Moderator:
To be announced
Panelists:
Bob Colby, FINRA
Stephanie Dumont, FINRA
Greg Ruppert, FINRA
Nathaniel Stankard, FINRA
Bill St. Louis, FINRA
Designed for first-time attendees and open to all, this interactive reception features a panel discussion with industry leaders and offers an opportunity to build early connections. Hosted by the Future Leaders of the SIFMA C&L Society, this session provides insight, perspective, and a welcoming entry point into the C&L community.
Liz Lyons, Edward Jones
Akinyemi Akiwowo, Morgan Stanley
Caroline Hall, Janney
Scott Kursman, IntelligentCross
Kick back – you’re in Florida. Join colleagues from across the industry at our tropical-inspired opening reception, where warm hospitality and a relaxed atmosphere set the tone for the week ahead. It’s the perfect opportunity to reconnect, meet new peers, and gather as a community before the program begins.
The Alfred J. Rauschman Award is presented annually to a candidate who has demonstrated significant contributions to the compliance and legal communities, promoted open communications among industry practitioners to share ideas and issues, fostered dialogue and communications with regulators and dedicated their career to the securities industry.
• Similarities and differences between Reg BI, Advisers Act, DOL & state standards
• Compliance challenges and best practices for handling conflicts between regulations
• Lessons from exams and enforcement
• Industry advocacy/legal challenges to proposed and final regulations relating to standards of care
Will Mack, Greenberg Traurig
Kevin Carroll, SIFMA
Meredith Cordisco, Empower
Ian Frimet, Rockefeller
Allison Rhodes, Stephens
• Best practices for incident response preparedness
• How to create an effective incident response plan
• The role of AI in cyber events and the incident response process
• Legal, regulatory and compliance considerations when handling a cyber event
• Practical tips for coordinating with internal teams, external partners and law enforcement
Julia Siripurapu, Fidelity
Steve Byron, SIFMA
Matt Gavaghan, Janney Montgomery Scott
Ed McNicholas, Ropes & Gray
• Current MSRB areas of focus and any recent enforcement cases
• Political contributions and "pay to play" rules across jurisdictions
• New issues, including recent regulatory focus on pricing and supervision
• Oversight of secondary trading and handling operational issues
Heather Grzanka, JP Morgan
George Hinchcliff, Jefferies
Dan McManus, Stifel
Leslie Norwood, SIFMA
Andrew Southerling, McGuireWoods
• Recent Regulatory Developments for Swap Dealers and Security-Based Swap Dealers
• SEC-CFTC Harmonization
• Compliance & Exam Challenges
• Emerging Products and Technological Developments in OTC Derivatives Markets
Kyle Brandon, SIFMA
• Lightning Round: Emerging Topics: Antitrust Litigation, Class Certification, Climate Cases, Investment Company Act/Saba, Qui Tam Cases
• Aiding and Abetting Litigation— Ponzi Schemes, ATA claims and the Impact of Foreign Law
• Event Contracts—Federal Law v State Law and Broader Implications
• Developments in Delaware and Texas
• SEC’s Guidance on Mandatory Arbitration Provisions
• Rule 303 Known Trends/Robinhood
Mimi Reisert, Citi
Susanna Buergel, Paul, Weiss
Adam Hakki, A&O Shearman
Susan L. Saltzstein, Skadden
Robert W. Topp, Interactive Brokers
• What is a crisis?
• Day 1 decision making – immediate action items and long-term impact
• After Day 1 – proper implementation of response plan and stakeholder management
• Potential pitfalls
• Post Crisis - lessons learned and remediation
Julie Riewe, Debevoise
Erica Crosland, Robinhood
Ellen Hu, Barclays
Ann Shuman, DTCC
What are the ethical and professional responsibility perils that in-house lawyers confront during the twists and turns of a quickly unfolding compliance crisis and how does the emerging use of artificial intelligence (“AI”) affect those? Using a role-playing format that proceeds through a pre-prepared hypothetical, this panel explores those issues associated with handling a major crisis that comes to light at a broker-dealer and public company.
• AI-created broker-dealer compliance issues.
• Up the ladder reporting and obligations when confronted with potential entity misconduct.
• Risk management issues for counsel using AI in an internal investigation including document review; potential hallucination; counsel disclosure of AI usage to client; submissions to regulators; law firm ethical screens; potential attorney-client privilege waiver.
• Who is the client, including related attorney client privilege issues and joint representations/common interest; other conflicts issues?
• Corporate Miranda warnings and implications.
• Whistleblower Issues.
