North American Securities Administrators Association NASAA 2016 ANNUAL CONFERENCE

Transcription

1 North American Securities Administrators Association NASAA 2016 ANNUAL CONFERENCE PROVIDENCE, RHODE ISLAND SEPTEMBER 11-13, 2016

2 FROM THE NASAA PRESIDENT DEAR NASAA MEMBERS AND GUESTS: Dear NASAA Members and Guests: Welcome and thank you for joining us in Providence for the North American Securities Administrators Association s 2016 Annual Conference. I thank Conference Chair Maria D Alessandro for developing an agenda that takes a multifaceted view of an important topic for us all diversity in today s financial marketplace. Together, we will explore and discuss aspects of improving gender diversity, efforts in the venture capital community to invest in women- and minority-owned start-ups, and the challenges that come with serving and protecting a more diverse investor population. I am hopeful that at the conclusion of the conference attendees will come away with not only a wealth of knowledge of the important work of NASAA and its members but also tools that will promote a more inclusive financial services industry. This has been an exciting year of accomplishment for NASAA and I want to thank my colleagues for your advice and support, especially NASAA s Board of Directors, Section chairs, all who led or served on committees and project groups, as well as the staff of the Corporate Office. I am truly grateful to have had the opportunity to serve each and every one of you as NASAA s President. Thank you for letting me lead the way. Sincerely, Judith Shaw NASAA President Maine Securities Administrator

3 2016 Annual Conference NASAA 3 FROM THE CONFERENCE CHAIR DEAR COLLEAGUES, DISTINGUISHED GUESTS AND CONFERENCE ATTENDEES: Welcome to the Ocean State for NASAA s 2016 Annual Conference in Providence, Rhode Island! The theme of this year s conference is Diversity in Today s Financial Marketplace, and a quick look at our conference program shows that our lineup of speakers and panelists represents a broad and diverse range of individuals and perspectives. We are pleased to offer three panel discussions; Gender Diversity in the Financial Services Industry; Diversity in Investing/Investing in Diversity; and Protecting and Serving an Increasingly Diverse Client Base. We also are honored to present a special one-on-on interview between SEC Chair Mary Jo White and NASAA President Judith Shaw; an overview of the race for the White House and Congress by noted political expert, Brown University s Wendy Schiller; and the perspectives of Debbie Matz, immediate past chair of the National Credit Union Administration. This year s conference also continues NASAA s tradition of providing open forum discussions with NASAA Section Committees on timely issues related to broker-dealers, investment advisers, corporation finance, enforcement, CRD/IARD, and investor education. Over the coming days, you will discover that Providence combines the accessibility and friendliness of a small town with the culture and sophistication of a big city. Providence offers a thriving arts community, vibrant and diverse neighborhoods, outstanding hotels, a renowned restaurant scene and so many things to do. If you venture beyond the city, be sure to visit our scenic coastline, quaint villages or explore our many natural and historical sites. I m sure you soon will come to understand why we are proud to call Providence and Little Rhody home. MARIA D ALESSANDRO 2016 Annual Conference Chair Deputy Director Securities, Commercial Licensing and Gaming and Athletics Divisions Rhode Island Department of Business Regulation

4 4 DIVERSITY IN TODAY S FINANCIAL MARKETPLACE ANNUAL CONFERENCE AGENDA REGISTRATION Saturday 12-3pm Sunday 7:30am - 3pm Monday 7:30am - 3pm Tuesday 8am - 12pm *MEETINGS DESIGNATED AS CLOSED ARE RESERVED FOR NASAA MEMBERS ONLY SATURDAY, SEPTEMBER 10 NASAA BOARD OF DIRECTORS MEETING* 9am - 5pm Omni Hotel Newport / Washington Room (Third Level) REGISTRATION 12-3pm Convention Center Ballroom Foyer SUNDAY, SEPTEMBER 11 REGISTRATION 7:30-3pm Convention Center Ballroom Foyer PARALEGAL ROUNDTABLE 8-9am Convention Center Ballroom E Jay Fishman, J.D., a senior writer/analyst in the Securities group of Wolters Kluwer Legal and Regulatory U.S., the developer of the Blue Sky Smart Charts, will discuss the use of the Smart Charts, Intelliconnect, the Blue Sky Navigator Dashboard and a new platform that will be coming out in the future called Cheetah. These platforms are used by paralegals, attorneys and others in law firms, corporations, investment management companies and others for access to legal and regulatory content and research supporting the work we do in blue sky laws and regulations as well as other areas of regulatory compliance. Moderators Cindy C. Wang Financial Services Paralegal, Barack Ferrazzano Kirschbaum & Nagelberg LLP Virginia (Ginny) Chapman Vice President, Blue Sky Services, NRS, a part of Accuity Inc. Presenter Jay Fishman, J.D. Senior Writer/Analyst, Securities Group Wolters Kluwer Legal & Regulatory U.S

