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Navigating the Clearing Firm Relationship: 2017 FINRA Annual Conference

SKU: FR6900
Available In:
General Credits
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This CLE program provides an overview of the roles and responsibilities of clearing and introducing firms. This session is intended to assist firms in making the most of the relationship with their clearing firm. Panelists discuss the roles and responsibilities of clearing and introducing firms, types of reports and services that clearing firms offer, and practices for integrating these tools into introducing firms’ compliance processes.

After attending this session, you will be able to:
  • Apply securities rules and laws relating to clearing firm and introducing firm contracts.
  • Know what policies are permissible and impermissible under FINRA rules relating to clearing firms.
  • Locate tools to help their firm stay compliant in navigating the introducing/clearing firm relationship.
  • Identify issues and challenges firms may face.

Lecturer Bios

Rosemarie Fanelli

Rosemarie Fanelli is Deputy Unit Leader, Member Regulation—Risk Oversight and Operational Regulation (ROOR). In this capacity, she oversees the ongoing surveillance for approximately 200 firms, some of which are the largest and most systemically important member firms for compliance with the financial, operational and business conduct rules. She has been with FINRA since its inception in 2007. Prior to joining FINRA, she spent 20 years at the New York Stock Exchange in similar roles. She graduated from Manhattan College with a Bachelor’s of Science degree, double majoring in Finance and Computer Information Systems, holds an M.B.A. in Financial Management from Pace University’s Lubin School of Business, and a Master’s in Science degree in Risk Management from New York University’s Stern School of Business.

Lana Calton

Lana Calton, Managing Director, serves as Hilltop Securities’ Head of Clearing Services, responsible for overseeing the firm’s correspondent broker-dealer and registered investment adviser relationships, as well as the growth of the firm’s correspondent base and the implementation of correspondent education and training on new policies and procedures. Mrs. Calton has been with the firm for 24 years, serving in a variety of areas including the Private Client Group, SWS Financial Services, and Equity Trading, before joining Clearing Services as a Relationship Manager in 1997. Prior to her current position, Mrs. Calton held various supervisory roles as an Assistant Supervisor, Manager of Clearing Services, SVP of Sales and SVP of Product Development. She currently is a board member of the Bond Dealers of America and is the Chair of the organization’s Small Firm’s Division. Mrs. Calton earned a Bachelor of Business Administration degree in Finance from Stephen F. Austin State University and is a graduate of the Securities Industry Institute at Wharton. She holds Series 7, 63 and 24 licenses.

James McHale

Jim McHale is Senior Vice President and Chief Compliance Officer for Wells Fargo Advisors. As CCO for Wells Fargo Advisors (“WFA”), Mr. McHale leads the compliance function for Wells Fargo’s retail brokerage business, which includes having ultimate oversight responsibility for product compliance, regulatory exams, regulatory change management, customer complaints, the branch inspection program, surveillance and discipline, and the firm’s elder client initiative, among other areas. Mr. McHale sits on the WFA Operating Committee. Prior to joining WFA, Mr. McHale was the Global Head of Brokerage Compliance for E*TRADE Financial Corporation, where, among other responsibilities, he helped design and implement an enterprise compliance program consistent with the expectations of the federal banking regulators. Prior to E*TRADE, Mr. McHale served as Managing Director and Associate General Counsel with the Securities Industryand Financial Markets Association (SIFMA), where he led advocacy efforts on proposed rules and regulations issued by the SEC, CFTC and FINRA, including several Dodd Frank Act implementation initiatives. Earlier in his career, Mr. McHale was associate general counsel with E*TRADE, an associate in the Securities Industry Practice Group of the law firm of Morgan, Lewis & Bockius and prior to that served as special counsel with the U.S. Securities and Exchange Commission’s Division of Trading and Markets. Mr. McHale holds a J.D. from the University of South Carolina School of Law and a bachelor’s degree from the University of South Carolina School of Business Administration.

Robert A. Muh

Robert A. Muh co-founded Sutter Securities Incorporated in 1992 where he is the Chief Executive Officer. Sutter is a San Francisco based broker-dealer specializing in private placements and providing expert testimony in securities related litigation or arbitration. Sutter has also been approved to operate an Alternative Trading System. Mr. Muh has Chaired FINRA’s Small Firm Advisory Board, served on the National Arbitration and Mediation Committee and as Chair of District 1 Committee. In September 2016, Mr. Muh was elected as a Small Firm Representative on the FINRA Board of Governors. Mr. Muh was a senior managing director with Bear Stearns & Co. where he managed the firm’s business activities in the Pacific Northwest. Prior to joining Bear Stearns, Mr. Muh was chairman of Newburger, Loeb & Co., Inc., a New York Stock Exchange member firm and a management consultant with McKinsey & Co. in New York. Mr. Muh has a bachelor's degree from the Massachusetts Institute of Technology and both an MBA and a Master of Philosophy degree from Columbia University. While at Columbia, Mr. Muh was an Adjunct Assistant Professor of Finance. Mr. Muh is currently an Adjunct Professor at the University of San Francisco Law School.

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