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L&C 2014 Program

* Program subject to change

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Wednesday, May 7, 2014

1:00 PM

Registration Opens

2:00 PM

1. CRF (Compliance Rapid Fire) Baltimore: 2014

Harborside A/B/C

In this session, a panel of experts will be exposed to a multitude of basic questions necessary to help set up and maintain in good standing different potential industry registrants on an ongoing basis (e.g., FCM, Swap Dealer, IB, Broker Dealer). The objective will be, with the audience's help, to commit the panelists to say precisely what it takes to enable Chief Compliance Officers and their advisors to comply with both existing regulations and the myriad of new regulations adopted since Dodd-Frank. The clues and excitement of CSI: Miami will be no match!

Co-Moderators:
Gary DeWaal, Special Counsel, Katten Muchin Rosenman
Ronald Filler, Professor of Law and Director of the Financial Services Law Institute, New York Law School

Speakers:
Michelle Broom, Executive Director, Risk Management Group, Compliance, Macquarie Group, and Chief Compliance Officer, Macquarie Futures (USA) LLC
Katherine Cooper, Senior Vice President & Chief Regulatory Officer, NYSE Liffe U.S.
Daniel Driscoll, Executive Vice President & Chief Operating Officer, National Futures Association
Eileen Flaherty, Global Head of Compliance & FCP, Newedge USA, and General Counsel, Newedge Americas
Maureen Guilfoile, Managing Director & General Counsel, ABN AMRO Clearing Chicago
Kimberly Johns, Vice President & Associate General Counsel, Goldman Sachs
Rita Molesworth, Partner, Willkie Farr & Gallagher
Stephen Obie, Partner, Jones Day
Amanda Olear, Associate Director, Registration and Compliance Branch, Division of Swap Dealer & Intermediary Oversight, Commodity Futures Trading Commission
Paul Pantano, Partner, Cadwalader Wickersham & Taft
Michael Philipp, Partner, Morgan, Lewis & Bockius
Jamila Piracci, Vice President of OTC Derivatives, National Futures Association
Elizabeth Ritter, Chief of Staff & Senior Legal Counsel, Office of Commissioner Chilton, Commodity Futures Trading Commission
Mike Ryan, Executive Vice President & General Counsel, Trading Technologies International
Roger TanCreti, Compliance Manager, Vitol Inc.
Kathryn Trkla, Partner, Foley & Lardner
Andrew Vrabel, Global Head of Investigations, Market Regulation Department, CME Group
John Williams, Partner, Milbank, Tweed, Hadley & McCloy

4:00 PM

One-on-One with Former CFTC General Counsels

Harborside A/B/C

Join Walt Lukken in this fast-paced panel as he interviews two former CFTC General Counsels before the start of the CFTC Director’s panel immediately following. The panel will offer insight into a wide variety of current and past CFTC topics in a rapid-fire format including reauthorization, mandatory clearing, cross border issues, and CFTC challenges ahead.

Moderator:
Walt Lukken, President & Chief Executive Officer, Futures Industry Association

Speakers:
Kenneth Raisler, Partner, Sullivan & Cromwell
Daniel Waldman, Partner, Arnold & Porter

4:30 PM

2. CFTC Roundup - What's New at the Divisions?

Harborside A/B/C

Senior CFTC representatives will discuss recent regulatory initiatives, rule-makings, and enforcement actions during the past year and possible agenda items for the next year, including rulemaking pursuant to the Dodd-Frank Act.

Co-Moderators:
Bruce Beatus, Director & Associate General Counsel, Bank of America Merrill Lynch
Maria Chiodi, Managing Director & Counsel, Legal & Compliance, Credit Suisse Securities

Speakers:
Gary Barnett, Director, Division of Swap Dealer & Intermediary Oversight, Commodity Futures Trading Commission
Sarah Josephson, Director, Office of International Affairs, Commodity Futures Trading Commission
Gretchen Lowe, Director, Division of Enforcement, Commodity Futures Trading Commission
Jonathan Marcus, General Counsel, Commodity Futures Trading Commission
Vincent McGonagle, Director, Division of Market Oversight, Commodity Futures Trading Commission
Ananda Radhakrishnan, Director, Division of Clearing and Risk, Commodity Futures Trading Commission
Sayee Srinivasan, Chief Economist, Commodity Futures Trading Commission