Barry Rashkover, Walden Macht
Sara Carlesimo, Citadel
Stacey George, Stifel
Tina Gubb, FINRA
Jesse Lawrence, BNY Pershing
• Evolving Business Use Cases and Applications
• Regulatory Expectations & Legal Risk for AI Use in Financial Services
• Third-Party Risk Management for AI including Law Firms and AI Vendors
• Practical Approaches to AI Governance, Oversight and Testing
• Encouraging Responsible AI Adoption in Legal and Compliance
Melissa MacGregor, SIFMA
Sarah Cole, SMBC
Izu Emeagwali, JP Morgan
Avi Gesser, Debevoise
Sarah Hammer, Charles Schwab
• Understand the differences (and similarities) between banking, brokerage and investment advisory obligations for third-party risk management (TPRM)
• From procurement through termination: best practices for risk management over the life cycle of the vendor relationship
• Due diligence considerations that support systems related to key areas (e.g., information technology, generative AI, cybersecurity, AML monitoring)
• Legal’s and Compliance's role in a TPRM program
Patrick Jones, Fidelity
Ashley Elchert, Edward Jones
Shane Jones, LPL Financial
Meredith Leary, Mintz
Jonathan McAndrew, Wells Fargo
• Continuous Monitoring and Interpretation of Regulatory Changes
• Impact Assessment, Risk Analysis, and Strategic Response
• Governance, Accountability, and Cross-Functional Coordination
• Leveraging Technology and AI for Regulatory Change Management
• Awareness, Training, and Effective Communication Across the Organization
• Regulatory Outlook and Preparedness
Iris Levitt-Heit, JP Morgan
Kim Hitter, Goldman Sachs
Andrew Olmem, Mayer Brown
Elizabeth Tucker, Stephens
Josh Uhl, Deloitte
• Building a legal & compliance program for high net worth investors
• Scalable support & supervision for bespoke processes
• Staying onsides for legal and tax issues
• Offering complex assets like insurance products, hard assets, private markets
• Concierge service offerings which are "family office-like"
Noel Barnes, Commonwealth
• Flavor of the month securities and how we deal with it
• General trade surveillance
• Cybersecurity issues
• Regulatory considerations related to the use of AI
• Fraud, scams and confidence schemes against vulnerable investors
Sandra Grannum, Faegre Drinker
• Update on Rules 13f-2 and 10c-1a
• Extensions
• Industry views on the rules
• Developments Related to Rule 105 of Regulation M
• MFA request for relief
• Recent FAQs regarding Rule 15c3-3 and Daily Customer and PAB Reserve Computations
• Developments in Crypto Impacting Prime Brokers
• Exchange traded products (ETP)
• Corporate Actions Designed to Initiate Short Squeezes
• Regulatory Focus on Certain Arranged Financing Platforms
• Difference between fully paid borrowing of securities from PAB (US or foreign BDs, or foreign banks acting in a dealer capacity) versus borrowing from customers re: application of Rule 15c3-3(b)(3)
• Extended settlements in PB – margin (Reg. T/FINRA Rule 4210) implications
• Equity for Equity
Michele Bianco, Bank of America
Pamela Arnsten, Wells Fargo
Kevin Campion, Sidley
David A King, BNPP
Mike Macchiaroli, SEC
• Expansion of Retail Access to Private Funds
• Private Offerings and Access
• Private Credit Growth
• Trends
• Legal & Compliance Priorities/Regulatory Landscape
Justin Kletter, Bank of America
• Lightning Round: Emerging Topics: Antitrust Litigation, Class Certification, Climate Cases, Investment Company Act/Saba, Qui Tam Cases
• Aiding and Abetting Litigation— Ponzi Schemes, ATA claims and the Impact of Foreign Law
• Event Contracts—Federal Law v State Law and Broader Implications
• Developments in Delaware and Texas
• SEC’s Guidance on Mandatory Arbitration Provisions
• Rule 303 Known Trends/Robinhood
Mimi Reisert, Citi
Susanna Buergel, Paul, Weiss
Adam Hakki, A&O Shearman
Susan L. Saltzstein, Skadden
Rob Topp, Interactive Brokers
• How Have Crises Changed?
• Predictability vs. Surprise
• Preparation That Actually Works
• People, Power, and Decision Rights
• Information, Narrative, and Timing
• Settlements, Apologies, and Accountability
• Role of emerging technology in crisis management.
