detailed agenda · cybersecurity update: managing regulatory challenges . rhode island room, 2nd...
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DETAILED AGENDA
5:00 pm - 6:30 pm Registration Open State Foyer, Lobby Level
5:30 pm – 6:30 pm Welcome ReceptionPalm Court Ballroom, Lobby Level
SUNDAY, JUNE 11, 2017
MONDAY, JUNE 12, 2017
8:00 am - 6:30 pm Registration Open
State Foyer, Lobby Level
8:00 am – 9:30 am Breakfast Sponsored by Jackson National Life Insurance Company State Foyer, Lobby Level
8:30 am – 8:45 am Welcome Remarks State Room, Lobby Level
Speakers: J. Lee Covington IISenior Vice President and General CounselInsured Retirement Institute (IRI)
Andrew J. Bowden Senior Vice President and General Counsel Jackson National Life Insurance Company Chairman IRI GLRC 2017 Planning Committee
8:45 am – 9:15 am A View from the Top State Room, Lobby Level
Robert DeChellis, the Chairman of IRI’s Board of Directors, will share his insights on the current political environment, policy trends and dynamics affecting the regulation of annuities and other retirement products and services. The session will highlight federal and state legislative and regulatory prospects the industry is facing today and the challenges it can expect to face in the years ahead.
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Speaker: Robert DeChellis President and Chief Strategist Allianz Exchange Chairman IRI Board of Directors
9:15 am – 9:40 am Federal Securities Regulation in 2017 and Beyond State Room, Lobby Level
Former SEC Commissioner Paul Atkins will offer his perspective on several important SEC initiatives, including the potential development of a uniform standard of care for broker-dealers and investment advisers (and how that initiative would interact with the DOL fiduciary rule), the variable annuity summary prospectus, the ongoing review of the current disclosure regime, and other subjects relevant to the insured retirement industry.
Speaker: Paul S. Atkins Chief Executive Officer Patomak Global Partners, LLC Former Commissioner U.S. Securities and Exchange Commission (SEC)
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9:40 am – 10:00 am FINRA: The Road Ahead State Room, Lobby Level
As the self-regulatory organization for the broker-dealer industry, FINRA plays a significant role in regulating the distribution of many insured retirement products. In this session, you will hear an update from FINRA’s Executive Vice President for Regulatory Operations on recent strategic efforts affecting our industry, including the comprehensive self-evaluation and organizational improvement initiative known as FINRA360 and the review of the rules governing outside business activities. You will also hear about FINRA’s examination priorities and its ongoing efforts to protect seniors.
Speaker: Susan F. Axelrod Executive Vice President, Regulatory Operations Financial Industry Regulatory Authority (FINRA)
10:00 am – 11:00 am Solving for Challenges Under the DOL Fiduciary Rule State Room, Lobby Level
As the DOL fiduciary rule transition period begins, insurance and annuity product manufacturers and distributors face significant challenges. Hear our panel of industry experts discuss their top challenges, potential compliance approaches and solutions.
Moderator: Stephen M. Saxon Chairman Groom Law Group
Panelists: Robert J. Doyle Vice President Prudential Financial
Margaret H. Raymond Vice President, Managing Counsel T. Rowe Price
Lance Schoening Director of Project Management, Retirement and Income Services Principal Financial Group
11:00 am – 11:30 am Break – Sponsored by Locke Lord LLP State Foyer, Lobby Level
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11:30 am – 12:30 pm Breakout Sessions
Innovation in the Fixed and Fixed Indexed Annuity Marketplace (repeats) South Carolina Room, 2nd Level
In 2016, fixed indexed annuities and declared-rate fixed annuities saw continuing growth. Annuity sales mix continues to face uncertainty and adjustment as carriers, distributors and producers digest the impact of the DOL fiduciary rule. In this session, a diverse and knowledgeable panel will share the perspectives of insurance companies, broker-dealers, IMOs/FMOs, and the captive distribution model. They will discuss some of the key innovations and adjustments of the past year and focus on changes that may come in the next couple of years. Discussion topics include product innovation, the development of fee-based products, product distribution, compensation, and technology.
