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The Sales Practice Examination Process

SKU: FR2600
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

FINRA® is a registered trademark of the Financial Industry Regulatory Authority, Inc.

Lecturer Bios

Michael Solomon, Esq.

Michael Solomon joined FINRA in December 2011 as Senior Vice President and is the Senior Regional Director of FINRA's New York, Philadelphia, Boston and Woodbridge-NJ District Offices. Mr. Solomon has responsibility for the Examination and Surveillance Programs in the region. Prior to his tenure at FINRA, he served as a managing director and general counsel for litigation, regulatory and employment law at Jefferies & Co. Prior to joining Jefferies, Mr. Solomon managed the Regulatory Group at UBS Financial Services from 2004 to 2006. Before that, he managed the Regulatory Examinations and Inquiries Group at Merrill Lynch from 1999 to 2004, and has also served as an associate at Morgan, Lewis & Bockius, trial counsel in the NYSE Enforcement Division and NY County assistant district attorney. Mr. Solomon received his law degree in 1989 from New York University School of Law and received a bachelor’s degree from Wesleyan University.

Scott M. Gilbert, Esq.

Scott M. Gilbert is a Senior Examination Director with FINRA with responsibility for the New York District’s large firm sales practice examination program and the District’s cause examination program. From 2004 through 2013, Mr. Gilbert was employed at UBS Financial Services Inc. in various roles including Executive Director and Head of Compliance for the Wealth Management Advisor Group of UBS, with responsibility for compliance matters and policies relating to the broker-dealer’s financial advisors. From 2006 through 2010, he was Senior Associate General Counsel and head of the group responsible for internal investigations and disciplinary recommendations at UBS. In that role, he advised the firm's management in all aspects of issues related to employee compliance with firm policies and industry rules, regulations and laws. From 2000 to 2004, Mr. Gilbert was Vice President and Senior Counsel with Merrill Lynch & Co., where he was responsible for global regulatory matters and internal investigations. Before that, he was a trial counsel with the Division of Enforcement of the New York Stock Exchange, responsible for enforcing the rules of that self-regulatory organization, investigating customer complaints and prosecuting disciplinary actions. He also was previously a litigation attorney in private practice, with a focus on complex commercial litigation and securities class actions. Mr. Gilbert is a graduate of Columbia University and New York University School of Law.

Emily P. Gordy

Emily P. Gordy is Executive Vice President, Deputy General Counsel at LPL Financial, with responsibility for regulatory affairs (Regulatory Inquiries & Investigations, Regulatory Counseling, and the Special Investigations Unit). Prior to joining LPL, Ms. Gordy was a partner at the law firm of Shulman Rogers. Ms. Gordy was a financial regulator for 27 years. As an SVP in FINRA’s Enforcement Department, she held a variety of positions, including Deputy/Home Office Enforcement and Head of Regional Enforcement. Prior to joining Enforcement, she advised the District Offices on legal and policy issues impacting the examination program. Prior to joining FINRA, Ms. Gordy spent 13 years with the SEC, primarily with Enforcement, Office of Chief Counsel. At the time of her departure, she was serving as Deputy Chief Counsel. Ms. Gordy is a graduate of the Washington College of Law / American University and Gettysburg College. She was selected as one of The National Law Journal’s 2015 Regulatory & Compliance Trailblazer honorees.

Andrew H. Lipton, Esq.

Andrew H. Lipton is currently an Executive Director in the Global Regulatory Relations Group at Morgan Stanley and the Manager of the Americas Market/Conduct Regulatory Examination Group. Previously, Mr. Lipton worked for seven years in the Client Litigation Division of Morgan Stanley Wealth Management focusing primarily on securities customer arbitrations and regulatory investigations. Mr. Lipton is an active member of the Morgan Stanley Legal and Compliance Division Diversity and Inclusion Committee and is the Co-Chair of the Diversity Summer Internship Program. Mr. Lipton is on the Board of Directors for PALS (Practicing Attorneys for Law Students Program), a group that provides career and skills development for diverse lawyers and law school students). Mr. Lipton is also on the Advisory Board for the Institute for Inclusion in the Legal Profession (“IILP”). Prior to joining Morgan Stanley, Mr. Lipton was an associate at the law firm of Skadden, Arps, Slate Meagher & Flom LLP. At Skadden, Mr. Lipton was a general litigator whose practice focused primarily on securities class actions. Mr. Lipton received a B.A. from Binghamton University and graduated magna cum laude from Brooklyn Law School.



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