Jaliya Faulkner, Vanguard
Dan Gallagher, Robinhood
Jonathan Su, Latham
Lorin Reisner, Paul, Weiss
• Evolving Business Use Cases and Applications
• Regulatory Expectations & Legal Risk for AI Use in Financial Services
• Third-Party Risk Management for AI including Law Firms and AI Vendors
• Practical Approaches to AI Governance, Oversight and Testing
• Encouraging Responsible AI Adoption in Legal and Compliance
Melissa MacGregor, SIFMA
• Optimizing the compliance organizational model – Considerations for firm compliance, risk, and governance structures
• Navigating affiliate-related COI – Identifying and managing potential COI
• Affiliate and vendor oversight – Regulatory and firm standards for affiliate and 3rd party service providers oversight
• Considerations for product distribution – Viewing through different legal and compliance lenses, governance and committee structures and processes, and regulatory perspectives
Gail Merken, Fidelity
Ahmed Abdul-Jaleel, Empower
Robert Cole, Citi
Matt Comstock, Willkie
Christos Tsamadias, Wells Fargo
• Understanding the Regulatory Landscape
• Preparing Before the Knock
• Effective Response Strategies -- Lessons from the Frontlines
• Managing Findings, Undertakings and Enforcement Risk
Matt Applebaum, LPL Financial
Stefani Johnson Myrick, Davis Polk
Ryan Lester, Goldman Sachs
Stephanie Mumford, T. Rowe Price
Jim Reese, FINRA
• Roles and responsibilities—1LoD vs. 2LoD
• Supervision – Adequacy of procedures, systems and controls to detect/prevent misconduct
• Surveillance and Data – Quality, Availability (including alternative data sources) and Usage
• New Market Surveillance Technologies: The role of advanced technologies like AI and machine learning in enhancing market surveillance and detecting fraudulent activities
• Supervisory responsibilities in extended hours trading
Joe Accardi, RBC
• Regulation NMS – finalized rules and future of trade-through prohibition
• 24 Hour Trading – industry developments and participant considerations
• CAT – SEC re-examination/cost-cutting, broker-dealer pressure points, interpretive challenges, cost-benefit analysis, and utility
• Tokenization of Equities – SEC initiatives, broker-dealer adoption, DTC concerns, regulatory barriers
Randi Cone, Nomura
• Developing or driving a strategic vision for the law department
• Leveraging Technology and AI to support internal Legal teams, including Outside Counsel AI utilization
• How Legal and other functions/departments (Compliance, Risk, Operations, Procurement, Finance, Technology) work best together
• Best practices for managing integrated or centralizing Legal teams across groups, operations, geographical regions
• Outside Counsel: Expense management; service delivery; and creating win-win partnerships
• Hiring Consultants: When does it make sense?
Lani Quarmby, Citi
• Regulation of broker-dealers beyond the SEC and FINRA
• Federal regulators including the CFTC and NFA
• State securities regulators
• National Registered Exchanges
• Other regulators, including FinCEN, the CFPB, the OCC, the Federal Reserve, and the PCAOB
Matt Kulkin, WilmerHale
• A rise in accommodations requests, particularly around requests for remote work and mental health / anxiety related disabilities.
• New developments in state competitive laws, including California’s AB 692 (stay or pay law) and Florida’s CHOICE Act (non-compete law)
• The rise of “fake” employees and best hiring practices to detect such wrongdoing
• Developments in EEOC and State AG activities
Cabell Clay, LPL Financial
• Advising Clients on the Evolving Regulatory Landscape: Staying a Step Ahead
• Conflicts Of Interest: The SEC Remains Interested
• Focus on Share Class Issues and Disclosures
• Retail Investors and Private Equity: Risks and Rewards
• Insider Trading: Back to Basics
Katie Goldstein, Akin Gump
• The Changed Landscape of White Collar Enforcement.
• The Impact of New DOJ Policies.
• Self-reporting.
• Whistleblowers.
• What has actually happened to FCPA and crypto enforcement.
• New Clients and New Theories.
• The Expansion of the False Claims Act.
Mary Jo White, Debevoise
• Reimaging roles in an AI-focused environment
• Proper Solutioning – how to analyze "build vs buy vs bolt-on" decisions
• Digital workers: outlook for AI agents replacing entry-level and processing roles
• Building the future with AI – considerations for a strategic plan for your department
Anne Marie Palfrey, Deutsche Bank
Anna Favour O'Connor, Societe Generale Group
Tiffany Smith, WilmerHale
Nimna Varghese, Ernst & Young
Nabeed Zaman, New York Life
• Regulatory updates (state and federal), including those related to social media, AI, digital assets, and the SEC Marketing Rule.
• Communications trends involving “new” products, platforms, and technologies as well as ON Channel communications.
• Keeping up with AI’s opportunities, risks, and responsibilities.
Kristi Crawford, Charles Schwab
• Shifting focuses of SEC, FINRA, and state securities regulators with respect to examinations and enforcement priorities. Where are they over-lapping and where are they uniquely focused?
• Impact of new SEC and FINRA policies related to the Wells process and with respect to issues part of “FINRA Forward.”
• Are states “stepping into the breach” in examinations and/or enforcement?
• Are the differences in priorities among regulators likely to produce inconsistent standards?
• Best practices when dealing with competing regulatory inquiries.
Andy Lipton, Morgan Stanley
• Robocop: AI and dispute resolution
• I’ve been had!: assessing liability for and negotiating third party scam claims
• Big decisions: special considerations in early resolution of regulatory investigations and class actions
• Making a better future: using complaint data to identify and mitigate future risks
Ken Crowley, UBS
Sponsored by Davis Wright Tremaine
Now that a year has passed with the current Administration, DWT Partners Liz Davis and Barry O’Connell and Of Counsel Russell Fecteau will offer insights into the priorities that have emerged from the SEC, CFTC, and FINRA, while offering practical tips for advocating on behalf of clients in front of these regulators.
The DWT team will provide their perspectives and insights into the leadership and senior management, unpack the process changes affecting enforcement that have come into place with the Administration’s deregulatory agenda, and delve into the areas of additional changes and rulemaking that may be forthcoming, including with regard to cross-agency harmonization efforts, crypto, and prediction markets.
