Securities Industry Symposium2017

NOVEMBER 8, 2017 | ST. LOUIS, DONALD DANFORTH PLANT SCIENCE CENTER SCHEDULE AND SPEAKER GUIDE

PRESENTED BY SCHEDULE OF EVENTS

12:45 – 12:55 p.m. Welcome and Opening Remarks Edward Dowd, Jr., BAMSL President, 2017-18, Partner and Co-Founder, Dowd Bennett

12:55 – 1:40 p.m. Panel: Compliance Roundtable Moderator: James Crowe III, Partner, Dowd Bennett Panelists: Michael Bernardo, Managing Director, Bates Compliance Solutions Patrick Dogan, Director – Capital Markets and Operations Compliance, Edward Jones Elizabeth Kaplan, Associate Director, Compliance, Senior Vice President, Chief Compliance Offi cer-Advisory, J.J.B. Hilliard, W.L. Lyons, LLC Kelly Zigaitis, Senior Vice President, Corporate Compliance, Scottrade, Inc.

1:40 – 2:25 p.m. Panel: Regulatory Update and Enforcement Moderator: Mark Quinn, Director of Regulatory Affairs, Cetera Panelists: Thomas Drogan, Senior Vice President, FINRA Member Regulation, Offi ce of Sales Practice Joseph Borg, Alabama Securities Commissioner, NASAA President Jennifer Relien, Attorney, Relien Law & Consulting LLC Courtney Reid, Assistant Vice President & Counsel, MassMutual Financial Group

2:25 – 2:50 p.m. Break SCHEDULE OF EVENTS

2:50 – 3:35 p.m. Panel: DOL and the Future of Fiduciary Standards Moderator: Christopher Pickett, Offi cer, Greensfelder, Hemker & Gale, P.C. Panelists: Peter Kennedy, Senior Advisor, Capital Forensics, Inc. Seth Miller, Senior Vice President, Risk Management, General Counsel and Chief Risk Offi cer, Cambridge Investment Research Stacie Owens, Associate General Counsel, Edward Jones

3:35 – 4:20 p.m. Panel: Protecting Senior Investors Moderator: Donald McBride, Offi cer, Greensfelder, Hemker & Gale, P.C. Panelists: David Minnick, Missouri Commissioner of Securities Sarah Gill, Senior Vice President & Associate General Counsel, Regulatory Relations, Strategy & Policy, LPL Financial Mary Tucker, Manager, Elder Client Initiatives, Wells Fargo Advisors Scott DeArmey, FINRA District Director, Kansas City District Offi ce

4:20 – 4:35 p.m. Break

4:35 – 5:15 p.m. Interview with Peter Driscoll SEC Offi ce of Compliance Inspections and Examinations Interviewer: Andrew Hartnett, Offi cer, Greensfelder, Hemker & Gale, P.C.

5:15 – 5:20 p.m. Closing Remarks Amy Blaisdell, Offi cer, Greensfelder, Hemker & Gale, P.C.

5:20 – 6:30 p.m. Reception ABOUT THE SPEAKERS

Michael Bernardo | Bates Compliance Solutions

Mike Bernardo is the New York-based Managing Director of Bates Compliance Solutions (BCS), where he uses his regulatory and compliance experience to lead the BCS team of compliance analysts, experts and consultants.

Mr. Bernardo came to Bates from PricewaterhouseCoopers, where he built and managed their broker-dealer regulatory team. He has experience providing consultative advice on all regulatory, compliance, and operational aspects of the broker-dealer and RIA businesses. He also helped broker- dealers and investment advisers register new affiliated entities, performed annual compliance reviews and mock examinations, consulted on supervisory, compliance, risk, and internal audit matters for SEC, FINRA, and other rules and regulations. Mr. Bernardo previously worked at NYSE Regulation and spent a decade at major securities firms, including Morgan Stanley, Smith Barney/Citigroup and UBS (then PaineWebber) where he was responsible for front office sales and supervision, surveillance, and back office compliance and operations. He was also the Operations Manager of a $5 billion branch office at UBS, overseeing brokers serving high-net- worth clients and portfolio managers serving managed account clients.

