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Outside Business Activities and Private Securities Transactions: 2019-2020 Update

SKU: FIN7700
Total Credits
1 - 1.2
Price$50
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Description

Outside business activities (OBAs) and private securities transactions (PSTs) are regulatory and examination priorities, as they can both result in conflicts of interest that firms must understand and, as necessary, mitigate. Join industry practitioners and FINRA staff, in this advanced session, as they cover conflicts arising from OBAs and PSTs, and keys to handling them and complying with regulatory requirements, including situation involving dually registered advisors. Panelists also discuss proposed changes to the OBA and PST rules.

Topics discussed:

  • Understand the challenges firms are facing related to OBAs and PSTs.
  • Develop effective practices related to monitoring and supervising OBAs and PSTs.
  • Identify red flags and potential issues regarding OBAs and PSTs.
  • Understand the areas of focus on examinations related to OBAs and PSTs, examination deficiencies and ways firms are addressing them.
  • Understand FINRA’s proposed rule related to OBAs and PSTs.

Lecturer Bios

Meredith Cordisco, Esq.

Meredith Cordisco is Associate General Counsel with FINRA’s Office of General Counsel. In this capacity, she provides legal guidance on policy initiatives, rule changes and interpretations in various areas, including regarding new issues and spinning, private securities transactions and outside business activities. Before joining FINRA, Ms. Cordisco was counsel in the Securities Litigation and Enforcement group at WilmerHale, where she focused her practice on complex securities enforcement investigations. Ms. Cordisco received her B.S., summa cum laude, in International Business and French from Mount St. Mary’s University in Emmitsburg, Maryland, and her J.D., summa cum laude, and M.B.A., cum laude, from Villanova University. Following her studies, Ms. Cordisco clerked for the Honorable Eduardo C. Robreno on the U.S. District Court for the Eastern District of Pennsylvania.

Scott H. Maestri

Scott H. Maestri is Associate District Director in FINRA’s Dallas Office. He began his career with NASD in 1999 as an examiner in the New Orleans District Office. Mr. Maestri was promoted to management in September of 2003 and became responsible for a team of examiners who monitored member firms through cycle and cause investigations, as well as, the Membership Application Process and Financial Surveillance. Mr. Maestri was promoted to the Associate District Director position in May of 2010 where his primary responsibility is the review and approval of the District Office’s major program areas. Prior to NASD, Mr. Maestri worked in a variety of sales, operational, and compliance roles with both Morgan Stanley and Legg Mason in the Jackson, Mississippi branch office locations. During the course of his career, Mr. Maestri has been selected for Advanced Management training, and successfully obtained the Certified Regulatory and Compliance Professional™ (CRCP™) designation both issued through The Wharton School at the University of Pennsylvania. Mr. Maestri received his B.B.A. in Finance from The Else School of Management at Millsaps College.

Laura Trotz

Laura Trotz is District Director of the Chicago District Office of FINRA. In her role as District Director, Ms. Trotz is responsible for overseeing District’s Surveillance and Examination programs. She has more than 20 years of experience in the securities industry and has been with the Chicago District Office for 18 years; previously, as an Associate District Director responsible for managing the District’s cycle and cause examination programs, Examination Manager responsible for managing a team of examiners for the cycle, cause and membership programs and as an examiner conducting cycle and cause examinations of member firms. Ms. Trotz received her B.A. in Finance from Illinois Benedictine College and holds the Certified Regulatory and Compliance Professional™ certificate from the FINRA Institute at Wharton.

Fred Fram

Fred G. Fram joined Summit in January of 2010 and currently oversees the firm’s Compliance and Operations Departments. Mr. Fram has more than 30 years of broker-dealer experience. During his career, Mr. Fram has held senior management positions in accounting, compliance and operations. He has been involved in multiple acquisitions / integrations and clearing firm conversions. Mr. Fram serves on FINRA’s Membership Committee and has previously served on FINRA’s Licensing and Registration Council and Regulatory Element Continuing Education Content Committees. He earned both his bachelor’s degree and master’s degree in business administration from the University of Texas, in Austin.



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