Elizabeth Lan Davis, Davis Wright Tremaine
Russell Fecteau, Davis Wright Tremaine
Barry O’Connell, Davis Wright Tremaine
This session will address fundamental change in the U.S. regulatory landscape based on administrative law decisions by the Supreme Court and new executive orders and other administrative action. We will discuss pending initiatives and opportunities for industry engagement to capitalize on the new landscape, as well as to navigate novel government investigations and enforcement.
Jill Centella, JP Morgan
Steven D’Alessandro, JP Morgan
Jay Tambe, Jones Day
Alexander Maugeri, Jones Day
Join us for an informative lunch and learn session on the evolving role of prediction markets within the financial services sector. Following the 2024 legal developments involving KalshiEX LLC, prediction markets now encompass a range of events, from economic indicators to sports results. This session will cover the fundamentals of event contracts, examine the implications for financial institutions, and explore the regulatory challenges associated with these markets. Gain insight into how firms can navigate compliance and manage risks, particularly around material non-public information, in this rapidly changing landscape.
Conway Dodge, KPMG
DJ Hennes, KPMG
Lunch & Learn: From Generative to Agentic: The Outlook for AI Adoption in Financial Services in 2026
Sponsored by Smarsh
Artificial Intelligence is a top priority of every financial services firm, large and small, in the US and around the world. While many firms made progress in leveraging GenAI in 2025, some were stuck in pilots that failed to deliver expected ROI, while others continued to wait regulatory clarity before making policy decisions. That is changing in real time as business pressure continues to mount, common compliance & legal use cases emerge, and agentic AI gains momentum.
This lunch and learn session will explore this topic, with discussion focused on the following:
What was the state of adoption, common use cases and key lessons learned at the end of 2025, including reasons why many AI projects failed
What tactical adjustments firms are prioritizing in 2026, including how firms are responding to the lack of additional prescriptive guidance from US federal regulators
What emerging trends should firms be planning for, including the growing threat of shadow AI, new tools and features that require governance controls, and how compliance & legal teams are thinking about agentic AI
The session will be led by a panel of legal and compliance experts, sharing insights from their client work, and providing attendees with a real-world view of where they stand in their AI journeys relative to their peers.
Robert Cruz, Smarsh
Ben Indek, Morgan Lewis
Norm Ashkenas, Robinhood
Christina Dugger, JP Morgan
Curtis McCubbin, DA Davidson
Suzanne Morgan, Wells Fargo
Co-sponsored by Barrasso Usdin Kupperman Freeman & Sarver, Carlton Fields, and Venable
• Evolving Regulatory Expectations & Guidance
• Technology Innovation: Leveraging AI and other tools firms are using to replicate on-site inspections
• Monitoring & Oversight Best Practices: How firms are adapting testing methodologies? [pre-inspection questionnaires, video verification, unannounced checks]
• What does success look like: How will FINRA evaluate the effectiveness of remote vs. on-site inspections?
• What does the future look like and should our supervisory frameworks evolve?
Tara Gilchrist, LPL
• Securities Offering Developments, including expansion of non-public review process (i.e., confidential submissions) and lessons learned from the government shutdown
• Foreign Private Issuer Reforms – SEC’s concept release on narrowing eligibility for Foreign Private Issuer status and the National Defense Authorization Act extension of Section 16 reporting (Forms 3, 4 and 5)
• SEC and FINRA Regulatory Developments, including the Research Settlement sunset and updates on the FINRA Modernization Rules
• Evolving Use of Artificial Intelligence – compliance implications
• M&A Litigation Developments – standard of aiding and abetting liability for acquirors under Columbia Pipeline and specific performance imposed for strategic delays under Desktop Metal v. Nano Dimension
• Noteworthy Capital Markets Trends This Year – resurgence of SPACs and De-SPACs and confidentially marketed public offerings
Shanna Green, Jefferies
Catherine Clarkin, Sullivan & Cromwell
John Elrod, Guggenheim
C.B. Richardson, Citi
Thomas Yang, Bank of America
• Regulatory uncertainty - How to navigate and what is our role
• Operational risks surrounding stablecoins and tokenization of assets such as secure custody solutions and clear legal frameworks for ownership and transfer
• Market Adoption barriers such lack of standardized processes for issuing, trading, and redeeming tokenized assets
• How stablecoins might affect monetary policy transmission, payment systems, and the broader banking sector
Kimberly Johns, Goldman Sachs
• The Political Environment and State Securities Laws
• The NASAA Model Rule/Guidelines Process
• Hot Topics in State Legislation
• State Enforcement Trends
Lisa Colone, CSG Law
• What should you think about when deciding to litigate versus settle
• Managing the timing of key decisions and milestones
• How to maintain a constructive relationship with your regulator while litigating
• Keeping leadership and internal stakeholders aligned with the strategy
• Potential conflicts and misalignment with current and former employees
Mark Fisher, Stifel
• Navigating the complexities of current or former employee cooperation in internal and regulatory inquiries, including consideration of whistleblower protections