5 2016 Annual Conference NASAA 5 NASAA BUSINESS MEETING* 9-11am (Breakfast at 8am) Convention Center Room 555 ABA STATE REGULATION OF SECURITIES COMMITTEE MEETING 10-11am Convention Center Ballroom E BRUNCH 11am - 12pm Convention Center Ballroom A OPENING CEREMONIES 12:15-1pm Convention Center Ballroom C Introductory Remarks Joseph Brady NASAA Executive Director Welcoming Remarks Maria D Alessandro Rhode Island Department of Business Regulation Opening Speaker Debbie Matz Immediate Past Chair, National Credit Union Administration DISCUSSION: GENDER DIVERSITY IN THE FINANCIAL SERVICES INDUSTRY 1:15-2:30pm Convention Center Ballroom C Reports and data spotlighting an imbalance in gender diversity within the financial services industry are not in short supply. But what is lacking is an understanding of the benefits firms could realize both institutionally and financially by striving for a more inclusive workforce and client base. Panelists will examine the current state of financial services industry in the United States and Canada in terms of gender diversity, the steps firms are taking to make their workplaces inclusive, and how regulators can help facilitate greater diversity. Moderator Robin Wiessmann Pennsylvania Department of Banking and Securities Participants Nadine Augusta Depository Trust and Clearing Corporation Kathryn Daniels Canada Pension Plan Investment Board NETWORKING BREAK 2:30-3pm BROKER-DEALER SECTION FORUM 3-4pm Convention Center Ballroom E As part of the ongoing dialogue between broker-dealers and NASAA members on the important issue of protecting senior investors, the Section will present preliminary findings of the 2016 coordinated exams of brokerdealers, which placed an emphasis on policies, procedures, and training related to seniors and other potentially vulnerable customers. WELCOME RECEPTION 6:30-8pm Omni Hotel Narragansett Ballroom (Lobby Level)

6 6 MONDAY, SEPTEMBER 12 CONTINENTAL BREAKFAST 7-9am Convention Center Ballroom Foyer REGISTRATION 7:30am - 3pm Convention Center Ballroom Foyer JOINT WEB CRD/IARD FORUM 9-10am Convention Center Ballroom E The NASAA CRD/IARD Steering Committee will highlight significant Web CRD/IARD improvements developed over the past year, and focus on policy issues regarding disclosures and expungement of records, including a regulatory update as well as an update on expungement-related litigation. INVESTOR EDUCATION FORUM 9-10am Convention Center Rotunda Room The underreporting of elder financial exploitation is a huge concern, as it hinders the ability to see and react to the extent of the fraud and scams facing our nation s elders. Senior$afe is a toolkit that will help financial professionals spot red flags of potential exploitation, provide them with simple preventative steps that can decrease the chances of financial exploitation or fraud, and provide valuable reporting information and guidelines should exploitation be suspected. Hear a high- profile speaker share his personal story of elder exploitation. Learn about the STaRT program targeting working adults ages and designed to address retirement goals with easy to follow check-lists, resources to help employees make smart decisions throughout the three main stages of employment: new employee, midcareer, and nearing retirement. NASAA TALK: DIVERSITY IN INVESTING/INVESTING IN DIVERSITY 10:15-11:15am Convention Center Ballroom C Michael Pieciak, Vermont Commissioner of Financial Regulation and NASAA Corporation Finance Section Chair focuses a discussion on capital formation for women and minorityowned startups. Participants include: Olufunmilayo B. Arewa, law professor at the University of California, Irvine, and Liza Benson, a partner at the venture capital firm StarVest Partners L.P. NETWORKING BREAK 11:15-11:30am NEWSMAKER INTERVIEW: SEC CHAIR MARY JO WHITE 11:30am - 12:15pm Convention Center Ballroom C Join us for a special one-one-one interview session between NASAA President and Maine Securities Administrator Judith Shaw and SEC Chair Mary Jo White for a wide-ranging interview covering subjects ranging from her efforts to address diversity in the financial markets and boardrooms to various regulatory initiatives underway at the SEC.