Moderator: Chris Conroy Senior Vice President – National Accounts, Annuity Sales CreativeOne
Panelists: Judy Bartlett Vice President and Associate General Counsel New York Life Insurance Company
Joe Maringer National Sales Vice President – Annuities Great American Insurance Group
Kevin Mechtley Corporate Attorney – Conflicts Counsel Sammons Financial Group
Kelly Tate Product Leader – Retirement Products Edward Jones
The Evolving Variable Annuity Market (repeats) Virginia Room, 2nd Level
The variable annuity marketplace continues to evolve as it responds to a dramatically changing regulatory landscape, a challenging market and interest rate environment, and increased competition from other retirement products. In this session, carrier, broker-dealer and legal experts will dissect these challenges and assess the implications for the marketplace, addressing such key areas as product development (including fee-based products), emerging regulatory issues raised by the DOL fiduciary rule, and the unique impact of these changes on issuers and distributors.
Moderator: Chip Lunde Shareholder Carlton Fields Jorden Burt, P.A.
Panelists: Shane Daly Lead Director and Associate General Counsel AXA Equitable
Manda Ghaferi Vice President and Deputy General Counsel AIG Consumer Insurance
Matthew Watts Vice President, Private Client Group Investment Products and Solutions Raymond James
William D. Wilcox Vice President and Chief Legal Officer, Individual Life Insurance Prudential Insurance of America
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Emerging Issues in State Insurance and Securities Regulation (repeats) Pennsylvania Room, 2nd Level
The industry’s regulatory radar screen is packed with state-level issues. State insurance commissioners and state securities administrators are often the first regulators to encounter new products and sales practices. During this session, attendees will hear about some of the latest emerging areas for the states, including suitability / best interest standard, senior investors and appropriate sales practices, annuity illustrations, and innovation / technology / cybersecurity / big data.
Moderator: Christine Kelly Benefield, CRCP, CLU, FFSI, FLMI Vice President and Associate General Counsel, Regulatory Affairs AIG Consumer Insurance
Panelists: Jennifer Powell Vice President and Chief Compliance Officer, Annuities and Individual Life Insurance Prudential Financial
James Regalbuto Deputy Superintendent, Life Insurance New York Department of Financial Services
Michael Tobin Vice President, Office of Governmental Affairs New York Life Insurance Company
Cybersecurity Update: Managing Regulatory Challenges Rhode Island Room, 2nd Level
The insurance industry continues to focus on the ever-evolving cyber landscape as cyber risks still take a top spot in enterprise risk management discussions. In this session, we will provide updates on the latest federal and state initiatives regarding cybersecurity, regulatory enforcement activities, and the latest news on blockchain and managing third party risk.
Moderator: Josephine Cicchetti Co-Chair, Data Privacy and Cybersecurity Task Force Carlton Fields Jorden Burt, P.A.
Panelists: David Joire Senior Special Counsel U.S. Securities and Exchange Commission (SEC)
David Ross Assistant General Counsel, IP and Global Technology Unit MetLife
Edmund Zaharewicz Shareholder Carlton Fields Jorden Burt, P.A.
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12:30 pm – 2:00 pm Lunch On Your Own
2:00 pm – 3:00 pm Breakout Sessions
Innovation in the Fixed and Fixed Indexed Annuity Marketplace (repeats) South Carolina Room, 2nd Level
In 2016, fixed indexed annuities and declared-rate fixed annuities saw continuing growth. Annuity sales mix continues to face uncertainty and adjustment as carriers, distributors and producers digest the impact of the DOL fiduciary rule. In this session, a diverse and knowledgeable panel will share the perspectives of insurance companies, broker-dealers, IMOs/FMOs, and the captive distribution model. They will discuss some of the key innovations and adjustments of the past year and focus on changes that may come in the next couple of years. Discussion topics include product innovation, the development of fee-based products, product distribution, compensation, and technology.
