Law & Compliance Division Conference

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7:30 a.m. ET
Registration Open & Continental Breakfast

8:00 a.m. ET
Exhibits Open

8:30 a.m. ET
CONCURRENT SESSIONS
CFTC vs. SEC
Although the CFTC and SEC are separate agencies, regulate different products, and have separately defined mandates, approaches to regulation, and structures, there are also some interesting areas where the products they regulate overlap and where their regulatory missions align. Come learn what makes these two unique agencies tick.

Moderator:

• Kathryn Trkla, Partner, Foley & Lardner

Speakers:

• Timothy Elliott, Executive Director & Associate General Counsel, CME Group
• Jan Folena, Partner, Stradley Ronon Stevens & Young
• Brandon Hammer, Counsel, Cleary Gottlieb Steen & Hamilton
• Michelle MacDougall, Managing Director, Chief Legal Officer, Daiwa Capital Markets America
• Rachel Kaplan Reicher, Chief Counsel & Deputy Director, Division of Market Oversight, CFTC

Energy Markets – “Hot and Cold” Topics
Recent disruptive events in the energy markets, such as Winter Storm Uri, negative pricing of crude oil and the GreenHat default, have posed challenges for market participants, regulators and exchanges. Experts will discuss the impact of these events on the underlying physical and derivatives markets. The panel will also discuss recent CFTC and FERC enforcement actions in energy markets, including those alleging inadequate CPO disclosures and novel theories of manipulation, and practical steps firms can take to reduce the risk of exchange inquiries and regulatory liability.

Moderator:

• Michael Sorrell, Deputy General Counsel, FIA

Speakers:

• Kara Dutta, Assistant General Counsel, ICE
• Kelly Funderburk, Attorney, Bank of America
• Casey Khan, Counsel, Sidley Austin
• Edward Zabrocki, Managing Director & Counsel, Morgan Stanley

CCP Risk Issues
CCPs are quite literally central to clearing, making their risks key to the health of the entire clearing ecosystem. Where do we stand with requirements and standards involving CCPs to manage or mitigate their key risks such as margin requirements, governance, transparency, and default management.

Moderator: 

• Jackie Mesa, COO and Senior Vice President of Global Policy, FIA

Speakers: 

• Tamika Bent, Senior U.S. Associate, Linklaters
• Ketan Patel, Policy Advisor, Federal Reserve Bank of Chicago
• Theodore Polley, Associate Director, Division of Clearing & Risk, CFTC
• Marnie Rosenberg, Managing Director, J.P. Morgan
• Michelle Weiler, Compliance Officer, LCH

9:30 a.m. ET
Networking Break

9:45 a.m. ET
CONCURRENT SESSIONS
FCM vs. Swap Dealer
What is the difference between an FCM and a Swap Dealer? How are their regulations different (or the same)? This introductory session will explain the fundamental functions and regulations affecting these different market participants (even when they happen to exist within the same legal entity).

Moderator:

• Hina Mehta, Partner and General Counsel, Hidden Road

Speakers:

• Carolyn Jackson, Partner, Katten Muchin Rosenman
• Sarah Riddell, Associate, Morgan Lewis
• Dale Spoljaric, Managing Director Compliance, NFA
• Sandy Tapnack, Director and Assistant General Counsel, Bank of America

Global Carbon Markets
Are once regionalized markets on the verge of evolving into a truly global market? This panel will provide an overview of compliance and voluntary carbon markets, as well as related exchange-listed and over-the-counter derivative markets, including a discussion of the jurisdictional and regulatory treatment of these markets in the US and overseas. Experts will discuss legal, documentation and compliance issues to be considered when transacting in these products.

Moderator: 

• William McCoy, Managing Director, Morgan Stanley

Speakers:

• Athena Eastwood, Partner, Willkie Farr & Gallagher
• David Gillers, Chief of Staff, CFTC
• Anita Herrera, General Counsel & Chief Regulatory Officer, Nodal Exchange
• Deborah North, Partner, Allen & Overy

The Rise of Retail
The explosion of new asset classes has brought an unprecedented level of retail participation in US derivatives and commodities markets. Does the rise of retail create unique concerns that need to be addressed from a legal and compliance perspective? How do direct clearing models work with retail participants? Is gamification something to be concerned about in the derivatives markets? Join this panel for a discussion about all things retail!