• Evaluating termination decisions amidst regulatory scrutiny
• Considerations for wealth management firms: recruiting, retaining, and separating from financial advisers
• Preserving employee whistleblower protections in an age of digital surveillance
• Managing a global workforce, navigating conflicting labor laws and data privacy in regulated roles
Cara Friedlander, SMBC
• Practical applications for using AI to streamline investigations and litigation, from e-discovery to case development to trial preparation and beyond
• Risks and challenges of using AI in the litigation and investigation context, including include AI "hallucinations”, algorithmic bias, data privacy, confidentiality and privilege concerns, and the admissibility of AI-generated evidence
• Controls and strategies for ensuring sufficient oversight
• Innovations that are potentially on the horizon and how to keep up
Jessica Escalera, HSBC
• Emerging areas of focus: artificial intelligence, vendor risk management, remote work
• Positioning the compliance department within an organization
• Managing regulatory risk in a shifting geopolitical landscape
• Practical lessons from recent enforcement actions
Cri Swift, Sidley
• Understanding the Regulatory Landscape
• Preparing before the Knock
• Effective Response Strategies/Lessons from the Frontlines
• Technology, Tools and Data Governance
• Risk Management, Collaboration, Governance and Continuous Improvement
Marla Moskowitz-Hesse, Wells Fargo
Jason Habermeyer, Edward Jones
Gwenn Kalow, Goldman Sachs
David Porteous, Faegre Drinker
Mike Rufino, SEC
• Establishing internal frameworks and compliance programs that identify and mitigate ethical dilemmas
• Mitigating and managing internal and external conflicts of interest
• Proactive training, testing, investigations and other effective practices driving a culture of compliance
• Generative AI and technology tools to enable the business and support compliance oversight
• Examples of Enforcement matters and the accountability of legal and compliance professionals
Anthony Karoleski, SMBC
Candice Aaron, Charles Schwab
Nick Losurdo, Kirkland & Ellis
Gina Petrocelli, Citi
Matt Sugden, Commonwealth
• Best practices around oversight and governance of data products which would include how data is used; both internally and externally; Considerations around privacy and information barriers
• Policies, procedures, and controls
• Best practices around web and data scraping
• Engagement with vendors and external data sources
Matt Otte, RBC
Steffen Hemmerich, Mayer Brown
Andrew McElduff, FINRA
Rob Patchett, Raymond James
Amy Purcell, Vanguard
• A Snapshot of Current U.S. and Global Regulatory Developments
• Geopolitical Risk Environments
• Managing Regulatory Change Across Multiple Jurisdictions
• Expected Developments in Crypto/Digital Assets in the New U.S. Regime
• Effective Compliance Programs for “Inbound” and “Outbound” Securities Sales and Services to US Persons
• Global Regulators’ Expectations for a Global Business
• Use of Technology – Opportunities and Risks
Alison Morpurgo, JP Morgan
William Hallatt, Gibson Dunn
Karen Kowalski, UBS
Barbara Stettner, Sidley
Danielle Tarasen, Raymond James
• Defining Complexity in 2026: Are regulators and firms aligned on what constitutes complexity today?
• Expanding Alternative Investments to Retail Clients – Opportunities and Risks to Consider
• Governance best practices: New product onboarding and ongoing due diligence
• Supervision – Best Practices for Complex Products
• Complex Products in 401ks and Retirement Products – What to consider
Todd Hand, Morgan Stanley
• Executive Order Spotlight – Examining the impact of recent directives on incorporating private equity and other alternative investments into retirement plan accounts.
• Regulatory Priorities – Key updates from the Department of Labor, SEC, and other agencies influencing retirement plan oversight and investment access.
• Litigation Landscape – Emerging lawsuits and court decisions affecting defined contribution retirement plans, including fee structures, investment menus, and fiduciary risk.
• Risk and Fiduciary Duty – Balancing innovation in investment options with fiduciary obligations to act prudently in the best interests of plan participants.
• Operational and Compliance Challenges – Preparing plan sponsors and service providers for evolving standards, disclosures, and enforcement trends shaping retirement plan governance.
Laura Grogan O'Mara, Bank of America
• Key enforcement trends and triggers for investigations
• Effectively navigating early days, including launching the internal investigation and setting the tone with the government, auditors and other stakeholders
• Strategies for conducting internal investigations and risk management alongside ongoing regulatory enforcement actions.
• Best practices for obtaining meaningful credit through self-reporting and cooperating with regulators, and demonstrating effective remediation.
• Techniques for coordinating parallel regulatory investigations to achieve efficient and comprehensive global resolutions
• Strategies for negotiating resolutions with the government
Leticia Vandehaar, Citi
Christina Aylward, Interactive Brokers
Anita Bandy, Skadden
Aleah Borghard, Citadel
Andrew Lelling, Jones Day
• New Leadership, Shifting Priorities and Guidance: Changes in Regulatory and Criminal Enforcement
• Crypto, AML, Sanctions, Cartels, False Claims Act, Insider Trading and other current enforcement issues
• Self-Reporting and Cooperation Credit: What is it really worth?