7 2016 Annual Conference NASAA 7 LUNCHEON WITH KEYNOTE ADDRESS 12:30-1:45pm Convention Center Ballroom A Wendy Schiller Brown University A LOOK INSIDE THE RACE FOR THE WHITE HOUSE & CONGRESS INVESTMENT ADVISER SECTION FORUM 2-3pm Convention Center Ballroom E NASAA s Investment Adviser Section Forum will showcase the work of Section project groups. Business continuity planning will take center stage, given NASAA s model rule and the SEC s recent rule proposal requiring investment advisors to adopt business continuity and transition plans. The forum also will provide an overview of updates to NASAA s NEMO modules to include seniorrelated issues. NETWORKING BREAK 3-3:30pm CORPORATION FINANCE SECTION FORUM 3:30-4:30pm Convention Center Ballroom E The Corporation Finance Section will host an open forum to discuss recent developments affecting access to the U.S. capital markets. The Section will provide a brief update of its recent activities and discuss hot topics, including a Regulation A and Crowdfunding Update, and discuss new initiatives including a REIT Concentration Limit Proposal and Electronic Initiatives Statement of Policy Proposal. The Section will also provide a Franchise Update. The Section encourages conference participants to attend the forum and share their views on how to improve the regulation of capital formation. RECEPTION 6-8 pm Rhode Island School of Design CONTINUING LEGAL EDUCATION CREDIT Continuing Legal Education (CLE) accreditation will be applied in all jurisdictions, where requested. You must be a primary attendee with no outstanding registration fee due to receive CLE credit. Approximately 6 (six) hours of continuing legal education will be offered during the conference. Attendees will be responsible for completing a CLE Certificate that will be available at the conference registration desk. Please return the signed and completed certificate to the registration desk before your departure. Certificates also can be mailed to the NASAA Corporate Office by September 30, NASAA is not responsible for submitting CLE Certificates received after September 30, 2016

8 8 TUESDAY, SEPTEMBER 13 CONTINENTAL BREAKFAST 7-8:30am Convention Center Ballroom Foyer REGISTRATION 8 am - 12pm Convention Center Ballroom Foyer NASAA BUSINESS MEETING* 8:30-10:30am Convention Center Room 555 DISCUSSION: PROTECTING AND SERVING AN INCREASINGLY DIVERSE CLIENT BASE 10:45 am - 12 pm Convention Center Ballroom C As financial services firms continue to seek to provide tailored service for their customers including providing services to underserved communities, they are facing an increasingly diverse client base in terms of cultural norms and nationalities. Wealth management advisors in the United States also are increasingly taking on international clients, a growing phenomenon in gateway cities such as New York, Miami, Los Angeles and San Francisco. A panel of financial services industry and regulatory experts examines both the positive aspects and challenges of serving and protecting increasingly diverse investor populations. Moderator: Shonita Bossier Kentucky Department of Financial Institutions Participants: Theodore Miles District of Columbia Department of Insurance, Securities and Banking Julia A. Peloso-Barnes Morgan Stanley Jeremy Smith Aspen Institute PRESIDENTIAL LUNCHEON 12:15-1:30pm Convention Center Ballroom A Mike Rothman Minnesota Commissioner of Commerce, NASAA President

9 2016 Annual Conference NASAA 9 ENFORCEMENT SECTION FORUM 1:45-2:45pm Convention Center Ballroom E The Enforcement Section will host an open forum to discuss developments and trends in state securities enforcement, with particular emphasis on the results of the NASAA 2016 Enforcement Report. Conference attendees are invited to ask questions, make comments and fully participate during this far-ranging discussion on complex products, sales practice abuses, gatekeeper cases, internet fraud, and supervision and suitability cases. The forum also will address the effort by NASAA to increase cooperation among various securities regulatory authorities. NETWORKING BREAK 2:45-3:15pm OMBUDSMAN S MEETING 3:15-4:15pm Convention Center Room 552 PRESIDENT S RECEPTION & DINNER 6:15-10pm Omni Hotel Narragansett Ballroom (Lobby Level) WEDNESDAY, SEPTEMBER 14 NASAA BOARD OF DIRECTORS MEETING* am Onmi Hotel Waterplace II Ballroom (Second Level)