Joseph Borg | Alabama Securities Commission

Joseph Borg has been Director of the Alabama Securities Commission since 1994. He was twice past president of the North American Securities Administrators Association (NASAA) and is serving as president for the third time. He is also a member of the Board of Directors of the National White Collar Crime Center and previously served as a member of the Board of Directors of the Investor Protection Trust.

Mr. Borg has testified before various committees of the U.S. Senate and U.S. House of Representatives, including testimony on such areas as microcap fraud; criminal elements in the financial markets; information sharing among financial regulatory agencies; risks posed to everyday investors from IPOs in private equity and hedge funds; illegal investment sales’ practices victimizing senior citizens; and GSEs and SIPC modernization. He has also served as a member of the SIPC Modernization Task Force and the FINRA Dispute Resolution Task Force.

Mr. Borg previously served as in-house counsel to First Alabama Bank, was an adjunct professor of law at Faulkner University Jones School of Law teaching securities law and banking, and was a partner at Capouano, Wampold, Prestwood & Sansone. ABOUT THE SPEAKERS

James Crowe III | Dowd Bennett

James E. Crowe III defends clients facing significant, complex, high-stakes civil litigation in state and federal courts including breach of contract, fraud, and equitable and tort claims. In addition, he counsels clients in securities enforcement matters before the SEC and FINRA and defends securities arbitrations.

Mr. Crowe represents companies and individuals in investigations and white collar matters, and provides counsel in connection with criminal investigations by U.S. Attorneys’ Offices and regulatory enforcement actions by investigators including the DOJ, EPA, HHS-OIG and the FDA.

Mr. Crowe conducts internal investigations for clients and is able to guide corporate compliance executives to review and, when necessary, establish new or enhanced regulatory compliance programs. He has also helped victims of financial fraud recoup losses through court-ordered restitution and through insurance coverage.

Before joining Dowd Bennett, Mr. Crowe was an assistant U.S. attorney for the Southern District of . Serving as first chair trial counsel in several felony jury trials, Mr. Crowe prosecuted narcotics, counterfeiting, fraud and firearms-related cases. In addition, he achieved successful outcomes in appeals he briefed and argued before the U.S. Court of Appeals for the Seventh Circuit.

R. Scott DeArmey | FINRA

R. Scott DeArmey is the District Director of the Kansas City District Office of FINRA, where he is responsible for regulatory oversight of FINRA member firms, branch offices, registered representatives and associated persons located in seven states throughout the Midwest: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota.

Mr. DeArmey began his FINRA career 27 years ago as an examiner in the Atlanta District Office, and has participated in a variety of examinations and investigations involving brokerage firms and registered representatives. He has been in management positions for 20 years and has also been involved in various regulatory and educational initiatives including developing and teaching supervision courses at the FINRA Institute. He received his Finance degree from Georgia State University and is a graduate of FINRA’s Leadership Program at Wharton. ABOUT THE SPEAKERS

Patrick Dogan | Edward Jones

Patrick Dogan is the Director of Capital Markets and Operations Compliance for Edward Jones in St. Louis, and is responsible for several compliance teams to include (1) Business Area Support, which supports the firm’s trading, research, product review, and operations areas; (2) Trading and Market Surveillance; (3) Compliance and Supervisory Systems, which represents the Compliance Division’s interests in building and maintaining compliance and supervisory systems as well as representing Compliance interests in other firm systems; and (4) Compliance Analytics.

Prior to Edward Jones, Mr. Dogan was with Sterne Agee in Birmingham, Alabama, where he was responsible for the compliance programs of three FINRA registered broker-dealers, an SEC registered investment advisor, and an FCA registered broker- dealer. He began his securities industry career with Dain Rauscher in Minneapolis.

Mr. Dogan has served as a large-firm representative on the FINRA District 5 Committee and on the FINRA Regulatory Advisory Committee. He currently holds Series 4, 7, 14, 24, 27, 53, and 63 licenses and earned a bachelor’s degree in business administration with a concentration in finance from Virginia Commonwealth University.

