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NASAA 2016 ANNUALCONFERENCE

PROVIDENCE, RHODE ISLANDSEPTEMBER 11-13, 2016

North American Securities Administrators Association

FROM THE NASAA PRESIDENT

DEAR NASAA MEMBERS AND GUESTS:

Dear NASAA Members and Guests:

Welcome and thank you for joining us in Providence for the North American Securities Administrators Association’s 2016 Annual Conference.

I thank Conference Chair Maria D’Alessandro for developing an agenda that takes a multifaceted view of an important topic for us all — diversity in today’s financial marketplace. Together, we will explore and discuss aspects of improving gender diversity, efforts in the venture capital community to invest in women- and minority-owned start-ups, and the challenges that come with serving and protecting a more diverse investor population.

I am hopeful that at the conclusion of the conference attendees will come away with not only a wealth of knowledge of the important work of NASAA and its members but also tools that will promote a more inclusive financial services industry.

This has been an exciting year of accomplishment for NASAA and I want to thank my colleagues for your advice and support, especially NASAA’s Board of Directors, Section chairs, all who led or served on com-mittees and project groups, as well as the staff of the Corporate Office. I am truly grateful to have had the opportunity to serve each and every one of you as NASAA’s President. Thank you for letting me lead the way.

Sincerely,

Judith ShawNASAA President Maine Securities Administrator

FROM THE CONFERENCE CHAIR

DEAR COLLEAGUES, DISTINGUISHED GUESTS AND CONFERENCE ATTENDEES:

Welcome to the Ocean State for NASAA’s 2016 Annual Conference in Providence, Rhode Island!

The theme of this year’s conference is “Diversity in Today’s Financial Marketplace,” and a quick look at our conference program shows that our lineup of speakers and panelists represents a broad and diverse range of individuals and perspectives.

We are pleased to offer three panel discussions; Gender Diversity in the Financial Services Industry; Diversity in Investing/Investing in Diversity; and Protecting and Serving an Increasingly Diverse Client Base. We also are honored to present a special one-on-on interview between SEC Chair Mary Jo White and NASAA President Judith Shaw; an overview of the race for the White House and Congress by noted political expert, Brown University’s Wendy Schiller; and the per-spectives of Debbie Matz, immediate past chair of the National Credit Union Administration.

This year’s conference also continues NASAA’s tradition of providing open forum discussions with NASAA Section Committees on timely issues related to broker-dealers, investment advisers, corporation finance, enforcement, CRD/IARD, and investor education.

Over the coming days, you will discover that Providence combines the accessibility and friendliness of a small town with the culture and sophistication of a big city. Providence offers a thriving arts community, vibrant and diverse neighborhoods, outstanding hotels, a renowned restaurant scene and so many things to do. If you venture beyond the city, be sure to visit our scenic coastline, quaint villages or explore our many natural and historical sites. I’m sure you soon will come to understand why we are proud to call Providence and “Little Rhody” home.

MARIA D’ALESSANDRO2016 Annual Conference Chair

Deputy Director Securities, Commercial Licensing and Gaming and Athletics Divisions

Rhode Island Department of Business Regulation

32016 Annual Conference | NASAA

SATURDAY, SEPTEMBER 10NASAA BOARD OF DIRECTORS MEETING*9am - 5pmOmni Hotel Newport / Washington Room (Third

Level)

REGISTRATION12 - 3pmConvention Center Ballroom Foyer

SUNDAY, SEPTEMBER 11REGISTRATION7:30 - 3pmConvention Center Ballroom Foyer

PARALEGAL ROUNDTABLE8 - 9amConvention Center Ballroom E Jay Fishman, J.D., a senior writer/analyst in the Securities group of Wolters Kluwer Legal and Regulatory U.S., the developer of the

Blue Sky Smart Charts, will discuss the use of the Smart Charts, Intelliconnect, the Blue Sky Navigator Dashboard and a new platform that will be coming out in the future called “Chee-tah.” These platforms are used by paralegals, attorneys and others in law firms, corpora-tions, investment management companies and others for access to legal and regulatory content and research supporting the work we do in blue sky laws and regulations as well as other areas of regulatory compliance. ModeratorsCindy C. Wang Financial Services Paralegal, Barack Ferrazzano Kirschbaum & Nagelberg LLP

Virginia (Ginny) Chapman Vice President, Blue Sky Services, NRS, a part of Accuity Inc. PresenterJay Fishman, J.D. Senior Writer/Analyst, Securities Group Wolters Kluwer Legal & Regulatory U.S

REGISTRATIONSaturday Sunday Monday Tuesday *MEETINGS DESIGNATED AS CLOSED ARE RESERVED FOR NASAA MEMBERS ONLY

ANNUAL CONFERENCE AGENDA

DIVERSITY IN TODAY’S FINANCIAL MARKETPLACE

12 - 3pm 7:30am - 3pm7:30am - 3pm8am - 12pm

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NASAA BUSINESS MEETING*9 - 11am (Breakfast at 8am)Convention Center Room 555

ABA STATE REGULATION OF SECURITIES COMMITTEE MEETING10 - 11amConvention Center Ballroom E

BRUNCH11am - 12pmConvention Center Ballroom A

OPENING CEREMONIES12:15 - 1pmConvention Center Ballroom C Introductory RemarksJoseph Brady NASAA Executive Director

Welcoming RemarksMaria D’Alessandro Rhode Island Department of Business Regulation

Opening SpeakerDebbie MatzImmediate Past Chair, National Credit Union Administration

DISCUSSION: GENDER DIVERSITY IN THE FINANCIAL SERVICES INDUSTRY1:15 - 2:30pmConvention Center Ballroom C Reports and data spotlighting an imbalance in gender diversity within the financial services industry are not in short supply. But what is lacking is an understanding of the benefits firms could realize both institutionally and

financially by striving for a more inclusive workforce and client base. Panelists will ex-amine the current state of financial services industry in the United States and Canada in terms of gender diversity, the steps firms are taking to make their workplaces inclusive, and how regulators can help facilitate greater diversity.