10 10 HOTEL INFORMATION SPOUSE/GUEST PROGRAM Primary registrants may purchase a spouse/guest registration for any person who is not in the securities industry. The spouse/guest registration includes attendance at all non-educational events, daily continental breakfast, Sunday brunch and opening session, Sunday Welcome Reception, Monday Evening Reception, and Tuesday President s Reception and Dinner. CONFERENCE FEES The conference package for primary attendees includes attendance at all educational sessions, meetings designated as open, and all social events: Sunday Welcome Reception, Monday Evening Reception, Tuesday President s Reception and Dinner, daily continental breakfast, coffee breaks, and brunch/lunches. CANCELLATIONS Cancellations for the conference were to be received in writing and post-marked on or before August 26, 2016 for a refund, less a $100 processing fee. After this deadline, conference registration fees are non-refundable, but substitutions are permitted. If you are registered, yet unpaid, and did not cancel prior to the deadline, or do not show up at the conference, your registration fee will be due upon receipt of invoice. Hotel cancellations must be made directly with the hotel. PAYMENT Payment for the full amount of the registration fee mus be made by the first day of the conference. Please make checks payable, in U.S. funds to: NASAA 750 First Street, N.E. Suite 1140 Washington, DC Sorry, we do not accept credit cards. REGISTRATION PAYMENTS ALSO ACCEPTED Saturday Sunday Monday Tuesday 12-3 pm 7:30 am - 3 pm 7:30 am - 3 pm 8 am - 12 pm

11 2016 Annual Conference NASAA 11 WEATHER SEPTEMBER HIGHS AT 75 F LOWS AT 57 F Bring a light jacket for evenings as well as in meeting rooms. TRAVEL INFORMATION The T.F. Green Airport in Providence is 10 miles from the Omni Providence Hotel. There are no share ride shuttles in Providence, so cab service or Uber are primary means of transportation to/from the airport. Cab fare is approximately $30 one-way. HOTEL INFO OMNI PROVIDENCE 1 WEST EXCHANGE STREET PROVIDENCE, RI This landmark downtown hotel is connected to the Rhode Island Convention Center and the new Providence Place Mall. Guests are within walking distance of the city s main college campuses, historic attractions, gourmet restaurants, upscale shopping, entertainment and more.

12 12 PANELISTS & MODERATORS ROBIN WIESSMANN Moderator Pennsylvania Department of Banking and Securities MICHAEL PIECIAK Moderator Vermont Department of Financial Regulation SHONITA BOSSIER Moderator Kentucky Department of Financial Institutions Nadine Augusta DTCC Kathryn Daniels CPPIB Olufunmilayo Arewa Univ. of California, Irvine Liza Benson StarVest Theodore Miles District of Columbia DISB Julia Peloso-Barnes Morgan Stanley Jeremy Smith Aspen Institute

13 2016 Annual Conference NASAA 13 SOCIAL EVENTS GO PROVIDENCE! THE FOLLOWING EVENTS ARE OPEN TO ALL REGISTERED ATTENDEES AND ALL REGISTERED GUESTS. Name badges are required at all events. SUNDAY, SEPTEMBER 11 WELCOME RECEPTION 6:30 PM - 8 PM Hosted by the NASAA Board of Directors. Attire: Business MONDAY, SEPTEMBER 12 RECEPTION 6 PM - 8 PM Join your friends and colleagues for a relaxing evening at the acclaimed Rhode Island School of Design. Attire: Business TUESDAY, SEPTEMBER 13 PRESIDENT S RECEPTION & DINNER 6:15-10PM Join us for an entertaining dinner to honor the NASAA President. Attire: Business.

14 14 NASAA BOARD OF DIRECTORS JUDITH SHAW NASAA President Maine GERALD ROME Treasurer Colorado KEVIN ANSELM Director (since June 2016) Alaska MIKE ROTHMAN President-Elect Minnesota KATHRYN DANIELS Treasurer (through April 2016) Ontario JOSEPH BORG Director Alabama NASAA SECTION CHAIRS ANDREW HARTNETT Broker-Dealer Missouri JACK HERSTEIN Director (through June 2016) Nebraska MICHAEL PIECIAK Corporation Finance Vermont LAURA POSNER Enforcement New Jersey JOHN MORGAN Director Texas WILLIAM BEATTY Past-President Washington DIANA FOLEY Secretary Nevada KELLY GORMAN Director (since April 2016) Ontario LYNNE EGAN Investor Education Montana LISA HOPKINS Investment Adviser West Virginia

15 2016 Annual Conference NASAA 15 Photos on cover and pages 11 and 13 courtesy of Rhode Island Commerce Corporation/Tourism. Others courtesy of N. Millard, GoProvidence. CONNECT THE RHODE ISLAND CONVENTION CENTER IS DIRECTLY CONNECTED TO THE OMNI PROVIDENCE.

16 FUTURE CONFERENCES SPRING CONFERENCE MAY 6-9, 2017 WASHINGTON, DC ANNUAL CONFERENCE SEPTEMBER 22-27, 2017 SEATTLE, WASHINGTON 750 FIRST STREET, NE SUITE 1140 WASHINGTON, DC