6:00 PM

Opening Reception

4th Floor, Harborside Foyer

Thursday, May 8, 2014

7:30 AM

Registration Opens

8:30 AMConcurrent Session

3. U.S. Access to Non-U.S. Markets - Revised Part 30 and Non-U.S. Cleared Swaps

Harborside A/B

This panel will discuss recently enacted revisions to Part 30 of the CFTC Rules, the different regulatory frameworks for the trading of foreign futures and non-U.S. swaps, and current regulatory challenges for both product types.

Moderator:
Steve Morris, Executive Director, Legal & Compliance, Morgan Stanley

Speakers:
Paul Architzel, Partner, Securities Department, WilmerHale
Andrew Chapin, Associate Director, Division of Swap Dealer & Intermediary Oversight, Commodity Futures Trading Commission
Charles Collins, Executive Director, Futures & Commodities Compliance, Morgan Stanley
Gary DeWaal, Special Counsel, Katten Muchin Rosenman
Reggie Griffith, Head of Futures Compliance, Newedge USA
Julie Mao, Director & Counsel, Credit Suisse Securities USA
David Mitchell, Partner, Fried, Frank, Harris, Shriver & Jacobson
Ananda Radhakrishnan, Director, Division of Clearing and Risk, Commodity Futures Trading Commission

8:30 AMConcurrent Session

4. Implementation of New Customer Protection Rules

Harborside C

The panel will discuss interpretive questions and nuances of the new customer protection rules, including disclosure and risk management requirements, residual interest, 30.7 balances, and initiatives in third party custodial accounts.

Moderator:
Bonnie Litt, Managing Director & Associate General Counsel, Goldman Sachs

Speakers:
Jonathan Breckenridge, Global Head of Prime Brokerage & Clearing Compliance, Securities Division Compliance, Goldman Sachs, and Chief Compliance Officer, Goldman Sachs Execution & Clearing
Maureen Burke, Global Treasurer for Agency Clearing, Collateral Management & Execution, J.P. Morgan Securities
Kevin Foley, Partner, Katten Muchin Rosenman
Debbie Kokal, Executive Director, Audits, CME Group
Thomas Sexton, Senior Vice-President, General Counsel, and Secretary, National Futures Association
Thomas Smith, Deputy Director & Chief Accountant, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission

8:30 AMConcurrent Session

5. Position Limits - Déjà Vu All Over Again

Harborside D/E

The panel will discuss the new (ish) position limit rules and aggregation standards.

Co-Moderators:
Allison Lurton, Senior Vice President & Deputy General Counsel, FIA
Ron Oppenheimer, Senior Vice President & General Counsel, Vitol, Inc.

Speakers:
Terry Arbit, Partner, Norton Rose Fulbright
Kara Dutta, Assistant General Counsel, IntercontinentalExchange
Joseph Hawrysz, Executive Director, Global Market Surveillance, CME Group
Otto Lyons, Executive Director, Commodities Compliance, Morgan Stanley
David McIndoe, Partner, Sutherland Asbill & Brennan
Stephen Sherrod, Senior Economist, Division of Market Oversight, Commodity Futures Trading Commission

10:30 AMConcurrent Session

6. Chief Compliance Officer - First "Big" Year

Harborside A/B

The session will focus on the first full FCM and SD CCO reports including how the report has changed firm’s processes going forward, what the CCO is relying on to complete the report, and the format. The panel will also discuss the impact of substitute compliance on the Annual Report submission for non-U.S. Swap Dealers, including Home Country Board Report(s) or stand-alone reports, and Home Country Regulator requirements, such as filing, deadline and restrictions, certification, scope, signer and CCO appointment. Additionally, the panel will also discuss the updating of 4(s) filings going forward.