Moderator:

• Neal Kumar, Partner, Willkie Farr & Gallagher

Speakers:

• Laurian Cristea, General Counsel, Erisx
• Kevin Dan, CRO and CCO, NADEX
• Julia Hueckel, Senior Counsel Product, Coinbase
• Nicolette Kmiecik, Director, Legal Counsel, Charles Schwab

10:45 a.m. ET
Networking Break

11:00 a.m. ET
CONCURRENT SESSIONS
Security-Based Swap Dealer Issues
What have we learned from implementing security-based swap dealer rules?  What issues and problems still need to be resolved?  

Moderator: 

• Maria Chiodi, Managing Director & Counsel, Legal & Compliance, Credit Suisse

Speakers:

• Rosario Chiarenza, Director, Citi Global Futures
• Colin Lloyd, Partner, Sullivan & Cromwell
• Robert McNamee, Associate General Counsel, FINRA
• Randall Roy, Deputy Associate Direction, SEC

Proprietary Trading Firm Issues
This panel will focus on the legal and regulatory challenges specific to proprietary trading firms.

Moderators: 

• Alexandra Guest, U.S. Head of Internal Control, Scotiabank Global Banking & Markets
• Matthew Lischin, Co-Head of U.S. Capital Markets Law Group, RBC Capital Markets

Speakers:

• Thomas Erickson, Founder, Erickson Law & Consulting
• Patricia Levy, General Counsel, DRW Holdings
• David McIndoe, Partner, Eversheds Sutherland
• Erin Middleton, Manager, Rules & Regulatory Outreach, CME Group

The Continuing Saga of Crypto Regulation
This panel will explore emerging regulatory and legal issues around crypto currency related products and other digital assets in the institutional financial markets.  The panel will discuss custody, underwriting, and financing of digital assets, derivatives on crypto currencies, stablecoins, and central bank digital currencies both in the US and other key jurisdictions.  The panel will also address smart contracts and documentation of crypto-related transactions.

Moderator: 

• Robert Klein, Managing Director & Counsel, Citigroup

Speakers:

• Stuart Davis, Partner, Latham & Watkins
• Kari Larsen, Partner, Perkins Coie
• Zach Zweihorn, Partner, Davis Polk & Wardwell
• Brian Mulherin, General Counsel, FTX US Derivatives
• Rachel Nelson, Senior Director, AGC for US Regulatory, Coinbase

12:00 p.m. ET
Networking Break

12:30 p.m. ET
Keynote Lunch & Annual Meeting
Sponsored by Willkie Farr & Gallagher

 

Speaker

• Baratunde Thurston, Writer, Activist & Comedian

2:00 p.m. ET
Fireside Chat

 

• Kristin Johnson, Commissioner, CFTC
• Summer Mersinger, Commissioner, CFTC

2:30 p.m. ET
Networking Break

2:45 p.m. ET
CONCURRENT SESSIONS
Compliance in a Covid/Post Covid World
Covid (and hopefully post Covid) brought the industry the activation of Business Continuity Plans as well as the "new normal" of working remotely. How do Compliance programs (and regulations) need to change? What does an effective compliance surveillance and recordkeeping program look like in this new world? And what about cybersecurity risks with people working from home -- how do we address those?

Moderator: 

• Sabeena Ahmed Liconte, Head of Legal and Compliance, ICBC Standard Securities

Speakers :

• Kathleen Clapper, Managing Director, Compliance, NFA
• Katherine Cooper, Shareholder, McGonigle
• Patricia Donahue, Patricia Donahue Attorney at Law
• David Karrow, Associate General Counsel, ABN AMRO Clearing Chicago

 

Market Developments and Outlook, Asset Management and Investment Funds
This panel will review recent regulatory and market developments important to asset management and investment funds and provide the perspective of asset management firms on recent changes at the SEC and CFTC, upcoming regulatory changes in the U.S. and cross-border, as well as new products, including digital assets and ESG derivatives. 