• Future of Whistleblower programs
Elaine Mandelbaum, Interactive Brokers
George Canellos, Milbank
John Fagg, Moore & Van Allen
Joon Kim, Cleary
Samantha Schreiber, Morgan Stanley
• Understanding enforcement priorities
• Navigating interactions with enforcement
• Enforcement during periods of transition
• What to expect for the remainder of this administration
Sara Raisner, A&O Shearman
• Ethical duties of in-house and outside counsel in conducting internal investigations, including independence.
• Examining conflicts of interest, witness representation, and dual-hatting risks.
• Consider privilege issues, including challenges to the attorney-client privilege by individuals.
• Explore how investigative findings, remediation decisions, and communications with boards and senior management raise professional responsibility concerns.
• Discuss gatekeepers as potential whistleblowers and how to ethically handle whistleblower complaints.
Kristy Littman, Willkie Farr & Gallagher LLP
• Best Interest Timeline
• Current Standards of Care – Differences & Commonalities
• Firms’ Navigation -- Practical Application
• Future of Best Interest
• Enforcement Actions & Case Law
Joe Earnhardt, Charles Schwab
• Intro and Welcome
• New Product Challenges
• Prediction Markets
• Tokenized Securities
• Existing Product Challenges
• Control Breaks; Architecture
• Data Challenges
• Impact When Things Go Wrong
• Recent Cases
• Regulatory Backdrop; Executive Order
• Areas of Heightened Attention
• New Areas of Enforcement
• New Areas of Potential AI Applications
• (White Paper on AI in Asset Mgmt)
• AI in Surveillance
• New Areas of Potential AI use cases
• Actual AI Use Cases
• First level review
• LLM usage for reduction in time spent
Dan Veale, Citi
Co-sponsored by Barrasso Usdin Kupperman Freeman & Sarver, Carlton Fields, and Venable
• Who are the main US Prudential Regulators, and what are their main areas of focus?
• How Prudential Rules intersect with SEC/FINRA conduct standards (Why should non-Bank focused Compliance and Legal professionals care)
• What are emerging risks or trends in US Prudential Regulation?
• Managing varying regulatory standards across Prudential Regulators and its Global Impact
Navit Jackson, Charles Schwab
• A Brief History of a Remarkably Efficient Product
• Product Proliferation and Complexity: Leverage, Crypto and Share Classes
• Underwriter and Point of Sale Risks
• Tokenization and Blockchain Opportunities
Matt Iwamaye, Cboe Global Markets
Jack O'Brien, Morgan Lewis
Shafiq Perry, Goldman Sachs
Tula Tay, Citadel
Andrew Upward, Jane Street Capital
• Investor Autonomy vs. Duty of Care: Establishing the regulatory framework
• Engagement vs. Undue Influence: Designing for customer expectations and regulatory requirements
• Protecting vs. Patronizing: Disclosure, education, innovation, and access
• Oversight vs. Autonomy: Supervision and surveillance of high-risk self-directed investment decisions
Bryan Weaver, Fidelity
Matt Altshuler, SoFi
Jonathan Gelman, Interactive Brokers
Ariel Gursky, Morgan Lewis
Ashley Hulting, Robinhood
• Key enforcement trends and triggers for investigations
• Effectively navigating early days, including launching the internal investigation and setting the tone with the government, auditors and other stakeholders
• Strategies for conducting internal investigations and risk management alongside ongoing regulatory enforcement actions.
• Best practices for obtaining meaningful credit through self-reporting and cooperating with regulators, and demonstrating effective remediation.
• Techniques for coordinating parallel regulatory investigations to achieve efficient and comprehensive global resolutions
• Strategies for negotiating resolutions with the government
Leticia Vandehaar, Citi
Christina Aylward, Interactive Brokers
Anita Bandy, Skadden
Aleah Borghard, Citadel
Andrew Lelling, Jones Day
Elaine Mandelbaum, Interactive Brokers
George Canellos, Milbank
John Fagg, Moore & Van Allen
Joon Kim, Cleary
Samantha Schreiber, Morgan Stanley
• FINRA Modernization
• Vision and Regulatory Philosophy
• Key Priorities from the Top
• Culture and Governance within FINRA
• Engagement with Member Firms, Enforcement Trends and Risk Monitoring
• Preparing for the Future
• Perspectives on Personal Paths to Leadership
Paul Tyrrell, Sidley
Bob Colby, FINRA
Stephanie Dumont, FINRA
Greg Ruppert, FINRA
Nathaniel Stankard, FINRA
Bill St. Louis, FINRA
• Transformation of the Regulatory Environment
• Legislative Developments and Emerging Legal Clarity
• Global Regulatory & Compliance Challenges
• Customer choices for engaging in crypto transactions
Christopher Williams, Fidelity
Priya Bindra, Morgan Stanley
Andrea Truelove, Robinhood
Anthony Valenzuela, Davis Wright Tremaine
Zach Zweihorn, Davis Polk
• Overview of AI adoption trends by financial advisors and firms
• Current use cases by financial advisors and firms
• Current use cases for supervision and oversight
• Risks and challenges / regulatory concerns
• Future outlook for AI’s role in democratizing financial advice and the potential impact to traditional business models
Michelle Kelley, Commonwealth
Brian Baltz, Willkie Farr & Gallagher
Megan St. John, Edward Jones
Kate Ring, Stash
• Managing an expanding/evolving product shelf
• Maximizing limited resources for complex issues
• Optimizing tech for compliance/supervisory reviews
• Managing regulatory exams and inquiries
• Getting the most from your education/training
Abby Armstrong, Commonwealth
Amber Crouch, NASAA
Jon Cyprys, Greenberg Traurig
Anton Deden, DA Davidson
Matthew Morningstar, LPL Financial
Sandra Grannum, Faegre Drinker Biddle & Reath LLP
Sponsored by Global Relay
We’ll explore how financial services firms can elevate their communications monitoring strategy with AI-enabled surveillance.