Moderator:
Michelle Broom, Chief Compliance Officer, Macquarie Futures USA, and Executive Director, Risk Management Group, Compliance, Macquarie Group

Speakers:
Gary Barnett, Director, Division of Swap Dealer & Intermediary Oversight, Commodity Futures Trading Commission
Dan Berkovitz, Partner, WilmerHale
John Montone, Executive Director, Legal and Compliance Division, Morgan Stanley
Christine Parker, Associate, Sullivan & Cromwell
Jamila Piracci, Vice President of OTC Derivatives, National Futures Association
Marcia Tu, Director, Americas Compliance Strategy, Credit Suisse Securities USA

10:30 AMConcurrent Session

7. Cross-Border Issues That Should Be On Your Mind

Harborside C

This session will focus on the impact of EMIR on FCMs that are members of EU-regulated DCOs, non-U.S. entities that are clearing for non-U.S. customers at DCOs, disclosure requirements for segregation, and other key issues affecting international firms. The panel will also address arranging cross-border swaps and the complexities under Dodd-Frank, cross-border considerations in determining where to book client business under Dodd-Frank and EMIR, and cross-border issues in issuing research under Dodd-Frank.

Moderator:
Eileen Flaherty, Global Head of Compliance & FCP, Newedge USA, and General Counsel, Newedge Americas

Speakers:
Trabue Bland, Vice President of Regulatory Affairs, IntercontinentalExchange
Guy Dempsey, Partner, Katten Muchin Rosenman
Tracey Jordal, Executive Vice President and Attorney, PIMCO
Jacqueline Mesa, Executive Director, FIA Global
John Nicholas, Global Head of New Regulation Monitoring and Implementation, Newedge
Ananda Radhakrishnan, Director, Division of Clearing and Risk, Commodity Futures Trading Commission

10:30 AMConcurrent Session

8. SEF Market Structure - Do We Have a Market and Does It Have a Structure?

Harborside D/E

This session will cover the current state of SEFs and the challenges contained in their rules, plus straight through processing including bunched orders, agency execution and certainty of clearing.

Co-Moderators:
Kim Johns, Vice President & Associate General Counsel, Goldman Sachs
Hina Mehta, Executive Director & Counsel, UBS Securities

Speakers:
Jon Debord, Senior Vice President & Assistant General Counsel, Citigroup
Stephen Humenik, Of Counsel, Covington & Burling
Peter Malyshev, Counsel, Latham & Watkins
Nancy Markowitz, Deputy Director, Exchange and Data Repository Branch, Division of Market Oversight, Commodity Futures Trading Commission
Matthew Nevins, Managing Director & Associate General Counsel, SIFMA AMG
Sarah Nickerson, Director & Associate General Counsel, Bank of America Merrill Lynch
Rick Ostrander, Managing Director, Legal & Compliance Division, Blackrock

12:00 PM

Keynote Lunch

3rd Floor, Grand Ballroom I-V

An award-winning author, journalist, and radio and TV personality, Stephen J. Dubner is co-author of the international bestsellers Freakonomics and Superfreakonomics, which have sold more than 5 million copies in 35 languages. Originally published in the U.S. in 2005, Freakonomics instantly became an international best-seller and a cultural phenomenon. SuperFreakonomics, published in 2009, was published to similar acclaim, and also became an international best-seller. His third book, Think Like A Freak, is set to be published on May 13, 2014, and takes Freakonomics ideas to the next level.

The Freakonomics enterprise also includes an award-winning blog, a high-profile documentary film, and a public-radio project called Freakonomics Radio, which Dubner hosts. He has also appeared widely on television, including a three-year stint on ABC News as a Freakonomics contributor. His journalism has appeared in The New York Times, The New Yorker, TIME, and elsewhere, and has been anthologized in The Best American Sports Writing, The Best American Crime Writing, and others. He was an editor and writer at New York magazine and The New York Times before writing books full time.

Speaker:
Stephen Dubner, Bestselling Author, Freakonomics and Superfreakonomics

2:00 PMConcurrent Session

9. There Are No Rogue Traders, Just Bad Supervision

Harborside A/B

This session will discuss the panelists’ perspective on what is required under Rule 166.3 for supervision in light of all the other new rules arising out of Dodd-Frank. The panel will also consider what role or line of defense the supervisor and/or compliance can or should assume where most trading information received is post-trade and where regulators are naming individuals based on their supervisory role. The panel will discuss what courses of action are realistic when a potential problem is observed, including potential reporting obligations and mechanisms.

