  Wednesday, April 24, 2002
 Track I: Trusts and Employee Benefits Track II: Investment Management Track III: Best Practices” Track IV: Insurance and Brokerage 8:00 - 9:15 am Concurrent Sessions: “UCC 9 – The Issues and Risks” Susan L. Spence Counsel BALLARD SPAHR ANDREWS & INGERSOLL, LLP Baltimore, Maryland By the time of this conference, Revised Article 9 will be effective in every state. Old Article 9, as we knew it, has undergone a complete and extensive overhaul. Revised Article 9 greatly expands the scope of old Article 9. In addition, many old Article 9 procedures and filing requirements have changed – many of these changes serve to accommodate e-commerce and changes in the structure of commercial financings in recent years. Revised Article 9 affects not only new and future secured transactions, but transactions that closed prior to the effective date of Revised Article 9. This point is especially important to trustees, financial institutions and fiduciaries, whose responsibility it generally is to maintain and continue perfection of existing security interests. Revised Article 9 contains extensive “transition rules” relating describing how secured transactions which closed before its effective date could be impacted. The lecture will include a brief overview of the major changes to Article 9, with an emphasis on these transition rules. 9:30 - 10:45 am “SEC Push-Out Provisions” Brad Markham Law Department BANK ONE Chicago, Illinois In today’s environment many banks and other financial institutions are positioning themselves to offer a wide variety of financial and investment products through a “single” identified group, unit or individual. Since this single point of contact may actually represent several different legal entities, each with their own rules, regulations and regulators, compliance issues abound. In this presentation Brad will discuss:
“Own Bank EB Plans” Lynn K. Shipman Law Department BANK ONE Columbus, Ohio Many companies have replaced their traditional defined benefit retirement plans with a defined contribution plan. What does this do for the employee? What does this do for the employer? Lynn will also discuss the use of in-house mutual funds in your employer’s plan and the impact from Franklin v. First Union, New York Life cases. 2:30 - 3:45 pm “New Taxation Issues” Lisa Whitcomb First Vice President & Director of Wealth Advisory Services GLENMEDE TRUST COMPANY Philadelphia, Pennsylvania “Plop, Plop, Fizz, Fizz, Oh what a relief it is!” We’ll see. Lisa will bring us up-to-date with the impact of EGTRRA (Economic Growth and Tax Relief Reconciliation Act) issues for: income tax; estate, gift, and generation skipping tax; and retirement savings, qualified plans, and IRA provisions. 4:00 - 5:15 pm “Custodial Asset Management” Lynn K. Shipman Law Department BANK ONE Columbus, Ohio Does your institution act as trustee when you do not have custody of the assets? Are you custodian when you don’t actually have custody of the assets or even maintain the records? How do you deal with holding other banks’ common and collective funds for trust and custody accounts? When many assets are held in electronic records at DTC and the Federal Reserve Banks, what is “custody” anyway? How did you get into this and how do you get out? Explore the risks issues surrounding these situations and some possible solutions (valuation requirements, valuation opinions, mitigating liability). 8:00 - 9:15 am Concurrent Sessions: “Implementing Investment Policies” Marty Lybecker Partner ROPES & GRAY Washington, DC As a fiduciary, an investment adviser owes undue loyalty to its clients. This session will focus on industry best practices for investment advisers including basic book and recordkeeping requirements, SEC and ICI recommended best practices procedures, codes of ethics and the components of a personal securities policy and procedures system that should work for you. 9:30 - 10:45 am “Alternative Investment Strategies” Bob Storey Director – Alternative Investment Group WACHOVIA Charlotte, North Carolina Alternative Investments: What are they? Why are they so popular? How can Firms prudently offer them to their qualified investors? This breakout session will provide a concise overview of hedge and private equity funds and explore why they have become so popular among affluent investors and their investment managers. Additionally, this session will highlight the real-life experiences of Wachovia, the nations 4th largest bank holding company, in offering these products for sale through its banking and brokerage channels since 1996. 1:00 - 2:15 pm “Trade Errors” Sally Miller Director – Center for Securities, Trust, and Investments AMERICAN BANKERS ASSOCIATION Washington, DC Sally will provide the up-to-date results of the industry’s Trade Errors Task Force and the recommended policies, procedures and controls for trading errors. The session will address the challenge of creating an industry standard for uniform treatment among all types of accounts (and investment responsibilities) for these errors as well as their correction with restitution. 2:30 - 3:45 pm “Soft Dollars” Richard Marshall Partner Kirkpatrick & Lockhart New York, New York Rick will present an in-depth discussion of the history of soft dollars and an explanation of what the SEC will allow under the safe-harbor provisions and what is not allowed. Rick presents a clear and straightforward explanation of how to manage one of the industry’s most intriguing cost-saving challenges. 4:00 - 5:15 pm “After Hours Trading” Harry D. Frisch, Esq Senior Vice President Compliance Manager to Clearing LLC Datek Online Holdings Corp. Jersey City, New Jersey In today’s eServices environment, “after hours trading” has exploded upon the scene. With this innovation, questions and compliance issues abound. In this presentation Jerry will discuss:
8:00 - 9:15 am Concurrent Sessions: “How To Challenge Portfolio Management” 
Howard M. HodelSVP & Managing Director, Market Risk BANK OF AMERICA Los Angeles, California This session will cover various risk measures that portfolio managers use to understand the investment risks they are taking in their portfolios and how these statistics interrelate. The focus will be on understanding the risk measures used in various kinds of portfolios, developing a framework for analyzing and reporting risks, and building a constructive relationship with portfolio managers. The session will help you to get the right information, ask the portfolio manager the right questions and understand the answers. The evolving role of the risk manager from independent oversight to partner will also be discussed with an emphasis on developing the environment and process to achieve world-class risk management. You should walk away from this session with the ability to speak the same language as the portfolio manager and give notice that you are prepared to be a value added partner to both the portfolio manager and senior management in measuring, aggregating and reporting investment risks. 9:30 - 10:45 am “Managing Complaints” 
