Agenda

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Monday, August 15

8:30 a.m. – 9:00 a.m.

Welcome and Program Introduction

The primary goals of the program include introducing participants to:

  • The current regulatory framework and the history behind significant regulatory reforms
  • What is Compliance within the securities and banking industry
  • How Compliance interacts with other company control functions and the business
  • The framework for an effective compliance program
  • The dynamic role of the Compliance professional
  • Compliance considerations applicable to the client relationship
  • Anti-money laundering, anti-corruption, anti-bribery and economic sanctions
  • Compliance hot topics

9:00 a.m. - 10:30 a.m.

Session I: Securities and Banking Regulation: Then and Now

  • 1929 Stock market crash, the creation of the federal securities laws, federal deposit insurance, and the separation of commercial banking and investment banking
  • 1956 Bank Holding Company Act
  • 1969-1970 business contraction that led to the creation of SIPC
  • Growing consolidation of the financial services industry and the enactment of the Gramm-Leach Bliley Act of 1999
  • Financial scandals of 2001-2002 that led to enactment of the Sarbanes Oxley Act of 2002
  • Financial crisis that began in 2007 and led to the 2010 enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act
  • Market participants and their roles

10:30 a.m. – 10:45 a.m.

Break

10:45 a.m. – 12:00 p.m.

Session II: ABCs of Securities and Banking Regulators

The functions, enforcement authority and focus areas of key securities and banking regulatory bodies, including:

  • Securities and Exchange Commission
  • Financial Industry Regulatory Authority
  • Commodity Futures Trading Commission
  • The Federal Reserve
  • Office of the Comptroller of the Currency
  • Federal Deposit Insurance Corporation
  • Consumer Financial Protection Bureau

12:00 p.m. – 1:00 p.m.

Lunch & Keynote Speaker: Susan Axelrod, Executive Vice President, Regulatory Operations, FINRA

1:00 p.m. – 2:00 p.m.

Session III: Core Principles of Compliance

  • Duty of fair dealing
  • Know your customer
  • Suitability requirements
  • Managing conflicts of interest
  • Duty of best execution

2:00 p.m. – 3:15 p.m.

Session IV: The Dynamic Role of the Compliance Professional

  • A partner to the business
  • The second line of defense
  • Working with risk, audit and other control functions
  • Challenges for a global organization
  • CCO liability

3:15 p.m. – 3:30 p.m.

Break

3:30 p.m. – 5:00 p.m.

Session V: The Components of an Effective Compliance Program

  • Culture, governance and oversight
  • Regulatory rule, exam, and relationship management
  • Regulatory and compliance advice to the business
  • Policies and procedures
  • Training and awareness
  • Monitoring and testing
  • Issue management
  • Risk assessment and reporting

5:00 p.m. – 5:15 p.m.

Day 1 Wrap-Up

5:15 - 6:30 p.m.

Cocktail reception: Office of McGuire Woods

Tuesday, August 16

8:30 a.m. – 8:45 a.m.

Day 1 Review and Introduction to Day 2

8:45 a.m. – 10:00 a.m.

Session VI: The Growing Complexity of Financial Product Offerings

  • Complex product offerings available to retail clients
  • New product review and due diligence
  • Compensation and conflicts of interest

10:00 a.m. – 11:15 a.m.

Session VII: The Customer Relationship and Product Sales

  • Types of customer accounts
  • Components of the suitability determination
  • Fair Dealing
  • Heightened suitability standards for complex products and services
  • The role of the supervisor
  • Consequences of violating regulatory requirements

11:15 a.m. –11:30 a.m.

Break

11:30 a.m. – 12:45 p.m.

Session VIII: The Lifecycle of Securities Transactions and Credit Products

Securities transactions

  • Acceptance of a client order
  • Types of orders
  • Execution
  • Settlement
  • Written confirmation

Credit Products

  • Application
  • Processing
  • Approval
  • Payoff

12:45 p.m. – 2:00 p.m.

Lunch & Keynote Speaker: Jeff Tricoli, FBI

2:00 p.m. – 3:15 p.m.

Session IX: The Fiduciary Standard - Duties and Consequences

  • The duty of loyalty
  • The duty of care
  • Consequences of breaching fiduciary duties

3:15 p.m. – 3:30 p.m.

Break

3:30 p.m. – 4:45 p.m.

Session X: Broker vs. Advisor – Regulatory and Compliance Considerations

  • What does “dual-hatted” mean?
  • Licensing and registration requirements
  • Clarifying roles and responsibilities for clients
  • Supervision
  • Regulatory implications

4:45 p.m. – 5:00 p.m.

Day 2 Wrap-Up

5:00 p.m. 6:15 p.m.

Networking Reception

Wednesday, August 17

8:45 a.m. – 9:00 a.m.

Day 2 Review and Introduction to Day 3

9:00 a.m. – 10:30 a.m.

Session XI - Part I: Financial Crimes – Anti-Money Laundering (AML)

  • The structure and purpose of AML programs
  • The importance of surveillance and monitoring
  • Challenges and consequences of supervisory and compliance breakdowns

10:30 a.m. – 10:45 a.m.

Break

10:45 a.m. – 12:00 p.m.

Session XI – Part II: Financial Crimes – Anti-Bribery, Anti-Corruption and Economic Sanctions

  • Third-party due diligence
  • Preventing the use of bribery
  • The economic sanctions process

12:00 p.m. - 1:00 p.m.

Lunch

1:00 p.m. – 2:00 p.m.

Session XII: Restrictions on Communications with the Public

  • Standards applicable to all communications
  • Regulatory and compliance considerations when using electronic communications
  • Unique issues associated with the growth of social media

2:00 p.m. – 3:15 p.m.

Session XIII: Standards of Conduct

The high ethical standards to which financial services professionals must adhere and which are embodied in firms’ codes of conduct. Key issues in this area include:

  • Information security
  • Privacy
  • Protecting against market manipulation and other market abuse issues
  • Investment adviser code of ethics

3:15 p.m. – 3:30 p.m.

Break

3:30 p.m. – 4:15 p.m.

Session XIV: Information Barriers and Insider Trading

  • Physical and technological barriers to restrict information flow
  • Insider trading legal framework
  • Enforcement

4:15 p.m. - 5:15 p.m.

Session XV: Compliance Hot Topics

  • Culture and Conduct
  • Whistleblowing
  • Chief Compliance Officer Liability
  • Compliance Technology
  • Conflicts of Interest
  • Senior Investors and Vulnerable Clients
  • Microcap Securities
  • Department of Labor Fiduciary Rule

5:15 p.m. – 5:30 p.m.

Day 3 and Program Wrap-Up

UNC School of Law | Van Hecke-Wettach Hall | 160 Ridge Road, CB #3380 | Chapel Hill, NC 27599-3380 | 919.962.5106


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