Moderator: 

• Stephen Humenik, Partner, K&L Gates

Speakers :

• Elizabeth Groover, Special Counsel, Market Participants Division, CFTC
• John Lee, Branch Chief, Division of Investment Management, SEC
• David Mitchell, Partner, Fried Frank
• Ray Ramirez, Partner, Eversheds Sutherland
• Devi Shanmugham, Global Head of Compliance, Tradeweb

Defi - Does "Decentralized" Finance Mean De-Regulated Finance?
This panel will explore what exactly is meant by DeFi, how it is different from traditional, centralized finance, and, most importantly, what rules and regulations apply (or should apply).

Moderator: 

• Kimberly Johns, Managing Director & Senior Counsel, Goldman Sachs

Speakers:

• Daniel Berkovitz, General Counsel, SEC
• Daniel Davis, Partner, Katten Muchin Rosenman
• Robert Schwartz, General Counsel, CFTC 
• Maggie Sklar, Partner, McGonigle

3:45 p.m. ET
Networking Break

4:00 p.m. ET
CONCURRENT SESSIONS
The Root Causes of Controls' Failures and Remediation
In the 2021 series of CFTC cases, a theme of controls’ failures has been highlighted by regulators as a significant cause of the regulatory violations. This panel will focus on the necessity of designing and maintaining effective controls for derivatives activities in order to manage regulatory obligations, expectations and compliance accountabilities. Discussion will highlight the root causes of controls’ failures and provide guidance on development of effective controls and maintenance.

Moderator: 

• Michelle Broom, Senior Managing Consultant, Commodity Execution

Speakers: 

• Joseph Cerullo, Managing Director/Chief Compliance Officer, JP Morgan
• Pamela Geraghty, Associate Director, Market Participants Division, CFTC
• Matthew Kulkin, Partner, Steptoe & Johnson
• Janet McCormick, Managing Director, FCM Chief Compliance Officer, Mizuho Securities USA
• Jamila Piracci, Managing Director, Patomak Global Partners
   

Electronic and SEF Trading
There will be certainly lots to cover from the continuation and evolution of spoofing and disruptive trading cases to is everybody a SEF now.

Moderator:  

• Peter Malyshev, Partner, Cadwalader

Speakers:

• Ed Dasso, Senior Vice President of Market Regulation, NFA
• Victoria Earls, Chief Counsel - Investigations & Enforcement, Interactive Brokers
• Stacie Hartman, Partner, Steptoe
• Jonathan Lave, Assistant Deputy Director, CFTC
• Andrew Vrabel, Managing Director & Chief Regulatory Officer, CME

Understanding Clearing Models (and their Ramifications)
This panel will explain the difference (is there really one?) between principal and agency clearing models and their impacts, including on capital, netting, and porting. The panel discussion will include the status of updates to the netting opinions as well as China's futures law.

Moderator: 

• Ruth Arnould, Managing Director & Associate General Counsel, Bank of America

Speakers:

• Edward Mayfield, Executive Director & Assistant General Counsel, JP Morgan
• Rebecca Simmons, Partner, Sullivan & Cromwell
• Michael Voisin, Partner, Linklaters
• Kristyn Walker, Senior Counsel, Wells Fargo

5:00 p.m. ET
Roundtable #1

Position Limits Unlimited
Stump the Hosts with esoteric questions about CFTC and exchange position limits, hedge exemptions, netting, economically equivalent swaps and pop position limits culture.  Caveat Emptor: the Hosts have unlimited discretion to determine whether their answers are correct!

Hosts: 

• Vito Naimoli, Chief Regulatory Officer, ICE Futures
• Paul Pantano, Partner, Willkie Farr
• Chris Reinhardt, Executive Director and Global Head, CME Group

 

Roundtable #2

Promoting Diversity and Inclusion in the Derivatives Industry

Host: 

• Douglas Harris, Advisory Board, Tellus Markets

5:30 p.m. ET
Networking Reception
 

9:00 p.m. ET
Late Night Karaoke

Schedule subject to change.