Dominic CampisiPartner EVANS, LATHAM, HARRIS, & CAMPISI San Francisco, California Beneficiary complaints fall into a variety of categories: Whining, Drowning, Lack of Comprehension of trust/legal/tax/investment realities, Service Gaffes, Systemic Problems, and Pre-Litigation Discovery. Being able to distinguish among these is crucial to meeting fiduciary and consumer goals as well as preventing dissatisfaction from erupting into Surcharge. A trust litigator discusses complaints that should not have resulted in lost clients, lost profits, and college tuition for his brood. 1:00 - 2:15 pm “Continuous Auditing Techniques” Paula Burton Audit and Risk Review CITIBANK New York, New York Advancements in audit software technology increasingly enable internal auditors to transition from traditional, peri-odic audits to a continuous auditing environment. Almost half of a national survey of internal auditor participants indicated that they use continuous monitoring software, up from only 24% in 1998. Respondents use the software primarily to find and document trends, to create exception reports, to detect fraud and irregularities, and to locate duplicate transactions. Paula will review the software impact and the management tools necessary for a continuous audit program. 2:30 - 3:45 pm “Challenging Portfolio Management” (Repeat Program) Howard M. Hodel SVP & Managing Director, Market Risk BANK OF AMERICA Los Angeles, California This session will cover various risk measures that portfolio managers use to understand the investment risks they are taking in their portfolios and how these statistics interrelate. The focus will be on understanding the risk measures used in various kinds of portfolios, developing a framework for analyzing and reporting risks, and build-ing a constructive relationship with portfolio managers. The session will help you to get the right information, ask the portfolio manager the right questions and understand the answers. The evolving role of the risk manager from independent oversight to partner will also be discussed with an emphasis on developing the environment and process to achieve world class risk management. You should walk away from this session with the ability to speak the same language as the portfolio manager and give notice that you are prepared to be a value added partner to both the portfolio manager and senior management in measuring, aggregating and reporting investment risks. 4:00 - 5:15 pm Auditing the Risks in a Mutual Fund Company” Thomas Hartwell SVP and Division Manager MELLON FINANCIAL CORPORATION Boston, Massachusetts This session will provide information, tools and techniques to help you develop or enhance your internal audit program at your Mutual Fund Company. Some of the key audit areas that will be covered include:
8:00 - 9:15 am Concurrent Sessions: Michael J. Flynn Managing Director PricewaterhouseCoopers LLP New York, New York Come learn how the SEC is examining how your asset management divisions are selecting brokers and monitoring the quality of executions. For any banks that have registered their SIDs with the SEC as an investment adviser, this is a must! 9:30 - 10:45 am “Branch Office Examinations” 
Howard MillerFirst Vice President Director of Branch Exams SALOMON SMITH BARNEY New York, New York Mark Grewe Managing Director NDB Capital Markets LP Jersey City, New Jersey NYSE Rule 342 requires all member organizations to conduct an annual branch office inspection. This session will discuss the various aspects of the branch office examination program. The objective of a branch examina-tion is to assess the control environment at each branch office as it relates to Firm and regulatory policies and procedures. A typical branch examination requires the branch examiner to interview branch personnel, inspect branch records and conduct compliance meetings regarding relevant rules and policies. A strong branch examination program is critical to maintaining effective and efficient supervisory compliance within the Firm. 1:00 - 2:15 pm “The Role of the Compliance Department”
Howard MillerFirst Vice President Director of Branch Exams SALOMON SMITH BARNEY New York, New York Mark Grewe Managing Director NDB Capital Markets LP Jersey City, New Jersey The participants who attend this session will obtain a better understanding of the role of the Compliance Department in the Financial Services Industry. This role has changed significantly over the past ten years because compliance departments at broker-dealers have taken on additional responsibilities. In addition to monitoring institutional and retail customer activity, they must monitor the activity of their money management department and their online trading activities. These areas require specific regulatory experience in order to monitor such activities properly. Furthermore, the Self Regulatory Bodies and the SEC have taken action against Compliance Officers who have not preformed in accordance with their prescribed duties. 2:30 - 3:45 pm “Insurance Operations Risks - Market Conduct in a Dangerous World” Layne Rich LIMRA, International Windsor, Connecticut Albert J. Sheridan, Ph.D. Corporate Vice President LIMRA, International Windsor, Connecticut When your bank owns an insurance agency, you are responsible for the sales process even when it takes place outside the bank. Some major insurance companies have learned this the hard way and developed a number of programs for ensuring proper market conduct. This session will share some of their insights and tools for monitor-ing the sales process and their applicability to the financial institution environment. 4:00 - 5:15 pm “Bonus Annuities” 
Larry KosciulekAssociate Director Investment Companies Regulation NASD REGULATION, INC. Rockville, Maryland A substantial amount of the past decade’s growth in variable annuity sales is made up of replace-ment variable annuity contracts. The replacement contracts often provided bonus premium credits. Additional expenses are usually associated with bonus annuities including higher mortality and expense charges, higher surrender charges, and extended surrender charge periods. The recent stock market swoon left many recent bonus annuity purchasers with large losses in their sub-account portfolios. This breakout session will provide a securities regulator’s perspective on variable annuities, more specifically bonus annuities, and their costs and risks to investors. General Session ~ 11:00 am - 12:00 noon “FIRMA Annual Membership Meeting” Francis P. Thomas, III, CTA President FIRMA Hosted Luncheon ~ 12:00 noon - 1:00 pm |