Discover how a Large Language Model (LLM) solution can more accurately assess risks in your electronic and voice communications with contextual analysis to understand the intent of the message rather than rigid keyword lists or flags.
Global Relay’s Donald McElligott, Vice President of Compliance Supervision, and Chip Jones, Executive Vice President of Compliance, will demonstrate how our surveillance solution uses industry-leading LLMs augmented with financial knowledge and chain-of-thought prompting to provide a higher level of analysis and risk detection for complete, effective communications surveillance.
Chip Jones, Global Relay
Donald McElligott, Global Relay
Lunch & Learn: A Bank’s Journey From Traditional Bank Products to Securities (And Taking Tips Along the Way)
Sponsored by Mayer Brown
Explore how banking organizations increasingly seek opportunities to expand their product offerings, gradually entering the capital markets. We will discuss the journey from offering traditional bank products and the range of bank products that are most commonly offered to partnering with broker-dealers under networking arrangements. Finally, we will discuss making the transition to launching a broker-dealer business, from agency and advisory activities (undertaken without underwriting) to underwriting activities.
Linda W. Filardi, Flagstar
Bob Mulligan, Capital One Securities
Anna Pinedo, Mayer Brown
Jeffrey Taft, Mayer Brown
Lunch & Learn: Crypto and Emerging Technologies: Strategic Insights for Financial Market Participants in 2026
Sponsored by Morrison Foerster
Rapid advances in crypto and other emerging technologies are reshaping how capital markets and financial ecosystem participants manage risk, compliance, and growth. MoFo’s Lunch & Learn will deliver practical, regulator-informed insights for broker-dealers, in-house legal and compliance teams, risk executives, and other market participants across fintech, digital assets, privacy and cybersecurity, and U.S. and EU regulatory developments. Panelists will focus on actionable guidance to help organizations anticipate regulatory expectations and operational challenges in 2026.
Michael Birnbaum, Morrison Foerster
Val Dahiya, Morrison Foerster
Ed Imperatore, Morrison Foerster
Dan Jones, Morrison Foerster
Haima Marlier, Morrison Foerster
Lunch & Learn: From Pilot to Production: How Agentic GenAI Is Transforming Legal Functions in Financial Services
Sponsored by Sia
Legal professionals in financial services are operating in an environment of relentless regulatory change, heightened supervisory scrutiny, compressed business timelines, and ever-expanding volumes of documentation - often without corresponding increases in budget or headcount. While many organizations have experimented with Generative AI tools, far fewer have successfully moved beyond pilots to production-ready, governed implementations that can withstand regulatory and litigation scrutiny.
This session focuses on practical, agentic GenAI use cases that are already being embedded into legal workflows across financial services organizations. Rather than exploring AI in the abstract, the discussion centers on how legal functions - and the advisors who support them - are operationalizing AI in a way that delivers measurable efficiency while maintaining auditability, control, and accountability.
We will examine five high-impact domains where agentic GenAI is driving tangible change:
Regulatory change management: Continuous monitoring of new rules and guidance, automated impact analysis by business line, and AI-assisted drafting of policy and procedure updates with traceable source attribution.
Disclosure and communications compliance: Automated validation of required disclosures across investment, research, and marketing materials, including integration with recorded-communications and voice review workflows.
Contracting at scale: AI-assisted drafting and redlining from approved templates and playbooks, counterparty paper review, risk-based approval routing, and post-execution obligation extraction and monitoring.
Litigation and investigations readiness: Accelerated eDiscovery triage, timeline generation, and privilege and PII identification to reduce cycle time, cost, and response risk.
Legal knowledge management and self-service guidance: Natural-language access to approved internal and outside-counsel guidance, enabling consistent advice, reducing repeat inquiries, and supporting faster, more confident frontline decision-making.
Attendees will leave with a practical blueprint for identifying high-value use cases and moving them from pilot to production, along with an implementation approach that prioritizes responsible AI governance, data controls, auditability, and regulatory defensibility. The session is designed to help legal professionals move beyond experimentation and position legal as a scalable, strategic enabler of the business.
Zoya Ashirov, Sia
Cyril Sayada, Sia
Join us for a Pickleball Tournament sponsored by Deloitte, and designed for friendly competition and networking. Players of every experience level are welcome. There will be snacks, cocktails and the opportunity to win prizes! If you have any questions, please email clsociety@sifma.org.
