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Common Examination Findings and Effective Compliance Practices (Medium and Large Firm Focus)

SKU: FR4700
Total Credits
1
Price$50
  • Online Access
  • Smartphone
  • iPad/iPod/Tablets
  • CDs/DVDs

Description

This CLE program provides guidance on common deficiencies noted during FINRA cycle examinations of medium and large firms, and issues that result in a cautionary letter. Industry practitioners discuss their experience during examinations and taking corrective action and updating compliance procedures and practices based on lessons learned from common examination deficiencies.

After attending this session, you will be able to:

  • Understand the FINRA examination process and how to create effective practices to facilitate the examination.
  • Discuss common exam deficiencies cited during examinations of medium and large firms.
  • Understand effective practices used by firms in responding to exam deficiencies and recommendations, included in examination reports.
  • Determine how to implement effective corrective action and strengthen controls in response to exam deficiencies.
  • Understand how to prepare for your next examination.
  • Discuss the exit interview and how to respond to a deficiency letter.
  • Review key preparation tips.

Lecturer Bios

Ed Wegener

Ed Wegener is Senior Vice President and Midwest Regional Director for FINRA. In that role, he is responsible for leading the department of Member Regulation’s regulatory efforts for the region including its surveillance and examination programs. Mr. Wegener started with FINRA (fka NASD) in 1998. Since that time, he has lead or been involved in several significant fraud, sales practice and financial and operational examinations and investigations. He has served in a leadership role in a number of key strategic initiatives for the organization including the design and implementation of FINRA’s risk-based examination program. FINRA is responsible for regulating brokerage firms and licensed brokers doing business in the United States. The Midwest Region covers firms and individuals conducting securities business in the states of Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. FINRA’s Midwest Region is made up of approximately 130 surveillance and examination staff. Mr. Wegener is a graduate of Illinois State University and he has a Certified Regulatory and Compliance Professional designation from the FINRA Institute at the Wharton School of the University of Pennsylvania. Mr. Wegener has completed the FINRA Leadership Program at the Wharton School and the Leadership Development Program at the Center for Creative Leadership.

Marion Halliday

Marion Halliday, Senior Vice President of Janney, Montgomery, Scott LLC, is originally from Louisville, Kentucky. She received her BA with honors in History from Dartmouth College and then graduated from University of Virginia School of Law, where she was a Dillard Fellow and served on the editorial board of the JOURNAL OF LAW AND POLITICS. After law school, she clerked for a federal appellate judge, the Honorable Boyce F. Martin, Jr. of the Sixth Circuit. Ms. Halliday then practiced corporate law at Kentucky law firm, Frost, Brown, Todd (formerly Brown, Todd & Heyburn). She was subsequently appointed head of the Kentucky Division of Securities where she led a group of industry representatives, lawyers, and scholars in the re-writing of the Kentucky Securities Act. At the conclusion of her government appointment, she became Associate Director of Compliance at Hilliard Lyons. Then, in 2009, Ms. Halliday joined Janney, Montgomery, Scott LLC as Chief Compliance Officer for the Private Client Group; in 2014, she became Chief Compliance Officer for the Firm. In addition to her compliance responsibilities at Janney, she, along with other senior women leaders, co-founded “WIN,” Janney’s Women’s Interactive Network. Ms. Halliday is a respected industry leader and public speaker, serving on various SIFMA and FINRA advisory committees and programs. In addition to her legal license, she holds various industry licenses including the Series 7, 14, 24, and 66. For several years, Ms. Halliday served on the FINRA Series 24 Content Committee, which assists FINRA in developing test questions for various supervisory licenses including the Series 24, 23, 72 and 11. In January of 2016, she has appointed to the FINRA CE Council. She is also an active member of SIFMA’s Compliance Regulatory Policy Committee as well as the Regional Firms GC and CCO working group. When she is not working, Ms. Halliday is a board member of the Philadelphia-based non-profit Legacy Youth Tennis foundation.

John Hickey

John Hickey is Deputy District Director for the FINRA New York District Office. He supports the Director in leading and managing the Cycle and Branch regulatory programs for approximately 1000 member firms. Additionally, he works with the Regional Director, District Director, Associate District Directors and Surveillance Directors to develop and implement strategic and tactical measures necessary to ensure timely, high-quality completion of District’s regulatory programs. Prior to this role, Mr. Hickey served as an Associate Director at FINRA and managed a unit of approximately 23 individuals responsible for conducting cycle, cause and branch examinations of several member firms. Mr. Hickey has more than 19 years of regulatory experience while employed at FINRA and prior to that at NASD and has worked as an examiner, supervisor and manager during his career. Before joining NASD, he spent three years in the Operations Department at a clearing firm, where he worked in the Margin Department. Mr. Hickey has a bachelor’s degree in Management from University of Rhode Island. Mr. Hickey also holds the Certified Regulatory and Compliance ProfessionalTM, CRCPTM designation.

Kenneth L. Wagner

Kenneth L. Wagner is a Partner and Chief Compliance Officer for William Blair & Company, LLC in Chicago Illinois. Previously Mr. Wagner had been CCO for Retail Distribution for the Lincoln Financial Group. Before that he was associated for more than 20 years with J.J.B. Hilliard, W.L. Lyons, Inc., during which time he acted in both legal and compliance capacities, including Chief Compliance Officer and General Counsel. Mr. Wagner is a past member of the NASD District 5 Conduct Committee, and was moderator for the District 5 Focus Group of Compliance Officers from its formation in 1994 until 2004. Mr. Wagner is also a past member of the SIA Compliance and Legal Division Executive Committee. Before its merger with FINRA, Mr. Wagner served on several NYSE compliance-related committees. Mr. Wagner also served on the board of the National Society of Compliance Professionals (“NSCP”) from 2007 – 2010 and on the CE Council from 2011 – 2014. He currently serves on the Series 4/9/10 Exam Review Committee, and the Business Conduct Committee of the CBOE. Mr. Wagner obtained a BA from Northern Kentucky University, an MA from the University of Cincinnati and JD from University of Kentucky. Mr. Wagner is a frequent speaker at industry seminars and conferences.



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