MEMBER HIGHLIGHT - SER member Keith Loveland will be presenting on fiduciary standards at the "Board Certification in Employer Sponsored Heath Plans" , a program sponsored by the Center for Board Certified Fiduciaries in affiliation with Wake Forest University School of Professional Studies. The board certified fiduciary curriculum consists of two Executive Education Certificates from Wake Forest University, a Certificate in Fiduciary Studies and Behavioral Governance and Certificate in Applied Fiduciary Practices with a goal to "develop fiduciaries into world-class leaders and stewards so they can improve the lives of the people they serve". Mr. Loveland, who is general counsel for the Center, was also a Specialty Leader in the curriculums developments. The first in-person, on-site class takes place in Charlotte, NC on December 7-9, 2021. Conference details are available here.
MEMBER NEWS - Our dear friend Richard Sandow passed away on November 16, 2021. He had been hospitalized for several months due to complications related to a kidney transplant. SER relied on Richard’s 50-plus years of experience as an executive in the securities and investment advisory industries and benefited from his service on many boards of charitable organizations during the period when we were transitioning from an informal discussion group to formal incorporation in 2005. He was elected as an original incorporator, served for consecutive terms on our Board of Directors and was elected as our third President in 2007. Richard was retained in more than 700 cases, and he testified on hundreds occasions in just about every forum available in dispute resolution – which, in and of itself, is a testament to his integrity and the respect accorded to him by practitioners and triers of fact. Rest in Peace Richard. A service will be held November 29 at 5pm, Congregation Beth Israel, 6100 Pleasant Run Rd, Colleyville, TX 76034.
Remembrances can be sent to his widow,
1750 Sleepy Hollow Trail
Southlake, Texas 76092
MEMBER HIGHLIGHT - SER member Peter E. Bulger is teaching a course on securities regulation at the University at Albany (SUNY) this year. The senior/graduate level course, titled Law in Financial Market Regulation, "examines the rationales and main features of regulatory law in financial markets, focusing on banking, securities, futures, options, and other capital markets", and is taught through the School of Business as well as the Rockefeller College of Public Affairs & Policy. Pete became involved with the UAlbany/Albany Law school Financial Market & Regulatory major over twelve years ago by serving on a steering committee. He currently serves on the Board of Directors of The University of Albany Foundation. When asked about his experience teaching this year, Pete said “I am impressed by the commitment and hard work taken on by my students. I have joined them in search of the next career move including discussing roles within the industry.”
MEMBER HIGHLIGHT - Three members of the Securities Experts Roundtable were honored with Director Emeritus status at this year's Annual Membership Meeting & Conference at the University Club in Washington D.C. Current board members unanimously selected the past Directors for their significant contributions to the organization. Bruce S. Foerster served on the Board from 2009-2017 and as President from 2015-2016. As the Finance Committee Chair for several years, he was a prominent force increasing financial controls. Sidney D. Krasner is one of the original twelve Directors when the organization formally incorporated in 2005. He served two consecutive terms on the board until 2011 and was instrumental in setting up new member criteria and procedures as the first Chair of the Membership Committee. Richard P. Ryder is SER's longest serving board member. Also an original Director, Rick spent a total of 12 years on the Board, from 2005-2011 and again from 2013-2019, serving as Secretary and as Website/Communications Chair. In addition to his contributions setting up the Newsroom and Newsletter, Rick's editorial and attorney background assisted the board on many matters. All three members remain active in SER and in their practices. Please join us in extending our gratitude for their service!
MEMBER HIGHLIGHT - SER member Robert Jones has recently made presentations on “Detecting & Investigating Stockbroker Fraud” at the Annual Global Fraud Conference for the Association of Certified Fraud Examiners and the Missouri Society of CPA’s Fraud & Forensic Accounting Conference. Both presentations were via Zoom and enthusiastically attended. Rob was pleased to engage professionals outside the legal field such as accountants, tax preparers, human resource professionals, bankers and trustees in identifying potential securities fraud and protecting individual investors. A Chartered Financial Consultant® and a Certified Fraud Examiner®, Rob is the owner of Securities Claims Management, an expert consulting and analysis firm based in Richmond, VA.
MEMBER HIGHLIGHT - SER Member Hollie M. Mason, Esq. discusses Payment for Order Flow (PFOF) and Gamification on a Q&A podcast with Carlton Fields Shareholder and former FINRA Senior Director Justin Chretien, Esq. The episode details why payment for order flow and gamification are in the news, and how regulators and the industry in general are addressing related issues and concerns. The podcast is hosted by The Brattle Group, where Ms. Mason is a securities litigation expert and leads the firm’s Broker-Dealers & Financial Services practice. You can access the podcast, and other articles on the topic by The Brattle Group here.
MEMBER HIGHLIGHT - SEC Regulation D (“Reg D”) is the most popular securities registration exemption. Annually Reg D is relied upon to cover billions of capital formation transactions. Adopted in 1982, Reg D has been amended numerous times. While many amendments have been incremental and of modest impact, the 2020 and 2021 of amendments implemented substantial important changes to Reg D, including:
The operative provisions of Reg D and other popular alternatives to formal securities registration with the SEC have been collected and published in chart form for many years by securities lawyers Stan Keller (Locke Lord LLP), Jean Harris (Greenberg Traurig, LLP, retired) and SER member Richie Leisner (Trenam Law). The latest version of The Chart reflects all of the most recent changes to the securities registration exemption landscape. The authors hope The Chart will be a useful tool for any professional whose work includes capital formation transactions that are not registered with the SEC. The Chart (and printing instructions) are available here.
MEMBER HIGHLIGHT – SER board member and Practice Management Chair, Bob Lawson, President of Barrington Financial Consulting Group, Inc., has been appointed as a member of the CFA’s GIS Steering Committee with his three-year term beginning on September 1, 2021. The purpose of the Global Industry Standards (GIS) Committee is: (1) To guide strategic development, promotion, and adoption of global industry standards; (2) To contribute to the mission of CFA Institute to protect investors, promote ethics and integrity, and instill trust through development and promotion of standards and best practices, to benefit the global investment community.
MEMBER HIGHLIGHT - SER member James Kyprios published an article titled "LIBOR: The Most Important Number in the World Is Going Away." The commentary, originally published here in LA Progressive, is a primer with historical background on LIBOR (London InterBank Offered Rate), and a discussion of whether SOFR (Secured Overnight Funding Rate) will be the appropriate replacement rate. Mr. Kyprios has over 50 years experience in corporate finance and corporate banking both domestic and international, having worked at DZ Bank (Germany), Union Bank of Finland, American Scandinavian and M&T Bank. You can find other articles written by Mr.Kyprios on his website.
MEMBER HIGHLIGHT - In addition to his expert work and serving on SER committees, SER member Gontran de Quillacq posts regularly to a blog on his website covering timely industry topics of interest including Bitcoin, SPACs, Hedge Funds, etc. Mr. de Quillacq has 30 years of hands-on responsibilities in portfolio management, derivatives, proprietary trading, market-making, structuring and investment research. He has worked with top-tier banks and hedge funds in both London and New York. You can bookmark his page or sign up to receive a monthly update of these posts via email.
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