Solutions” business, which creates and supports web and mobile solutions and a range of fintech initiatives in the asset and wealth management space, globally.  

From 2008 through 2016, Todd was General Counsel for the “J.P. Morgan Securities” line of business. In that role, Todd managed a team of brokerage, investment advisory and banking lawyers to support high, ultra-high and middle market institutional clients.  Before joining JPMorgan, Todd was a senior attorney in the Bear Stearns Private Client Group (2005– 2008) and Merrill Lynch’s Wealth Management Division (1996 – 2005).
Todd holds a B.A. from Colgate University, a J.D. from Fordham University and an M.B.A. in Finance and Accounting from New York University. He serves on the SIFMA Private Client Legal Committee and is a member of FINRA’s recently-formed Fintech Industry Committee, which facilitates discussion on fintech developments, including how FINRA’s rules and programs interact with technology innovations.

Todd currently resides in Manhattan with his wife and three children.

As a Branch Chief in the Office of Chief Counsel for the SEC’s Office of Compliance Inspections and Examinations (OCIE), Vivi provides advice on law, policy, operations, and ethics to examination staff in Washington, DC and in the regional offices. Prior to assuming this role, Vivi conducted examinations of broker-dealers and self-regulatory organizations at the SEC. In addition to her federal government experience, Vivi was a senior associate at several major private law firms in their enforcement and litigation practices, where she represented broker-dealers, investment advisers, and executives of public companies in civil litigation and in investigations by the SEC, the U.S. Department of Justice, and other U.S. regulatory agencies regarding alleged violations of the U.S. securities laws. Vivi has counseled clients on legal and compliance issues as well as best practices in the areas of broker-dealer regulation, the Bank Secrecy Act/anti-money laundering regulations, and the Foreign Corrupt Practices Act and has authored several articles on topic such as cross-border regulation of financial markets, securities compliance and enforcement. She earned a Bachelor of Arts in Political Science and Economics from the University of Houston and graduated from American University with a Juris Doctor as well as a Master of Arts in International Affairs.

James is a Vice President and Corporate Counsel in the Prudential Law Department. He advises his clients on a broad range of matters related to Prudential’s retail investment advisory business including wrap fee program design, brokerage practices, sales practice issues, policies and procedures, regulatory exams and inquiries, and Form ADV requirements.

Additionally, James has experience in advising retail broker/dealers and variable insurance product distributors on product design, mergers and acquisitions, clearing arrangements, distribution and wholesaling arrangements, cash and non-cash compensation plans, FINRA exams, and sales in the retirement market.     

Prior to joining Prudential, James was a Senior Counsel in the Broker-Dealer/Investment Adviser Unit of the MetLife Law Department and an Assistant Corporate Counsel and Compliance Officer at the Marsh & McLennan Companies.  James has served as a speaker and a moderator on discussion panels, including those sponsored by the Practicing Law Institute and the Money Management Institute. James is a member of the New York and Massachusetts Bars. He is a graduate of the New England School of Law in Boston, where he was a Jacqueline Lloyd Scholar and an editor of the New England Law Review, and New York University, where he earned his B.A. in Politics and was in the Honors Politics Program.

Lisa is an Executive Director and CCO for UBS Financial Services' advisory business.  Lisa has been with UBS since 2001. Prior to her current role she was an investment advisory attorney in the legal department.  Prior to UBS, Lisa was a Vice President at Lehman Brothers providing investment advisory legal support to the firm's wrap fee and broker-managed programs.  Lisa began her career at Prudential Securities Inc. in 1992 as an analyst in the legal department.  Lisa graduated from Fairfield University and New York School of Law, evening division.

Ms. Crane serves as lead lawyer and strategic advisor to Merrill Lynch’s retail investment advisory programs, including the Merrill Lynch Investment Advisory Program. Ms. Crane is an experienced manager and regulatory lawyer with a broad background in investment adviser regulation, which include issues arising under SEC and FINRA rules. Ms. Crane and the team she manages counsel the business on a wide range of investment advisory issues, including performance and marketing pieces, on-line or “robo” investment advisory issues and, more recently, the application of the Department of Labor’s Fiduciary Rule to investment advisory programs. Ms. Crane has served as counsel to Merrill Lynch’s retail investment advisory businesses since 2011.

Prior to joining Merrill Lynch, Ms. Crane was an associate in the Investment Management Group at Bingham McCutchen (now Morgan Lewis) advising investment advisers of hedge funds and other alternative investment vehicles. Ms. Crane earned her JD from Boston University and her Bachelor of Arts from the University of Wisconsin-Madison.

Svetlana is an Executive Director in the Legal Department of Morgan Stanley Wealth Management, providing legal counsel in connection with investment advisory and investment management services to retail and institutional clients. She is located in New York City.  

Prior to joining Morgan Stanley, Ms. Milina was a Vice President, Legal Counsel at Barclays Wealth and Investment Management, where she focused on private investment funds and other investment management matters. Ms. Milina started her career in private practice, where she represented financial services industry participants and other firms in connection with investment fund formation and other investment management matters, as well as corporate, transactional and securities matters. Ms. Milina also authored several articles analyzing various legal issues pertaining to investment management firms and other industry participants.

Ms. Milina received her Juris Doctor, cum laude, from the Cardozo Law School, Yeshiva University, where she was an editor of the Cardozo Arts and Entertainment Law Journal, and her Bachelor of Science, magna cum laude, in Finance and International Business from the New York University, Stern School of Business.