Moderator: Chris Conroy Senior Vice President – National Accounts, Annuity Sales CreativeOne
Panelists: Judy Bartlett Vice President and Associate General Counsel New York Life Insurance Company
Joe Maringer National Sales Vice President – Annuities Great American Insurance Group
Kevin Mechtley Corporate Attorney – Conflicts Counsel Sammons Financial Group
Kelly Tate Product Leader – Retirement Products Edward Jones
The Evolving Variable Annuity Market (repeats) Virginia Room, 2nd Level
The variable annuity marketplace continues to evolve as it responds to a dramatically changing regulatory landscape, a challenging market and interest rate environment, and increased competition from other retirement products. In this session, carrier, broker-dealer and legal experts will dissect these challenges and assess the implications for the marketplace, addressing such key areas as product development (including fee-based products), emerging regulatory issues raised by the DOL fiduciary rule, and the unique impact of these changes on issuers and distributors.
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Moderator: Chip Lunde Shareholder Carlton Fields Jorden Burt, P.A.
Panelists: Shane Daly Lead Director and Associate General Counsel AXA Equitable
Manda Ghaferi Vice President and Deputy General Counsel AIG Consumer Insurance
Matthew Watts Vice President, Private Client Group Investment Products and Solutions Raymond James
William D. Wilcox Vice President and Chief Legal Officer, Individual Life Insurance Prudential Insurance of America
Emerging Issues in State Insurance and Securities Regulation (repeats) Pennsylvania Room, 2nd Level
The industry’s regulatory radar screen is packed with state-level issues. State insurance commissioners and state securities administrators are often the first regulators to encounter new products and sales practices. During this session, attendees will hear about some of the latest emerging areas for the states, including suitability / best interest standard, senior investors and appropriate sales practices, annuity illustrations, and innovation/ technology / cybersecurity / big data.
Moderator: Christine Kelly Benefield, CRCP, CLU, FFSI, FLMI Vice President and Associate General Counsel, Regulatory Affairs AIG Consumer Insurance
Panelists: Jennifer Powell Vice President and Chief Compliance Officer, Annuities and Individual Life Insurance Prudential Financial
James Regalbuto Deputy Superintendent, Life Insurance New York Department of Financial Services
Michael Tobin Vice President, Office of Governmental Affairs New York Life Insurance Company
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The Insuretech and Blockchain Wave: How to Read It and Why You Need to Ride It Rhode Island Room, 2nd Level
In today’s marketplace, the annuity industry is seeking to develop, modernize and adopt technologies to solve the industry’s complexities. These efforts include addressing the common challenges for transacting e-commerce and understanding the technologies which are central to industry efforts. Our panel of experts will explore these issues and examine the current status of blockchain and insuretech.
Panelists: Brian T. Casey Partner Locke Lord LLP
James Slazas Director of Capital Markets ConsenSys
3:00 pm – 3:15 pm Break – Sponsored by Locke Lord LLP State Foyer, Lobby Level
3:15 pm – 4:15 pm The Hottest Litigation Topics from the Year in Review Co-Sponsored by Carlton Fields Jorden Burt, P.A. and Eversheds Sutherland State Room, Lobby Level
Financial industry litigation experts will cover many of the highlights from a very busy year for the industry, including retirement plan class actions, potential litigation exposure under the evolving DOL fiduciary rule, extensive litigation over the setting of non-guaranteed elements (e.g., COI rates), and other recent filings and decisions of interest involving life and annuity products.
Moderators: Waldemar J. Pflepsen, Jr. Shareholder Carlton Fields Jorden Burt, P.A.
Phillip E. Stano Partner Eversheds Sutherland
Panelists: Brendan Ballard Senior Counsel Eversheds Sutherland
Wilson G. Barmeyer Counsel Eversheds Sutherland
Shaunda A. Patterson-Strachan Shareholder Carlton Fields Jorden Burt, P.A.
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Michael A. Valerio Shareholder Carlton Fields Jorden Burt, P.A.
4:15 pm – 4:45 pm A View from Capitol Hill: Regulatory Reform State Room, Lobby Level
Off the Record
With Republicans now controlling both chambers of Congress as well as the presidency, regulatory reform, particularly for the financial services industry, is a priority objective. In this off-the-record session, you will hear from a panel of leading congressional staff about what is happening or can be expected during this session of Congress in the areas of banking, securities, insurance, employment and retirement security. This includes the outlook for Dodd-Frank reform, a best interest standard for broker-dealers, and policy initiatives that will help Americans better prepare for retirement.