 

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7:00 a.m. ET
Registration Open and Continental Breakfast

8:00 a.m. ET
Washington Update
Get up to speed with this inside look at what legislative priorities are brewing in the halls of Congress as well as what concrete actions can we expect to see from the Washington, D.C. politicos.

Moderator: 

• Kyle Glenn, Vice President of US Government Relations, FIA

Speakers:

• Lucy Hynes, Senior Counsel, U.S. Senate Committee on Agriculture, Nutrition, and Forestry, Chairwoman Debbie Stabenow 
• Ryan Jachym, Managing Director, Government Affairs, Goldman Sachs
• Thomas McCrocklin, Executive Director, Government Relations, Morgan Stanley
• Andrew Rezendes, U.S. Senate Committee on Agriculture, Nutrition, and Forestry, Ranking Member John Boozman

8:00 a.m. ET
Exhibits Open
 

8:30 a.m. ET
Closing Remarks

• Ruth Arnould, Managing Director & Associate General Counsel

9:00 a.m. ET
CONCURRENT SESSIONS
Cooperation and Self Reporting -- Do You Have the Right to Remain Silent?
Market participants often face difficult decisions when weighing whether to self-report a matter to a regulator. Playing “hide and seek” about regulatory breaches and control failures with regulators is risky. How exactly do you earn cooperation credit and what is it really worth? The panel will discuss self-reporting and earning cooperation credit and provide practical guidance, such as reporting timelines and preparing a self-reporting analysis.

Moderator:  

• Michelle Crutchfield, Director & Assistant General Counsel, Bank of America

Speakers:

• Paul Architzel, Senior Counsel, WilmerHale
• Gretchen Lowe, Acting Director, Division of Enforcement, CFTC
• Kathleen McArthur, Partner, Sullivan & Cromwell
• Jeffrey Steiner, Partner, Gibson Dunn & Crutcher

See EU Soon
A stroll through the year’s highlights on changes from our regulatory friends across the pond, and a discussion on things to come. Get practical and insightful updates on top of how major non-US changes may impact you and the clearing infrastructure as we know it. 

Moderator:  

• Matthew VosBurgh, Director - Policy and Regulatory Risk Management, Barclays

 

Speakers:

• Leslina Boesch, Assistant General Counsel & Director, Bank of America  
• Christopher Collins, Associate, Katten Muchin Rosenman
• Caroline Dawson, Partner, Clifford Chance
• Natalie Tynan, Associate General Counsel, Head of Tech Documentation Strategy

Reporting, Reporting, Reporting, and More Reporting
Large trader, OCR, swap data, security-based swap data, EMIR trade reporting, and the list goes on. What are you required to report, why are there so many reporting obligations, and why are they different?

Moderator:  

• Tammy Botsford, Executive Director and Assistant General Counsel, J.P. Morgan Securities

Speakers:

• Eric Dashner, Managing Counsel Regulatory & Risk Division l Regulatory Implementation Section, Wells Fargo
• Matthew Kluchenek, Partner, Mayer Brown
• Richard Mo, Special Counsel, Division of Data, CFTC 
• Ryan Olszewski, Compliance Officer – Director Regulatory Reporting, Societe Generale

10:00 a.m. ET
Networking Break

10:30 a.m. ET
CONCURRENT SESSIONS
Ethics in Derivatives and Futures Law
The panel will discuss ethical issues from the perspective of attorneys representing participants in the digital space. The panel will be analyzing a hypothetical scenario that raises a number of ethical questions about who is the client and confidentiality issues when you are representing a decentralized platform or foundation; advising clients about introducing and defining digital products where regulatory lines are less than clear; when a lawyer wears multiple hats, such as general counsel and chief compliance officer; handling a whistleblower and dealing with an internal investigation; the use of artificial intelligence, robo-marketing and digital engagement in the retail market, including competence, diligence and confidentiality of client data.