Co-Moderators:
Kenneth Raisler, Partner, Sullivan & Cromwell
Sebastian Tiger, Director, Global Head of Commodities, FX, Rates, Securitized Products & Municipals Compliance, Barclays

Speakers:
Patricia Donahue, Senior Vice President, Chief Compliance Officer & Chief Regulatory Counsel, Rosenthal Collins Group
David Meister, Partner, Skadden, Arps, Slate, Meagher & Flom
Armand Nakkab, Managing Director & Compliance Managing Director, J.P. Morgan
Tom Nuelle, Chief Compliance Officer, North America, and Regional Compliance Director, NAGP, BP Energy Company

2:00 PMConcurrent Session

10. Futures 101: NFA Bylaw 1101 and Aiding and Abetting - What Do You Need to Know About Your Customer?

Harborside C

This session will focus on the basics of NFA Bylaw 1101 requirements including available exemptions from CPO status, discuss the nature of CPOs and CTAs, and how and why clearing firms have to make these determinations if a customer should be registered (as a CPO, CTA or FCM) and what it means to the member who does not do adequate diligence. The panel will also discuss the CBOE circular regarding CPO/CTA exemptions, the annual certification process for such exemptions and the CFTC proposal that all registrants must be NFA members.

Co-Moderators:
Maureen Guilfoile, Managing Director & General Counsel, ABN AMRO Clearing Chicago
Eric Kunkes, Executive Director & Assistant General Counsel, J.P. Morgan Securities

Speakers:
Susan Ervin, Partner, Davis Polk & Wardwell
Bill Gerlesits, Chief Compliance Officer, Newedge USA
Christian Hennion, Associate, Katten Muchin Rosenman
Michael Piracci, Director of Compliance, Agency and Derivative Services, Barclays Capital
Regina Thoele, Senior Vice President, Compliance, National Futures Association

2:00 PMConcurrent Session

11. Redefining the Bank Holding Company through Regulation: From Volcker to Physical Commodities

Harborside D/E

This session will discuss the impact of recent regulatory initiatives on the activities of bank holding companies. Special focus shall be given to the "push-out" provision and the recent Volcker rulemaking as it relates to the activities of bank holding companies trading securities, futures, and derivatives in different asset classes as well as covered fund activities and investments. The session will also discuss issues relating to the congressional and regulatory focus on financial holding companies involved in physical commodities activities and merchant banking.

Moderator:
William McCoy, Managing Director & Counsel, Morgan Stanley

Speakers:
Steven Bunkin, Managing Director and Associate General Counsel, Goldman Sachs
Chinedu Ezetah, Director & Associate General Counsel, Citigroup
Randall Guynn, Head of Financial Institutions Group, Davis Polk & Wardwell
Douglas Harris, Managing Director, Promontory Financial Group
Paul Pantano, Partner, Cadwalader Wickersham & Taft

4:00 PMConcurrent Session

12. CFTC Automated Trading Concept Release – In Practice

Harborside A/B

This session will focus on the CFTC’s Automated Trading Concept Release and discuss the various controls that HFT firms, FCMs and DCMs deploy. The panel will debate where the best location is for such controls and the challenges in monitoring trading behaviors.

Moderator:
Tammy Botsford, Vice President & Assistant General Counsel, J.P. Morgan

Speakers:
Joseph Cerullo, Executive Director & Assistant General Counsel, J.P. Morgan
Christian Kemnitz, Partner, Katten Muchin Rosenman
Thomas LaSala, Managing Director, Chief Regulatory Officer, CME Group
Ben Morof, Associate General Counsel & Chief Compliance Officer, Teza Technologies
Daniel Overmyer, Chief Compliance Officer, IMC Financial Markets
Vassiliki Veliou, Expert, Market Structure Unit, Eurex
Greg Wood, Director, Algorithmic Execution, Listed Derivatives and Foreign Exchange, Deutsche Bank Securities

4:00 PMConcurrent Session

13. Litigation and Enforcement Update

Harborside C

This session will focus on recent litigation and enforcement action with significant impact on our industry, including Knight, LIBOR and recent AML and abusive behavior cases.