Peter Driscoll | U.S. Securities and Exchange Commission

Peter Driscoll was named the Director of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) in October 2017, after serving as Acting Director since January 2017. Before that, he served as OCIE’s first Chief Risk and Strategy Officer since March 2016, and was previously OCIE’s Managing Executive.

He joined the SEC in 2001 as a staff attorney in the Division of Enforcement in the Chicago Regional Office and was later a Branch Chief and Assistant Regional Director in OCIE’s Investment Adviser and Investment Company examination program.

Prior to the SEC, Mr. Driscoll began his career with Ernst & Young LLP and held several accounting positions in private industry. He received his B.S. in Accounting and law degree from St. Louis University. He is licensed as a certified public accountant and is a member of the Missouri Bar Association. ABOUT THE SPEAKERS

Thomas Drogan | FINRA

Thomas Drogan has been with FINRA for over 19 years and has served as the Senior Vice President, Deputy Member Regulation, Sales Practice since February 2016.

In this role, Mr. Drogan provides strategic and tactical advice on how to achieve corporate and departmental goals and successfully implement regulatory programs. He assists in overseeing the national Sales Practice examination and surveillance programs. Mr. Drogan ensures that the relationship with member firms results in meaningful dialogue between FINRA, Member Regulation and industry representatives and serves as a key contact with the SEC, state securities regulators, and other SROs. Mr. Drogan also has direct responsibility for FINRA’s Membership Application Program, High Risk Registered Representative Program and Senior Helpline.

He served as Deputy Director in FINRA’s New York office from January to December 2008, when he was then appointed Deputy Director of FINRA’s Long Island office. He was promoted to Vice President in January 2013, then District Director for FINRA’s New York Office in December 2013, where he was responsible for New York’s examination and surveillance programs. Immediately prior to his most recent appointment, Mr. Drogan served as Deputy in the Office of Sales Practice.

Sarah Gill | LPL Financial

Sarah Gill is Senior Vice President and Associate General Counsel, Regulatory Relations, Strategy and Policy, in LPL Financial’s Compliance, Legal and Risk department. She provides strategic advice on regulatory issues and advocates for the firm’s positions on these issues. She also provides legal guidance to LPL’s senior investor protection team on diminished capacity and financial exploitation issues, state reporting requirements and other topics.

At LPL, Ms. Gill has served in roles providing regulatory counseling and handling regulatory exams and investigations. Prior to joining LPL in 2010, she was an Assistant General Counsel in the litigation group of FINRA’s Office of General Counsel. Ms. Gill also served as counsel in the litigation and securities departments at WilmerHale. Prior to that role, she clerked for the Honorable Ricardo M. Urbina, U.S. District Judge for the District of Columbia. Ms. Gill began her legal career as an officer in the Navy J.A.G. Corps, with assignments as a prosecutor in Pearl Harbor and a Special Assistant U.S. Attorney at the U.S. Attorney’s Office in Honolulu. She left the Navy as a Lieutenant. Ms. Gill obtained her law degree from the UCLA School of Law and her B.A. from the University of Pennsylvania. ABOUT THE SPEAKERS

Andrew Hartnett | Greensfelder, Hemker & Gale, P.C.

Andrew Hartnett draws on his recent experience as the Missouri Commissioner of Securities to give clients an insider’s view of the regulations facing the securities industry. He has had extensive involvement in matters related to data security and has spoken across the country on topics including state securities regulations, cybersecurity and protection for senior investors.

Mr. Hartnett served as Commissioner of Securities for Missouri Secretary of State Jason Kander from 2013 to 2016. As Commissioner, he directed the Missouri Securities Division and heard cases filed by the Enforcement Section of the Division.

Before his appointment as Commissioner of Securities, Mr. Hartnett served as Chief of Staff to then-Missouri Attorney General Chris Koster and was an Assistant Attorney General in the office’s Consumer Protection Division, handling all aspects of consumer protection, antitrust and securities investigations and litigation. His work there included directing an investigation of a major seller of vehicle service contracts and obtaining an indictment of its owners, who pleaded guilty to stealing and fraud. He also served as co-counsel in price-fixing antitrust litigation that involved more than $1.1 billion in settlements.