Moderator: Nicole Petrosino Vice President, Government Relations LPL Financial
DOL FIDUCIARY RULE TRANSITION
W E B I N A R S
Wednesday
JUNE 21ST
1-2:30 pm ET
Thursday
JULY 25TH 1-2:30 pm ET
SAVE THE DATE!
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Panelists: Milan Dalal Senior Economic Adviser Office of Senator Mark Warner (D-Virginia)
Mike Iger Chief of Staff Office of Representative Carolyn Maloney (D-New York)
R.J. Laukitis Chief of Staff Office of Representative Tim Walberg (R-Michigan)
4:45 pm – 5:15 pm A View from Capitol Hill: Tax Reform State Room, Lobby Level
Off the Record
Comprehensive tax reform is a high-priority agenda item for both the Trump Administration and the Republican-controlled Congress. This off-the-record panel of congressional staff will discuss the likelihood of achieving tax reform this session, and potential threats to the industry. Topics will include the deferred taxation of annuities and other retirement savings vehicles, efforts to expand retirement plan coverage, access to guaranteed lifetime income products, and other retirement security topics ranging from open MEPs to annuity portability.
Moderator: Chris Spence Senior Director, Federal Government Relations and Public Policy TIAA
Panelists: Drew Crouch Senior Tax and ERISA Counsel – Minority Staff Senate Finance Committee
Mike Dankler Deputy Chief of Staff Office of Representative Jackie Walorski (R-Indiana)
Kara Getz Chief Counsel – Minority Staff House Ways and Means Committee
Preston Rutledge Tax and Benefits Counsel – Majority Staff Senate Finance Committee
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5:15 pm – 5:20 pm Closing Remarks State Room, Lobby Level
Speaker: J. Lee Covington IISenior Vice President and General CounselInsured Retirement Institute (IRI)
5:30 pm – 6:30 pm Networking Reception – Sponsored by Dechert LLP Palm Court Ballroom, Lobby Level
Special Guest Speaker: Representative Bruce Poliquin (R-Maine) Member, House Financial Services Committee,
Member, House Financial Services Capital Markets,
Securities, and Investments Subcommittee
7:30 am - 3:30 pm Registration Open
State Foyer, Lobby Level
8:00 am – 9:30 am Breakfast – Sponsored by Donnelley Financial SolutionsState Foyer, Lobby Level
8:30 am – 8:35 am Welcome Remarks State Room, Lobby Level
Speaker: Paul Richman Vice President, Government Affairs Insured Retirement Institute (IRI)
8:35 am - 8:45 am Congressional Insights State Room, Lobby Level
Speaker: Representative John B. Larson (D-Connecticut) Member, House Ways and Means Committee Ranking Member, House Ways and Means Social Security Subcommittee
8:45 am – 9:15 am Retirement Security and the Future of State Insurance Regulation: The Latest from the NAIC State Room, Lobby Level
During this session, NAIC President and Wisconsin Insurance Commissioner Ted Nickel will share his thoughts on the NAIC’s Retirement Security Initiative, which he has marked as one of the NAIC’s top priorities for 2017. He will discuss why this initiative is so important, what it has achieved so far, and how industry and regulators can work together to advance the effort. Commissioner Nickel will also address the NAIC’s new Annuity Suitability Working Group and the prospect of a state-based best interest standard. He will also cover cybersecurity, the NAIC’s new Innovation and Technology Task Force, the impact of technology on the retirement industry, and other evolving regulatory developments.
TUESDAY, JUNE 13, 2017
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Speaker: The Honorable Ted Nickel Commissioner State of Wisconsin Office of the Commissioner of Insurance President National Association of Insurance Commissioners (NAIC)
9:15 am – 9:45 am A View from NASAA: Emerging Issues in State Securities Regulation State Room, Lobby Level
With the North American Securities Administrators Association (NASAA) playing a larger role in the retirement income landscape, NASAA’s President-elect and Alabama Securities Commission Director Joseph Borg is in a prime position to give an update on NASAA’s priorities for the retirement industry. During this session, Director Borg will discuss what NASAA and state regulators are working on to expand and strengthen protects for senior investors, provide insight into the future of the fiduciary rule and the possibility of a state best interest standard, as well as other NASAA initiatives to promote a fair and transparent marketplace for investors.
