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National Seminar Agenda*

Aug. 26, 2022

Compliance Outreach Program
(For Investment Adviser and Investment Company Senior Officers)

November 15, 2022

Virtual Attendance Only | Eastern Standard Time

(Link to the live webcast will be made available the morning of the event on SEC.gov)

National Seminar Chairpersons

Marshall Gandy, National Associate Director, SEC, Division of Examinations
Natasha Greiner, National Associate Director, SEC, Division of Examinations 

8:30 am
to
8:40 am

Welcoming Remarks

Speaker
SEC Chair Gary Gensler

8:45 am
to
9:30 am

SEC Directors Panel

  • Examination priorities and initiatives
  • Rulemaking agenda
  • Enforcement actions

Speakers
Richard Best, Director, SEC, Division of Examinations (Moderator)
William Birdthistle, Director, SEC, Division of Investment Management
Gurbir Grewal, Director, SEC, Division of Enforcement
 

9:40 am
to
10:45 am

Panel I: Fiduciary Interp. and Form CRS

  • Standard of Conduct and framework vis-à-vis Regulation BI and Investment Adviser Fiduciary Standard
  • Staff guidance, examination observations, and recent enforcement matters

Speakers
Elena Ro, Associate Regional Director, SEC, Division of Examinations, San Francisco Regional Office (Moderator)
Aaron Ellias, Senior Counsel, SEC, Division of Investment Management 
Corey Schuster, Co-Chief, SEC, Division of Enforcement, Asset Management Unit
Donna Esau, Associate Regional Director, SEC, Division of Examinations, Atlanta Regional Office 
Kris Easter-Guidroz, Managing Legal Counsel & Director – N.A. Institutional Compliance, T. Rowe Price

Submit questions for the panelists

10:55 am
to
12:00 pm

Panel II:  New Marketing Rule

  • General prohibitions and compliance policies and procedures
  • Impact on solicitor rule, testimonials, and endorsements
  • Performance advertisements
  • Enforcement’s perspective on the new marketing rule

Speakers 
Vanessa Horton, Associate Regional Director, SEC, Division of Examinations, Chicago Regional Office (Moderator)
Christine Schleppegrell, Acting Branch Chief, Private Funds Branch, SEC, Division of Investment Management 
Robert Baker, Assistant Director, SEC, Division of Enforcement, Asset Management Unit, Boston Regional Office
Christopher Mulligan, IA/Private Funds Senior Advisor, SEC, Division of Examinations
Steven Felsenthal, Principal, General Counsel & Chief Compliance Officer, Millburn Ridgefield Corporation

Submit questions for the panelists

12:00 pm
to
12:30 pm

Lunch Break

12:30 pm
to
1:35 pm

Panel III:  Registered Funds Topics

  • Valuation and board oversight
  • Fees, expenses, disclosures, and advisory contracts renewal process
  • Derivatives risk management and limits on leverage and controls
  • Liquidity risk management, liquidity classifications, and vendor oversight
  • Fund compliance topics

Speakers 
Maurya Keating, Associate Regional Director, SEC, Division of Examinations, New York Regional Office (Moderator)
Chris Carlson, Senior Counsel, SEC, Division of Investment Management 
Andrew Dean, Co-Chief, SEC, Division of Enforcement, Asset Management Unit, New York Regional Office
Craig Ellis, Exam Manager, SEC, Division of Examinations, Denver Regional Office
Francine Rosenberger, Chief Compliance Officer, Transamerica Asset Management, Inc.

Submit questions for the panelists

1:45 pm
to
2:50 pm

Panel IV:  Environmental, Social, and Governance-Related Topics

  • Consistency and adequacy of disclosures regarding products, strategies, and practices
  • False and misleading marketing statements
  • Compliance oversight
  • Operational resiliency and climate-related risks

Speakers
Cindy Eson, Associate Regional Director, SEC, Division of Examinations, Los Angeles Regional Office (Moderator)
Sara Cortes, Senior Special Counsel, SEC, Division of Investment Management 
Kimberly Frederick, Assistant Director, SEC, Division of Enforcement, Asset Management Unit, Denver Regional Office
Andy Sohrn, Exam Manager, SEC, Division of Examinations, Los Angeles Regional Office
John Boese, CCO, Impax Asset Management LLC

Submit questions for the panelists

3:00 pm
to
4:05 pm

Panel V:  Private Fund Adviser Topics

  • Private fund adviser examination process, focus areas, and common deficiencies
  • Fees and expenses issues
  • New marketing rule: private fund-related topics

Speakers
Kevin Kelcourse, Associate Regional Director, SEC, Division of Examinations, Boston Regional Office (Moderator)
Tom Strumpf, Senior Counsel, Private Funds Branch, SEC, Division of Investment Management 
Nikolay Vydashenko, Assistant Director, SEC, Division of Enforcement, Asset Management Unit, Fort Worth Regional Office
Matthew Harris, Assistant Director & Co-Head of Private Funds Unit, SEC, Division of Examinations, Chicago Regional Office
Scott Weisman, Managing Director & Global Chief Compliance Officer, Bain Capital

Submit questions for the panelists

4:15 pm
to
5:20 pm

Panel VI: Hot Topics Lightning Round

  • Cybersecurity
  • Crypto Assets
  • Automated Investment Advice
  • Electronic Messaging
  • Hidden Markups
  • Leveraged and Inverse ETFs
  • LIBOR Transition
  • Hedge Clauses
  • Board Approval of Advisory Contracts
  • Form ADV – Staff Observations

Speakers
Lou Gracia, Associate Regional Director, SEC, Division of Examinations, Chicago Regional Office (Moderator) 
Joe Murphy, Attorney Adviser, SEC, Division of Examinations, Denver Regional Office
Nadia Brannon, Securities Compliance Examiner, SEC, Division of Examinations, San Francisco Regional Office
Carolyn O’Brien, Senior Staff Accountant, SEC, Division of Examinations
Zachary Sturges, Senior Counsel, SEC, Division of Enforcement, New York Regional Office
Nicholas Madsen, Assistant Regional Director, SEC, Division of Examinations, Denver Regional Office 
Virginia Kostka, Staff Accountant, SEC, Division of Examinations, Chicago Regional Office
Chris Mulligan, IA/Private Funds Senior Advisor, SEC, Division of Examinations
Luisa Lewis, Attorney Adviser, SEC, Division of Examinations, Chicago Regional Office

Submit questions for the panelists

5:25 pm
to
5:30 pm

Closing Remarks

Speaker
Richard Best, Director, SEC, Division of Examinations 


* Sponsored by the SEC’s Divisions of Examinations, Investment Management, and Enforcement.

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