Ronald J. Kruszewski, Stifel, Chairman, SIFMA Board of Directors
Joseph L. Seidel, SIFMA
• Data Quality Oversight Programs including Storage/Retention and Quality Controls
• Downstream Impacts of Data Issues (e.g. regulatory reporting, AML monitoring, Surveillance, etc.
• AI Voice/Meeting Transcription & Summarization Tools
• Third party outsourcing and data protection
• Privacy in the Age of AI
Andy Cadel, Morgan Stanley
Fran Faircloth, Ropes & Gray
Omar Khondker, JP Morgan
Golam Mainuddin, Barclays
Janice Stark, Edward Jones
• Evolving regulatory and enforcement expectations in AML, sanctions and anti-corruption
• Impact of AI and other technology developments on risk management and data analytics
• Latest fraud trends and financial crime compliance program implications
• Reputational risk and future-proofing your compliance program
Sarah Green, Vanguard
Bernard Canepa, SIFMA
Kelly Gentenaar, LPL Financial
Charlie George, Fidelity
Aseel Rabie, Debevoise
• Best practices before, during, and after negotiations
• Who participates—the pros and cons of including third parties (experts, business-unit personnel, etc.)
• How and when to integrate technology into negotiations
• Managing relationships: impact of rapport with mediators and opposing counsel
• Competing considerations in different types of negotiations (e.g., litigations vs. contracts vs. enforcement)
• Ethical and prudential considerations: navigating good faith representations, conflicts of interest, confidentiality, and privilege.
Ilan Graff, Fried Frank
Rick Davis, Maynard Nexsen
Erika Engelson, Deutsche Bank
Andrew Smith, Citizens
• The challenges of applying ethical rules that are designed for private practitioners to in-house attorneys.
• The necessity to maintain independence and professional judgment.
• Key legal and ethical nuances of privilege and confidentiality.
• The real-world perils of failing to remember who your “client” is when navigating dicey investigations and other engagements.
• Ethical issues involving multi-party litigations and settlement negotiations.
• What to do when your company leadership insists on decisions that could violate the law or otherwise compromise your legal ethics?
• Internal reporting, escalations and the “Art of the Difficult Conversation.”
Shamoil Shipchandler, Charles Schwab
Eva Carman, Ropes & Gray
Valecia McDowell, Moore & Van Allen
Kelly Noble, Empower
Jenny Woodson, Morgan Stanley
• Is there a difference between a fiduciary duty and Reg BI in arbitrations?
• How badly do those off-channel communications hurt?
• AI: Friend or Foe in arbitrations?
• Hot topics keeping your arbitration team busy
Jordan Maglich, Raymond James
James Browning, Stifel
Sydney Crowder Franco, Ameriprise
John Kincade, Bressler
• Research Settlement Sunset and Anticipated Practice and Compliance Changes
• Other Regulatory Developments
• Best Practices Surrounding Proper Use of AI in Research
• How to Prevent Buy Side Concerns Around Selective Disclosures and Surveillance
• Private Company Research
• Using Safe Harbors for Releasing Research
Gleennia Napper, Deutsche Bank
Raymond Abbott, Bank of America
Jen Morton, A&O Shearman
Christina Rivera, JP Morgan
Phil Shaikun, FINRA
• Mandatory Clearing of US Treasury Securities
• Prediction Markets, Cryptocurrencies, and Regulatory Harmonization
• 15c2-11 and Other Regulatory Advocacy
• What we can reasonably expect from a regulatory perspective in 2026
Ashley Belich, RBC
• Building and Sustaining High-Value Relationships Across Legal, Risk and Compliance
• Collaboration Tactics in a Dynamic Legal, Compliance, and Risk Environment
• Change Enablement Frameworks and Approaches
• Driving Aligned Transformation Through Technology and Process Innovation
• Leveraging External Expertise and Insights from Litigation and Enforcement Actions
Lauren Munfa, UBS
• What has changed at U.S. regulators and what has remained the same.
• The varied approaches a new Administration may take with respect to influencing the missions and decisions of the Department of Justice and other government agencies.
• How a change in a government agency’s leadership can influence the bread-and-butter cases the agency handles.
• Where the regulatory pendulum was, where it is now, and where it might swing next.
• How major market events might impact the rule of law.
• How State and Foreign regulators are reacting to the U.S. Government’s current approach.
• How to navigate the current regulatory environment while being mindful of what the future may hold.
Mei Lin Kwan-Gett, Citi
• Current Regulatory Landscape in the US
• Impact of FRB proposal on large bank supervision
• Exam Trends and Developments
• Basel Endgame
Carter McDowell, SIFMA
• Stories from the front lines exploring common scams and fraud
• Regulatory developments on fraud detection and elder exploitation
• Supervisory and oversight tools used by firms to discover, mitigate, and prevent financial fraud
• Research & collaboration between industry and regulators
• How to mitigate regulatory scrutiny and avoid private litigation/arbitration
Cece Mavico, Truist