Speaker: The Honorable Joseph P. Borg Director Alabama Securities Commission President-elect North American Securities Administrators Association (NASAA)
9:45 am – 10:45 am Exploring the Latest Federal Regulatory Trends Affecting Variable Products and Underlying Funds State Room, Lobby Level
With new leadership at the SEC, this panel will explore trends in regulation as they impact variable products and mutual funds. Panelists including members of the SEC staff will discuss developments with substitutions, the new liquidity rule for mutual funds, new insurance products, and new classes for mutual funds. The SEC panelists will discuss the rulemaking and disclosure agendas for the Division of Investment Management. The panel will also provide an update on fee litigation against fund advisers.
Moderator: Jeffrey S. Puretz Partner Dechert LLP
Panelists: Paul G. Cellupica Managing Director and General Counsel, Securities Law TIAA
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Richard Choi Shareholder Carlton Fields Jorden Burt, P.A.
Melissa Gainor Senior Special Counsel, Rulemaking Division of Investment Management U.S. Securities and Exchange Commission (SEC)
Michael Kosoff Senior Special Counsel Disclosure Review and Accounting Office Division of Investment Management U.S. Securities and Exchange Commission (SEC)
10:45 am – 11:00 am Break State Foyer, Lobby Level
11:00 am – 12:00 pm Breakout Sessions
Rules and Best Practices to Prevent the Exploitation of Older Investors South Carolina Room, 2nd Level
Policymakers at both the federal and state levels are growing more concerned about financial elder abuse and the threat it poses to retirement security for older Americans. The ability of older Americans to make decisions as cognitive decline encroaches is also a significant concern. This panel will explore this critical issue including industry practices for addressing the issues facing older investors and the public policy opportunities to serve and protect the needs of older investors.
Moderator: K. Susan Grafton Partner Dechert LLP
Panelists: Michael Canning Director of Policy North American Securities Administrators Association (NASAA)
Sarah Gill Senior Vice President, Head of Regulatory Policy LPL Financial
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Hot Topics Involving Retirement Plans and ERISA Virginia Room, 2nd Level
The retirement plan industry continues to undergo change and growth, while being impacted by new federal and state actions. This session will provide a dynamic update on the impact of the DOL fiduciary rule on the retirement plan industry, including new challenges and requirements for plan sponsors. Panelists will also discuss state-run plan issues and current litigation involving church plans, including the cases currently before the Supreme Court. Additionally, industry experts will review trends within the individual annuity space, such as rollovers out of plans and IMO and carrier efforts to support disclosure requirements.
Moderator: Stefan P. Smith Partner Locke Lord LLP
Panelists: David C. Kaleda Principal Groom Law Group
Andrew L. Oringer Partner Dechert LLP
Barbara S. Smith Executive Director, Insurance and Retirement Services DTCC
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What is FinTech, and Why Should it Matter to You? Pennsylvania Room, 2nd Level
Financial technology, or FinTech, is upending workflow and processes in the financial services industry. It is transforming the way money is managed, and almost every financial activity is being re-imagined by both startup firms with innovative ideas as well as incumbent financial services firms following suit with products of their own. Established players and startups face very different challenges, including finding ways to develop new platforms, overcoming legacy infrastructure, and navigating a fast-changing regulatory landscape. This panel will examine how FinTech is influencing business operations in the retirement income industry and the challenges that firms are facing from the developing federal and state regulatory framework.
Moderator: Hilary F. Jochmans President Jochmans Consulting, LLC
Panelists: Robert Dearman Senior Vice President, Advisory Practice and Platforms Strategy Jackson National Life Insurance Company
Michael Hopf Product Manager Donnelley Financial Solutions
Jason Hoyle Assistant Vice President - Individual Investor Principal Financial Group
Globalization of the Insurance Industry Rhode Island Room, 2nd Level
The globalization of the insurance industry has and will continue to impact the way regulators view reinsurance, group supervision, solvency and capital requirements, and risk management practices in the United States. This session will provide expert insight into the regulatory players’ (e.g., IAIS, Financial Stability Board, EIOPA, OECD, FSOC, Federal Reserve Board, Treasury Department, NAIC) areas of focus, what to watch for and when, and changes to anticipate for companies engaged in long term retirement savings and financial security.
