09.30 Registration and breakfast

10:15 Welcome address: Anna Pinedo, Partner, MORRISON & FOERSTER LLP

10.20  PANEL DISCUSSION: Disclosure practices, new product approval, post-sale review, conflicts of interest and other emerging issues

  • Current disclosure practices and areas for improvement
  • The "layering" approach and need for plain English, simpler disclosures; disclosure effectiveness 
  • Practices relating to new product approval
  • Practices related to approving new reference assets
  • Post-sale review practices
  • Regulatory focus on conflicts of interest: monitoring and managing conflicts

Moderator: Lloyd Harmetz, Partner, MORRISON & FOESTER LLP
Sean Davy, Managing Director, SIFMA
Everett Seymour, Managing Director, Associate General Counsel, JP MORGAN
Doug Welsh, Senior Legal Counsel - Investment Funds and Structured Products Branch, ONTARIO SECURITIES COMMISSION
Marissa Golden-Pont, Legal Counsel, Structured Products, BARCLAYS

11:00 PRESENTATION: Trends in global regulation

  • An examination of DoL compared to the experience of UK's RDR
  • FCA governance of structured products
  • Enforcement threats on both sides of the Atlantic
  • Latest developments on European regulation PRIIPS

Tim Mortimer, Managing Director, FVC

11.20 PANEL DISCUSSION: Distribution agreements, distribution arrangements and thoughts from distributors

• Know-your-distributor policies and procedures: best practices
• Hot button items in dealer agreements
• Third-party distributor requests for new disclosures/risk factors
• Fiduciary duty and distribution arrangements
• Marketing materials created by distributors

Moderator: Brad Berman, Of Counsel, MORRISON & FOESTER LLP
Brad Busscher, Chief Administrative Officer and General Counsel, INCAPITAL LLC
Dan Hartstein, Director, Assistant General Counsel, BANK OF AMERICA MERRILL LYNCH

12.00 Lunch and networking

1.00 PANEL DISCUSSION: Tax developments

  • Preparing to comply with 871(m)
  • The IRS Transactions of Interest/Basket Notice
  • Recent changes in Canadian tax treatment of structured products
  • Other tax developments

Remmelt Reigersman, Partner, MORRISON & FOERSTER LLP
Jeffrey Hochberg, Partner, SULLIVAN & CROMWELL LLP

1.40 PANEL DISCUSSION: Enforcement issues relating to structured products

  • Misselling of complex products and suitability considerations
  • Inadequate disclosures relating to complex products
  • Conflicts of interest
  • Sales to "at risk" groups, like seniors
  • Preparing for and addressing a regulatory exam

Moderator: Joe Inzerillo, Managing Director and Senior Counsel, BNP PARIBAS
Travis Batty
, Vice President and Senior Counsel, DEUTSCHE BANK
Reid Muoio, Deputy Chief, Structured New Products Unit, Division of Enforcement, U.S. SECURITIES AND EXCHANGE COMMISSION
Mark Fernandez, Senior Regional Counsel, Department of Enforcement, FINRA

2.20 PANEL DISCUSSION: The Department of Labor's Fiduciary Duty Rule and structured products

  • What constitutes an investment recommendation?
  • What constitutes educational material?
  • To what extent is the principal exemption available for structured products?
  • Will broker-dealers be willing to rely on the BIC exemption for structured products?
  • What will their documentation include in order to support the BIC exemption requirements?
  • To what extent does migrating to riskless principal or agency distribution structures help in addressing the DOL rule?
  • What constitutes a "proprietary product"?

Moderator: Anna Pinedo, Partner, MORRISON & FOERSTER LLP
Jeffrey Hochberg, Partner, SULLIVAN & CROMWELL LLP
Hillel Cohn, Senior Of Counsel, MORRISON & FOERSTER LLP
Michael Richman, Partner, MORGAN, LEWIS & BOCKIUS LLP

3.10 READING THE TEA LEAVES: Business leaders share their insights over tea and refreshments

  • What are the most prevalent reference assets? Pay-off structures? Are there any changes anticipated given market conditions?
  • Any developments in the market for structured CDs?
  • Warrant programs: why are we seeing renewed interest in warrants?
  • How has the market reacted to issuances from finance subsidiaries?
  • Are there approaches other than finance subsidiaries to address TLAC?
  • Are we likely to see multi-issuer conduit programs emerge in the United States?

Moderator: Keith Styrcula, Chairman, STRUCTURED PRODUCTS ASSOCIATION
Scott Kerbel, Managing Director, Head of US Retail Structured Products, HSBC SECURITIES
Ray Doherty, Director, Cross Asset Solutions and Strategies. BANK OF AMERICA MERRILL LYNCH
Raul Perez, Head of Retail Structured Products Group, BNP PARIBAS

3.40 End of the conference. 


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