Moderator: 

• Michael Spafford, Partner, Paul Hastings

Speakers:

• Rob Cordell, Executive Director & Counsel, Mizuho
• Ken McCracken, Deputy General Counsel, Nodal Exchange
• Daren Stanaway, Associate General Counsel - Investigations & Enforcement, Interactive Brokers Group
• Yvette Valdez, Partner, Latham & Watkins
• John Williams, Partner, Milbank

Foreign Security Futures: Find Me a Regulator!
The US regulatory framework for foreign security futures is complex, but recent market events showcase the key issues to navigate the labyrinth. Join a panel of experts who will untangle the complicated regulatory structure and work through recent developments.

Moderator: 

• Stephen Morris, Partner, Katten Muchin Rosenman

Speakers:

• Julia Kan, Vice President and Assistant General Counsel, JP Morgan
• Michael Philipp, Partner, Morgan, Lewis & Bockius
• Eric Seinsheimer, Director (Legal), Americas, Eurex & US CCO, Eurex Clearing AG
• Kristofer Williams, Executive Director, Legal and Compliance Division, Morgan Stanley

Supervision: Surveillance and Recordkeeping
Did someone miss a red flag on a surveillance report? Did a telephone conversation fail to be recorded? These probably aren't just surveillance and recordkeeping issues -- you are probably looking at failure to supervise. This panel will discuss recent cases that have found failure to supervise out of these types of lapses as well as discuss how to avoid such a finding.

Moderator: 

• Ari Nakkab, Executive Director, Global Head of CGM Compliance, Compliance Risk Management Group, Macquarie Group

Speakers:

• Geoffrey Goldman, Partner, Shearman & Sterling
• Laura Mul, Director, US Futures and Commodities Compliance, RBC Capital Markets
• Michael Otten, Senior Vice President, OTC Derivatives, NFA
• Jacinta Paulic, Vice President, Global Markets Compliance, Goldman Sachs
• Joe Schifano, Global Head of Regulatory Affairs, Eventus

11:30 a.m. ET
Networking Break

12:00 p.m. ET
CONCURRENT SESSIONS
What are Regulators Doing about Diversity and Inclusion
The panel will look at steps, initiatives, and rule proposals by regulators, including the CFTC, NFA, FINRA, and others, around diversity and inclusion.

Moderator:

• Petal Walker, Managing Director, Risk & Financial Advisory/Regulatory & Legal Support, Deloitte & Touche

Speakers:

• Tanisha Cole Edmonds, Chief Diversity Officer, CFTC 
• Brenda Hinton-Miller, CCO and member of Nasdaq’s Diversity, Equity and Culture (DEC) Council, NASDAQ
• Audria Pendergrass Lee, Vice President Talent Acquisition and Chief Diversity Officer, FINRA – Financial Industry Regulatory Authority
• Robin Nunn, Partner, Morgan Lewis
• Alison Rogish, Managing Director, LCSP-CS, Deloitte
• Beverly Jo Slaughter, Senior Vice President, Legal Department, Wells Fargo

IBOR and Other Reference Rates -- Where Do We Stand?
The transition away from Interbank Offered Rates (IBORs) has generated numerous legal and compliance issues. This panel will take stock of recent developments and consider best-practices when moving toward a post-IBOR world.

Moderator:  

• Richard Paolini, Managing Counsel, Wells Fargo

Speakers:

• Ilene Froom, Partner, Reed Smith
• Jason Jurgens, Partner, Jones Day
• Atif Rehman, Director & Senior Counsel, BNP Paribas
• Joyce Xu, Partner, Paul Hastings

Blowing the Whistle
It is important to understand how the CFTC's and SEC's Whistleblower programs and offices work as well as how a firm avoids actions and policies that violate whistleblower rights.

Moderator: 

• Carl Kennedy, Partner, Katten Muchin Rosenman

Speakers: 

• Melanie Devoe, Attorney Advisor, Whistleblower Office, CFTC
• Clifford Histed, Partner, K&L Gates 
• Cree Kelly, Chief of SEC Whistleblower Office, SEC
• James Lundy, Partner, Faegre Drinker Biddle & Reath

1:00 p.m. ET
Grab & Go Lunch


2:00 p.m. ET
Conference Concludes

Schedule subject to change.

 

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