Elizabeth Kaplan | J.J.B. Hilliard, W.L. Lyons, LLC

Elizabeth Kaplan is Senior Vice President and Chief Compliance Officer-Advisory forJ.J.B. Hilliard, W.L. Lyons, LLC, and a Senior Vice President of Hilliard Lyons Trust Company, LLC. She is Associate Director of the Compliance Department. She joined Hilliard Lyons in 2002.

Prior to joining Hilliard Lyons, Ms. Kaplan was an attorney in the Corporate and Securities departments of Greenebaum Doll & McDonald PLLC (now Bingham Greenebaum Doll) in Louisville, , and Debevoise & Plimpton in New York, New York. She is admitted to the bar in New York and Kentucky.

Ms. Kaplan received her B.A. from Columbia College, summa cum laude, in 1993 and her J.D. from Harvard Law School, cum laude, in 1996. She holds the Series 7, 66 and 24 securities licenses. ABOUT THE SPEAKERS

Peter Kennedy | Capital Forensics, Inc.

Peter Kennedy is a Senior Advisor at Capital Forensics, Inc. He has advisory expertise in legal, regulatory compliance, supervisory program design, administration and operations. Mr. Kennedy provides data analysis, expert testimony and litigation support in securities and ERISA related matters, regulatory, operations and compliance consulting, and forensic and fraud investigations.

Mr. Kennedy previously served as Chief Operating Officer and Managing Director at TIAA Individual & Institutional Services, LLC. There he built and managed the team responsible for ensuring compliance with insurance replacement regulations across all 50 states, created enterprise-wide adjudication/regulatory review committees, and led enterprise-wide efforts to analyze and prepare for the Department of Labor Fiduciary Investment Advice regulation.

He has also worked as the Chief Compliance Officer at Bear Stearns Asset Management Inc., in various roles at UBS Financial Services, Inc., and as Executive Vice President and Deputy General Counsel at Shearson Lehman Brothers, Inc.

He currently holds FINRA Series 7 and 24 licenses.

Seth A. Miller | Cambridge Investment Research

Seth Miller serves as General Counsel, Senior VP of Risk Management and Chief Risk Officer at Cambridge Investment Research, Inc.

Mr. Miller has worked for Cambridge since 2008, managing all internal and external legal affairs along with overseeing Cambridge’s enterprise approach to risk management. His responsibilities include executive oversight of the Legal, Compliance, Risk Assessment and Advocacy and Supervision Departments. Prior to joining Cambridge, he was an attorney with the international law firm Shook, Hardy & Bacon L.L.P. Mr. Miller received a B.S. in Finance and Management from Iowa State University and a J.D. from the University of Iowa College of Law. He currently holds FINRA Series 7, 24 and 66 licenses and is admitted to the Iowa and Missouri state bars. ABOUT THE SPEAKERS

Donald McBride | Greensfelder, Hemker & Gale, P.C.

Don McBride is an Officer at Greensfelder, Hemker & Gale, P.C. In his securities law practice, he represents broker-dealers, RIAs, and individual investment professionals in private party litigation and before the SEC, FINRA, and state regulators. His experience includes defending against class actions, claims arising from firms’ reliance on instructions by customer fiduciaries, suitability and churning claims in FINRA arbitrations based on the sale of stocks, bonds, annuities, and other investment products, enforcing pre-dispute arbitration agreements, and filing local or multi-state interpleaders and obtaining the attorneys’ fees incurred with such actions. Mr. McBride also assists clients with registration and reporting issues, and complying with federal, state, and FINRA requirements on privacy, record retention, escheatment, sub-advisory due diligence, customer communications, and other compliance issues.

David M. Minnick | Missouri Securities Commission

David M. Minnick is the Missouri Securities Commissioner. Previously, Mr. Minnick served as Senior Vice President and General Counsel of Stifel Financial Corp., Managing Director and General Counsel of Morgan Keegan & Company, Inc., Senior Regional Attorney for NASD Regulation, Inc. Enforcement, and Vice President and Counsel of A.G. Edwards. He was also in private law practice, was an Assistant Prosecuting Attorney on the felony trial staff in St. Louis, and served as Assistant Prosecuting Attorney in Lincoln County, Missouri.

