08:00am

Registration and refreshments

08:50am

WELCOME REMARKS

Anna T. Pinedo, Partner, MORRISON & FOERSTER LLP

09:00am

KEYNOTE ADDRESS: The SEC's risk-based examination program and regulatory considerations of structured products

Peter Driscoll, Acting Director, U.S. SECURITIES AND EXCHANGE COMMISSION'S OFFICE OF COMPLIANCE INSPECTIONS AND EXAMINATIONS (OCIE)

09:20am

PANEL DISCUSSION: Disclosure practices, new product approval, post-sale review, TLAC eligibility, and other emerging issues

  • Practices relating to new product approval and new index approval
  • Post-sale review practices
  • Documenting EIV practices
  • Documenting disclosure reviews and approvals
  • What's TLAC eligible and which issuer to use
  • Addressing T+2 settlement for structured products

Lisa Cannavino, Director and Assistant General Counsel, BANK OF AMERICA
Sean C. Davy, Managing Director, Capital Markets , SIFMA
Aaron Page, Executive Director, Legal and Compliance, MORGAN STANLEY
Everett Seymour, Managing Director, Associate General Counsel, JPMORGAN
Lloyd Harmetz, Partner, MORRISON & FOERSTER LLP

10:00am

PANEL DISCUSSION: Adapting to the Department of Labor's fiduciary duty rule

  • How have wholesalers changed their approach?
  • Who is relying on what exemption?
  • How have fee arrangements changed?
  • Relying on the BIC exemption for structured products
  • Addressing level-fee and fee-based accounts
  • Documentation changes to MSDAs and other documents

Hillel Cohn, Senior of Counsel, MORRISON & FOERSTER LLP
Brad Busscher, Chief Administrative Officer and General Counsel, INCAPITAL
Thomas Grygiel, Principal Consultant, ACA COMPLIANCE GROUP

10:40am

PANEL DISCUSSION: Tax developments

  • Preparing to comply with 871(m)
  • The IRS Transactions of Interest/Basket Notice
  • Other tax developments

Remmelt Reigersman, Partner, MORRISON & FOERSTER LLP
Oggie Calginalp, Senior Counsel, Law Department, WELLS FARGO
Mike Flynn, Vice President, Tax Counsel, CREDIT SUISSE

11:15am

PANEL DISCUSSION: Unit investment trusts and structured UITS

  • Basics of UITs
  • Securities law and 40 Act framework
  • The UIT market
  • Delivering structured product returns through a UIT
  • DOL, Advisers Act, and other considerations

Brad Berman, Of Counsel, MORRISON & FOERSTER LLP
Remmelt Reigersman, Partner, MORRISON & FOERSTER LLP
Paul Koo, Co-Founder, ALAIA CAPITAL

11:50am

PRESENTATION: Compliance Medley- Addressing common compliance concerns

 

  • MSDAs
  • Window cleaning policies
  • Blackout policies
  • FINRA's new mark-up rule
  • FINRA's new rules relating to seniors

 

Speakers: TBD

12:15pm

Lunch

1:15pm

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
  • Regulatory focus on senior citizens

Moderator: Travis Batty, Director and Senior Counsel, DEUTSCHE BANK
Reid Muoio, Deputy Chief, Structured New Products Unit, Division of Enforcement, U.S. SECURITIES AND EXCHANGE COMMISSION
Joseph Borg, Director, ALABAMA SECURITIES COMMISSION
David I. Fasman, Senior Vice President and Assistant General Counsel, CITIGROUP
Valerie Mirko, General Counsel, NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA)

1:45pm

PANEL DISCUSSION: Structured product platforms and new distribution channels

 

  • How will technological developments, pricing systems, and alternative distribution methodologies affect the structured products market?
  • Electronic platforms providing educational, quantitative and analytic tools
  • Real-time pricing and request for quotes through platforms
  • Will platforms contribute to market growth or promote efficiencies?

 

Moderator: Keith Styrcula, Chair, STRUCTURED PRODUCTS ASSOCIATION
Jason Barsema, Co-Founder, HALO INVESTING
Biju Kulathakal, Co-Founder, HALO INVESTING

2:15pm

PANEL DISCUSSION: What's Market?

A discussion and review of current market conditions, trends affecting volumes and product mix, and related issues, including:

  • Product wrappers: volume of notes, CDs and UITs
  • Underliers
  • Most popular structures and payoffs
  • Growth of advisory channels

Ray Doherty, Director, BANK OF AMERICA MERRILL LYNCH
Fabrice Hugon, Head of Equity Derivatives Sales and Financial Engineering, NATIXIS
Scott Kerbel, Managing Director-Head of US Retail Structured Products, HSBC
Stanislas Varin, Head of Cross Asset Structuring for the Americas, CREDIT AGRICOLE

3:00pm

PANEL DISCUSSION: European and other regulatory developments

  • Benchmark Regulation;
  • LIBOR Replacements;
  • MiFID and its Effect on the U.S.;
  • The KID; and
  • Bail-In Regimes and TLAC/MREL and What's a "Structured Note"?

Darren Littlejohn, Partner, BLAKE, CASSELS & GRAYDON LLP
Vladimir Shatiryan, Associate, BLAKE, CASSELS & GRAYDON LLP
Jeremy Jennings-Mares, Partner, MORRISON & FOERSTER LLP
Anna Pinedo, Partner, MORRISON & FOERSTER LLP
Salman Banaei, Executive Director, Financial Markets, IHS MARKIT

3:50pm

PANEL DISCUSSION: Suitability, KYD and preparing for a FINRA or OCIE exam

  • Establishing, reviewing and revising suitability policies
  • Addressing new product approval and post-sale reviews
  • Evaluating your supervisory and oversight policies
  • Addressing sales to at risk investors and seniors
  • Know your distributor policies
  • Managing risks arising from misselling
  • Revisiting broker-dealer training
  • Other steps in preparing for a FINRA or OCIE Exam

Clifford Kirsch, Partner, EVERSHEDS SUTHERLAND
Daniel Nathan, Partner, MORVILLO LLP


4:35pm

CHAIR'S CLOSING REMARKS

5:00pm

End of conference and networking