Moderator:
Michael Otten, Executive Director, Legal, Nomura Holding America

Speakers:
Stephen Bedell, Partner, Foley & Lardner
Jeremy Cusimano, Director, Grant Thornton
Rene Friedman, Vice President, General Counsel, Global Head of Legal & Compliance, INTL FCStone
Charles Mills, Partner, K&L Gates
Stephen Obie, Partner, Jones Day
Trace Schmeltz, Partner, Barnes & Thornburg
Steven Schwartz, Executive Director, Global Head of Enforcement, CME Group

4:00 PMConcurrent Session

14. Risk Reports and Risk Disclosure for FCMs and Swap Dealers

Harborside D/E

This panel will discuss the new rules on risk disclosure, risk reporting, and risk program documentation, including the challenges in implementing the collection of data across a firm and confidentiality concerns. The panel will also consider the parameters of operational risk and what impact this reporting has for public companies.

Moderator:
Robert Klein, Managing Director & Counsel, Citigroup Global Markets

Speakers:
Shuna Awong, Director, OTC Derivatives, National Futures Association
Kathleen Cawley, Director & Compliance Executive, Bank of America Merrill Lynch
Colin Lloyd, Associate, Cleary Gottlieb Steen & Hamilton
Kevin Piccoli, Deputy Director, Examinations, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission
Erik Remmler, Deputy Director, Registration and Compliance, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission
Jeffrey Robins, Partner, Financial Services Group, Cadwalader Wickersham & Taft

6:00 PM

Reception & Dinner

McCormick & Schmick's
6:00 - 8:30 p.m.

Please join your fellow conference delegates as guests of the Law & Compliance Division for dinner and cocktails at McCormick & Schmick's. The address is 711 Eastern Avenue (located on Pier 5 of the Inner Harbor, approximately a 5-minute walk from the hotel).

8:30 PM

After-Party

Baltimore Marriott Waterfront
Waterview Ballroom - First Floor
(behind the hotel restaurant)
8:30-11:00 p.m.

Enjoy a nightcap with rockin’ tunes of The Precedents, an all-lawyer band that includes many of your colleagues and even some conference attendees as special guests. Drinks and sweets will be served. Open to all conference attendees.

Friday, May 9, 2014

7:30 AM

Registration Opens

8:30 AMConcurrent Session

15. OCR

Harborside A/B

The panel will discuss the requirements in the new Ownership and Control Reporting (OCR) rules, a project to facilitate reporting, and other recent developments. The discussion will include the challenges faced and possible solutions firms have explored as well as the recent CFTC meetings.

Co-Moderators:
Mary Ann Burns, Executive Vice President & Chief Operating Officer, Futures Industry Association
Mary Beth Rooney, Director, Futures/ Derivatives Clearing Compliance, Citigroup Global Markets

Speakers:
Mark Fabian, Vice President of Market Regulation, ICE Futures U.S.
Brian Hanley, Business Analyst, Compliance Department, Interactive Brokers Group
Jim Moran, Executive Director, Strategic & Technology Initiatives, CME Group, and Chief Compliance Officer, CME SEF
Kathryn Trkla, Partner, Foley & Lardner
Mike Warjanka, Vice President, Barclays

8:30 AMConcurrent Session

16. Ethics

Harborside C

This panel will discuss key professional responsibility and ethics issues that may confront derivatives lawyers, including gatekeeper responsibilities, reporting wrongful activity within the client and to the regulator, interacting with whistleblowers and chief compliance officers, conflicts of interest, and the impact of CFTC anti-evasion rules on the furnishing of legal advice and opinion letters. 