Mr. Minnick received his B.S. and J.D. from the University of Missouri. He completed the SIA Securities Industry Institute at the Wharton School of Business. Mr. Minnick has been a member of the Federalist Society and SIFMA Compliance & Legal Society for many years. He has served as an arbitrator with FINRA Dispute Resolution, the ASE, MSRB, NFA and NYSE. He has been a speaker in many seminars and panels, including events sponsored by SIFMA, local and state bar associations and the Federalist Society. He has authored two published articles, including Volume 53, No. 4, July-August 1997 Journal of the Missouri Bar and the American Bar Association’s publication, The Business Lawyer. ABOUT THE SPEAKERS

Stacie Owens | Edward Jones

Stacie Owens joined Edward Jones in 2015 and currently serves as Associate General Counsel in the Legal Division. She leads a team that helps set strategy and provides legal support for all fi rm initiatives to enhance client, branch and home offi ces processes, systems, tools and solutions. This includes the development of all workfl ow necessary for compliance with the DOL Fiduciary rule, as well as compliance with SEC, FINRA and state securities regulations and other regulations that govern the industry.

Ms. Owens' experience includes 11 years as a labor, employment and benefi ts litigator and counselor in private practice, most recently as a partner at Sandberg Phoenix in St. Louis. She moved in-house in 2012 with Stifel Financial Corp., where she was responsible for employment and benefi ts legal matters for all Stifel Financial Corp.’s U.S. and foreign subsidiaries.

Ms. Owens earned her undergraduate degree in English from Drury University and her J.D. from the University of Missouri-Kansas City School of Law. She is a member of the Florida, Missouri and Illinois Bar Associations.

Christopher Pickett | Greensfelder, Hemker & Gale, P.C.

Chris Pickett represents clients from across the country in an array of business litigation matters, particularly in the areas of securities and higher education. His areas of focus include employment disputes, unfair competition and securities litigation, and he leads the fi rm's Securities & Financial Services industry group.

Mr. Pickett assists with disputes related to restrictive covenants and misappropriation of trade secrets, as well as discrimination claims and claims of breach of fi duciary duty and unfair competition. His experience in restrictive covenant and trade secret matters is particularly extensive, ranging to hundreds of cases across the country. His securities practice includes representing brokerage fi rms in recruiting and raiding cases as well as investor actions before FINRA. He has fi rst chaired dozens of matters before FINRA arbitration panels.

Mr. Pickett also is the fi rm’s chief diversity offi cer. In 2013, he was named as a Leadership Council on Legal Diversity fellow, and the St. Louis Business Journal recognized him among its Diverse Business Leaders in 2016 and its 40 Under 40 awards in 2014. ABOUTABOUT THETHE SPEAKERSSPEAKERS

Mark Quinn | Cetera Financial Group

Mark Quinn is the Director of Regulatory Affairs for Cetera Financial Group, which is the corporate parent of a group of broker-dealers and Registered Investment Advisors with more than 8,000 financial advisers across the United States. He manages a team of professionals responsible for interactions with regulatory authorities, including examinations, investigations, and enforcement activity with agencies including the SEC, FINRA, Department of Labor, and state securities authorities.

Mr. Quinn was formerly the Chief Risk Officer of First Allied Securities, Inc., and prior to that was the General Counsel of Royal Alliance Associates, Inc., both of which are large independent broker-dealers and Registered Investment Advisory firms. He is a past Chairman of the Compliance Council of the Financial Services Institute, the Retirement Plans and Tax and Regulatory Policy Committee of the Insured Retirement Institute, and a former member of the District Committee for FINRA District No. 2. He is a member of the Colorado, New York, and Florida bars.

