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How FINRA Rules Get Made, Reviewed and Updated

SKU: FIN8300
Total Credits
1 - 1.2
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Join FINRA staff and industry experts as they explain how a FINRA rule becomes a regulation. Panelists give an inside look into how the FINRA Retrospective Rule Review process works and how rules are selected for review. Panelists will also preview and discuss upcoming rule changes, proposals and other regulatory initiatives. Upon completion of this CLE program you will be able to: Discuss the Retrospective Rule Review Process; Review how the advisory committees are used; Identify and understand new regulatory rules. Establish procedures and effective practices for your firms surrounding the new regulatory rules. Establish supervision and oversight to manage the risks associated with the new regulatory rules. Identify opportunities to engage in the processes. Understand the role of the FINRA Board of Governors and advisory committees in the rulemaking process. Describe the status of ongoing retrospective rule reviews and potential future reviews.

Lecturer Bios

Philip Shaikun

Philip Shaikun is Vice President and Associate General Counsel in FINRA’s Office of General Counsel, where he is responsible for developing and interpreting FINRA rules and providing legal and policy advice to FINRA management and staff. Mr. Shaikun’s responsibilities involve a variety of regulatory areas, including research analyst conflicts, broker compensation practices, communications with the public, supervision, registration, and sales and trading practices. Mr. Shaikun also leads the Office of General Counsel’s role in the retrospective review of FINRA rules. Mr. Shaikun previously served as an attorney in FINRA’s (then NASD) Enforcement Department. Prior to joining FINRA, Mr. Shaikun was as a trial attorney with the U.S. Department of Justice, where he prosecuted civil fraud cases. Mr. Shaikun graduated with a bachelor’s degree from Duke University, where he also has served as a visiting lecturer in public policy. He received a law degree from the University of Southern California. Mr. Shaikun is also a former reporter for the St. Petersburg Times in Florida.

Jonathan Sokibin

Jonathan S. Sokobin, Chief Economist and Senior Vice President, oversees FINRA's Office of the Chief Economist. In this role, he works to develop new rules, analyzes the regulatory impact, including costs and benefits, of existing and potential rulemakings, and analyzes data on securities firms and markets. Previously, Mr. Sokobin was Acting Deputy Director, Research and Analysis in the Office of Financial Research at the U.S. Treasury Department. Prior to joining the Treasury Department, Mr. Sokobin was Acting Director of the SEC's then Division of Risk, Strategy, and Financial Innovation. He joined the SEC staff in 2000 and held various positions, including Deputy Chief Economist and Director of the former Office of Risk Assessment. ¬He received his Ph.D. and MBA in finance from the Graduate School of Business at the University of Chicago, and his bachelor's degree from Ohio State University.

Mark W. Cresap III

Mark W. Cresap III is the President and owner of Cresap, Inc., a position he has held since 1990. Cresap, Inc. is a fully disclosed broker-dealer and Pennsylvania-registered investment adviser with 40 registered representatives. Previously, from 1980 to 1989, Mr. Cresap was the President of PML Securities (aka 1717 Capital Management), a broker-dealer subsidiary of Provident Mutual Insurance. He was responsible for more than 1,800 registered representatives. Before that, Mr. Cresap worked as regional sales director for CIGNA Securities and as a registered representative for W. H. Newbolds & Sons. Mr. Cresap is a current member of the FINRA Board of Governors. He previously served as Chair of the FINRA Small Firm Advisory Board, Chair of a FINRA District Committee, FINRA Nominating Committee Chair, and as a member of the FINRA Membership Committee. He received his bachelor's degree from Williams College.

Melissa MacGregor, Esq.

Melissa MacGregor is Managing Director and Associate General Counsel at SIFMA in Washington, D.C. Her responsibilities at SIFMA include advising the advocacy and policy activities of the SIFMA General Counsels Committee and the Technology and Regulation Committee, along with several specialized working groups. Most recently, Ms. MacGregor has dealt with issues relating to electronic communications and records, financial technology, data aggregation, social media, privacy, data protection, and market data. Ms. MacGregor is a member of the board of the directors of the Financial Data Exchange. Prior to joining SIFMA in 2005, Ms. MacGregor practiced securities regulation at Crowell & Moring LLP and Clifford Chance LLP. She holds a J.D. from American University Washington College of Law and a B.A. from St. Lawrence University.

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