Moderator: Alessandro A. Iuppa Founder Global Insurance Perspectives
Panelists: Martin Bogue Head of Global Regulatory and Federal Reserve Supervision, Deputy General Counsel American International Group
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George Brady Senior Advisor and Insurance Lead Institute of International Finance (IIF)
Wally Givler Vice President, Solvency Policy Northwestern Mutual
12:00 pm – 1:30 pm Lunch On Your Own
1:30 pm – 2:30 pm Current SEC and FINRA Examination Priorities and Recent Enforcement Developments State Room, Lobby Level
This panel will offer insights into current SEC and FINRA examination priorities and recent enforcement developments, including the supervision and suitability of share classes for variable annuities, mutual funds and 529 Plans; renewed regulatory interest in WORM (write once read many) retention; and sales to seniors.
Moderator: Brian Rubin Partner Eversheds Sutherland
Panelists: Renee Esfandiary Assistant Director, Office of Compliance Inspections and Examinations U.S. Securities and Exchange Commission (SEC)
Mark Quinn Director of Regulatory Affairs Cetera Financial Group
Susan Schroeder Acting Head of Enforcement Financial Industry Regulatory Authority (FINRA)
2:30 pm – 3:30 pm Trends in Political Giving and Strategic Corporate Fundraising State Room, Lobby Level
New developments within the landscape of political contributions have dramatically altered the playing field for influence. During this session, panelists will discuss new types of giving opportunities, including joint fundraising committees, leadership PACs, and state-level political contributions, as well as regulation and compliance aspects that shape these arrangements. Expert fundraisers will outline successful strategies for corporate engagement, solicitations, and strategic fundraising partnerships that drive PAC efficacy while maintaining legislative goals. This session is pending CLE Ethics credit.
Moderator: Andrew Stevens Senior Director, Government and External Affairs Allianz of America Corporation
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Panelists: Elizabeth Z. Bartz Founder, President and CEO State and Federal Communications, Inc.
Michael Dunn Owner, Chairman and CEO Dunn Associates
Andrew H. Emerson Associate Holland & Knight LLP
Annie Webb Manager, PAC and Government Affairs Transamerica
3:30 pm – 3:40 pm Closing Remarks State Room, Lobby Level
Speaker: Jason Berkowitz Vice President and Counsel, Regulatory Affairs Insured Retirement Institute (IRI)
DOL Fiduciary Rule Implementation Workshop Co-Sponsored by Eversheds Sutherland and Groom Law Group South Carolina Room, 2nd Level
Closed to Press and Regulators
Moderators: Mark Smith Partner Eversheds Sutherland
Thomas Roberts Partner Groom Law Group
8:30 am – 9:30 am Continental Breakfast
9:00 am – 10:15 am Washington Update
• DOL developments
• The RFI and where it may lead
• The potential for a Transition Period extension
• The outlook in Congress, including the CHOICE Act andpotential tax reform
• The road ahead and potential changes to the rule
10:15 am – 10:30 am Pie Break
WEDNESDAY, JUNE 14, 2017
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10:30 am – 12:00 pm Doing Business in the Transition Period
• The Independent Fiduciary Exception – managing the processincluding pros and cons of negative consents
• “Working Diligently and in Good Faith” – a discussion of the DOL’s temporary enforcement policy and how to manage to it
• Sources of potential liability exposure; risk mitigationpractices
12:00 pm – 1:00 pm Networking Lunch
1:00 pm – 1:45 pm Prohibited Transaction Exemptive Relief Strategies
• BIC Exemption Transition Relief – what’s covered and what’srequired
• PTE 84-24 as an alternative source of relief
• BIC Section VI relief for non-fiduciary product manufacturers
• Grandfathering Relief and the “gap” problem
• Orphaned account servicing strategies
1:45 pm – 2:30 pm Adviser Compensation in the Transition Period
• Compensation change considerations – implementing,postponing and reversing certain changes
• Enhanced supervision and back-end monitoring
• Trips and conference credits
2:30 pm – 2:45 pm Break
2:45 pm – 3:15 pm Other Issues
• Clean shares and T shares
• Wrap fee programs
• Life insurance issues
3:15 pm – 4:15 pm Litigation and Enforcement Update
4:15 pm Adjournment