Courtney Reid | MassMutual Financial Group

Courtney Reid is Assistant Vice President & Counsel for Mass- Mutual, where she provides legal support to the organization’s retail broker-dealer, MML Investors Services, LLC, and two of the organization’s limited-purpose broker-dealers – MML Distributors, LLC and MML Strategic Distributors, LLC. Her work includes advising and representing the broker-dealers on regulatory enforcement matters, as well as providing consultation on regulatory exams, compliance matters, broker-dealer product development, and technical support on various legislative and regulatory issues impacting MassMutual’s distribution efforts.

Previously, Ms. Reid was with AIG Advisor Group in Atlanta, where she served as senior counsel managing litigation and providing direct representation to AIG Advisor Group’s four broker-dealers. She has over 15 years of industry experience and has been recognized by the Minnesota Law & Politics Magazine as a Rising Star.

Ms. Reid earned her J.D. from Central University School of Law and received her B.A. in Journalism and Mass Communications and Political Science from the University of North Carolina at Chapel Hill. ABOUT THE SPEAKERS

Jennifer Relien | Relien Law & Consulting LLC

Jennifer Relien most recently served as Vice President and Associate General Counsel of Advisor Group, Inc., a network of four independent and SEC dually registered retail financial services firms including Woodbury Financial Services, Royal Alliance Associates, SagePoint Financial, and FSC Securities Corporation. Ms. Relien provided guidance and support for legal matters relating to the network’s broker-dealer and investment advisory business with a particular focus on regulatory matters.

Ms. Relien’s previous role was Chief Legal Officer of Woodbury Financial Services, Inc. Prior to joining Woodbury, she served as General Counsel and Secretary at Thrivent Investment Management, Inc., an affiliated broker/dealer and investment advisor of Thrivent Financial. Previously, Ms. Relien was Vice President and Assistant General Counsel at US Bancorp Piper Jaffray. She started her career with Fortis Financial Group in 1996.

Ms. Relien was a member of FINRA’s Membership Committee from 2013 to 2017 and FINRA’s District 4 Committee from 2008 to 2012.

Mary Shea Tucker | Wells Fargo Advisors

Mary Shea Tucker is Manager of the Wells Fargo Advisors Elder Client Initiatives Team, located in St. Louis, Missouri. The team provides guidance and support to financial advisors and supervisors in cases where there are concerns about client incapacity and elder/vulnerable adult abuse. The team also determines when and what to report to adult protective services agencies, securities commissioners and law enforcement on behalf of Wells Fargo Advisors in all 50 states and U.S. territories.

Prior to moving to St. Louis, she served as Senior Associate General Counsel for the University of Utah and then Associate General Counsel for the Salt Lake City 2002 Olympic Winter Games. Ms. Tucker is vice chair of the Elder Law Committee of the ABA Real Property Trust and Estate Division. She also serves on the Financial Exploitation Advisory Board of the National Adult Protective Services Association.

She is admitted to practice law in New York, Utah and Missouri. She received her B.A. from Yale and her J.D. from the New York University School of Law. ABOUT THE SPEAKERS

Kelly Zigaitis | Scottrade, Inc.

Kelly Zigaitis joined Scottrade, Inc.’s Legal Department in 2011, and has served as the fi rm’s Chief Compliance Offi cer since 2013. She is responsible for implementing and administering all aspects of the compliance programs for all lines of business of Scottrade, Inc. and Scottrade Investment Management, Inc. She regularly interfaces with FINRA and the SEC, updating regulators on key initiatives, participating in exams and remediating issues. She led a multi-year effort to modernize the compliance program at Scottrade, including developing a high performing team, implementing a technology strategy and redesigning policies and procedures across the fi rm.

Ms. Zigaitis regularly advises executive leadership and serves in leadership roles across the fi rm, including on the Brokerage Leadership Team, Enterprise Risk Committee and Enterprise Compliance Committee. She has also been integral to the execution of key initiatives throughout her tenure, including serving on steering committees for Scottrade Investment Management, LLC, Broadridge, ScottradePRO, WORM remediation, Guidance in Branches and DOL. She participated in the fi rm’s fi rst Leadership Development Program and received an award from the brokerage leadership team for excellence in partnership. NOTES