Moderator:
Michael Sackheim, Partner, Sidley Austin

Speakers:
Melissa Andrews, Managing Director, General Counsel, R.J. O’Brien & Associates
Stacie Hartman, Partner, Schiff Hardin
Lawrence Patent, Of Counsel, K&L Gates
Felicia Rector, Co-Head, Americas Securities Division Compliance, Goldman Sachs
Howard Schneider, Senior Consultant, Charles River Associates
Barry Temkin, Partner, Mound Cotton Wollan & Greengrass

8:30 AMConcurrent Session

17. Registration and Beyond

Harborside D/E

This panel will look at recent developments in individual/ AP designations in the post-SEF world and entity registrations, both domestically and globally, and consider some of the ongoing consequences of registration / designation. Topics will include: conflicts and other challenges related to agency execution on SEFS, the various categories of swaps firm/ swap dealer registration (including limited purpose designations), top tips to help firms prepare for a potential NFA audit, and the dilemmas faced by those who dare to venture outside the U.S.

Moderator:
Alexandra Guest, Chief Compliance Officer (FCM) & Global Head of Agency Derivatives Services Compliance, Barclays Capital

Speakers:
Christian Artmann, Director & Senior Counsel, Deutsche Bank
Belinda Blaine, Head of Compliance Regulatory Policy & Strategy, Morgan Stanley
Michael Brosius, Director, OTC Derivatives, National Futures Association
Athena Eastwood, Partner, Cadwalader Wickersham & Taft
Julian Hammar, Of Counsel, Morrison & Foerster
Scott Taylor, Managing Director, Compliance, Wells Fargo Securities

10:30 AMConcurrent Session

18. EFRPs, Blocks, Wash Sales and Cross Trades: What Has Changed?

Harborside A/B

This session will focus on recent rule changes, interpretive notices and disciplinary actions surrounding ex-pit and automated trading, including EFRPs, block trades, wash sales, cross trades, TAS and TAM/TAMM orders, and market on cash open and cash close transactions. The panel will also discuss what the SROs and firms are doing to conduct surveillance and what traders and brokers should do to comply with the rules.

Moderator:
Bruce Beatus, Director & Associate General Counsel, Bank of America Merrill Lynch

Speakers:
Mark Basile, Associate Director, Compliance, Macquarie Futures USA
Jason Fusco, Assistant General Counsel, Market Regulation, ICE Futures U.S.
David Gilberg, Partner, Sullivan & Cromwell
Matthew Kluchenek, Partner, Baker & McKenzie
William Nissen, Partner, Sidley Austin
Robert Sniegowski, Senior Director, Rules & Regulatory Outreach, CME Group

10:30 AMConcurrent Session

19. Developments in Asset Management

Harborside C

This panel will discuss recent developments for asset managers including the NFA’s request for comments regarding the concept of capital rules for commodity pool operators and commodity trading advisors, the possible implications of such a requirement and whether substituted compliance with SEC rules for investment advisers might be a solution. The panel will also provide an overview of other regulatory issues applicable to the asset management community as Dodd-Frank continues to be implemented.

Moderator:
Rita Molesworth, Partner, Willkie Farr & Gallagher

Speakers:
David Cushing, Partner, Crow & Cushing
Patricia Cushing, Director, Compliance, National Futures Association
Jennifer Han, Associate General Counsel, Managed Funds Association
Brendan Kalb, General Counsel, AQR Capital Management
Dorothy Mehta, Special Counsel, Financial Services Department, Cadwalader Wickersham & Taft
Amanda Olear, Associate Director, Registration and Compliance Branch, Division of Swap Dealer & Intermediary Oversight, Commodity Futures Trading Commission

10:30 AMConcurrent Session

20. Basel III Implications for FCMs and SDs - Why Do We Need These Netting Opinions?

Harborside D/E

This session will focus on netting and collateral enforceability by the clearing house and by the FCM or SD, QCCPs and leverage capital ratios.

Co-Moderators:
Maria Chiodi, Managing Director & Counsel, Legal & Compliance, Credit Suisse Securities
Marie-Anne Clarke, Director & Counsel, RBS Securities

Speakers:
Ruth Arnould, Vice President, Assistant General Counsel, Bank of America Merrill Lynch
Seth Grosshandler, Partner, Cleary Gottlieb Steen & Hamilton
Edward Mayfield, Executive Director & Assistant General Counsel, J.P. Morgan
Simon Puleston Jones, Chief Executive Officer, FIA Europe
Margaret Vaden, Vice President & Associate General Counsel, Goldman Sachs

12:00 PM

Farewell Networking Box Lunch

Harborside Foyer