ModeratorRobin Wiessmann Pennsylvania Department of Banking and Securities

ParticipantsNadine Augusta Depository Trust and Clearing CorporationKathryn Daniels Canada Pension Plan Investment Board

NETWORKING BREAK 2:30 - 3pm

BROKER-DEALER SECTION FORUM3 - 4pmConvention Center Ballroom E

As part of the ongoing dialogue between broker-dealers and NASAA members on the important issue of protecting senior investors, the Section will present preliminary findings of the 2016 coordinated exams of broker-dealers, which placed an emphasis on policies, procedures, and training related to seniors and other potentially vulnerable customers.

WELCOME RECEPTION6:30 - 8pmOmni Hotel Narragansett Ballroom (Lobby Level)


MONDAY, SEPTEMBER 12CONTINENTAL BREAKFAST7 - 9amConvention Center Ballroom Foyer

REGISTRATION7:30am - 3pmConvention Center Ballroom Foyer

JOINT WEB CRD/IARD FORUM9 - 10amConvention Center Ballroom E

The NASAA CRD/IARD Steering Committee will highlight significant Web CRD/IARD improve-ments developed over the past year, and focus on policy issues regarding disclosures and expungement of records, including a regulatory update as well as an update on expungement-related litigation.

INVESTOR EDUCATION FORUM9 - 10amConvention Center Rotunda Room

The underreporting of elder financial exploita-tion is a huge concern, as it hinders the ability to see and react to the extent of the fraud and scams facing our nation’s elders. Senior$afe is a toolkit that will help financial professionals spot red flags of potential exploitation, pro-vide them with simple preventative steps that can decrease the chances of financial exploita-tion or fraud, and provide valuable reporting information and guidelines should exploita-tion be suspected. Hear a high- profile speak-er share his personal story of elder exploita-tion. Learn about the STaRT program targeting working adults ages 18-55 and designed to address retirement goals with easy to follow check-lists, resources to help employees make

smart decisions throughout the three main stages of employment: new employee, mid-career, and nearing retirement.

NASAA TALK:DIVERSITY IN INVESTING/INVESTING IN DIVERSITY10:15 - 11:15amConvention Center Ballroom C

Michael Pieciak, Vermont Commissioner of Financial Regulation and NASAA Corporation Finance Section Chair focuses a discussion on capital formation for women and minority-owned startups. Participants include: Olufunmilayo B. Arewa, law professor at the University of California, Irvine, and Liza Benson, a partner at the venture capital firm StarVest Partners L.P.

NETWORKING BREAK11:15 - 11:30am

NEWSMAKER INTERVIEW:SEC CHAIR MARY JO WHITE11:30am - 12:15pmConvention Center Ballroom C

Join us for a special one-one-one interview session between NASAA President and Maine Securities Administrator Judith Shaw and SEC Chair Mary Jo White for a wide-ranging interview covering subjects ranging from her efforts to address diversity in the finan-cial markets and boardrooms to various regulatory initiatives underway at the SEC.

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CONTINUING LEGAL EDUCATION CREDITContinuing Legal Education (CLE) accreditation will be applied in all jurisdictions, where requested. You must be a primary attendee with no outstanding registration fee due to receive CLE credit. Approximately 6 (six) hours of continuing legal education will be offered during the conference. Attendees will be responsible for completing a CLE Certificate that will be available at the conference registration desk. Please return the signed and completed certificate to the registration desk before your departure. Certifi-cates also can be mailed to the NASAA Corporate Office by September 30, 2016. NASAA is not responsible for submitting CLE Certificates received after September 30, 2016

LUNCHEON WITH KEYNOTE ADDRESS12:30 - 1:45pmConvention Center Ballroom A

Wendy SchillerBrown University

INVESTMENT ADVISER SECTION FORUM2 - 3pmConvention Center Ballroom E

NASAA’s Investment Adviser Section Forum will showcase the work of Section project groups. Business continuity planning will take center stage, given NASAA’s model rule and the SEC’s recent rule proposal requiring investment advisors to adopt business continuity and transition plans. The forum also will provide an overview of updates to NASAA’s NEMO modules to include senior-related issues.

NETWORKING BREAK 3 - 3:30pm

CORPORATION FINANCE SECTION FORUM3:30 - 4:30pmConvention Center Ballroom E

The Corporation Finance Section will host an open forum to discuss recent developments affecting access to the U.S. capital markets. The Section will provide a brief update of its recent activities and discuss hot topics, includ-ing a Regulation A and Crowdfunding Update, and discuss new initiatives including a REIT Concentration Limit Proposal and Electronic Initiatives Statement of Policy Proposal. The Section will also provide a Franchise Update. The Section encourages conference partici-pants to attend the forum and share their views on how to improve the regulation of capital formation.

RECEPTION6 - 8 pmRhode Island School of Design

A LOOK INSIDE THE RACE FOR THE WHITE HOUSE & CONGRESS


TUESDAY, SEPTEMBER 13CONTINENTAL BREAKFAST7 - 8:30amConvention Center Ballroom Foyer

REGISTRATION8 am - 12pmConvention Center Ballroom Foyer

NASAA BUSINESS MEETING*8:30 - 10:30amConvention Center Room 555

DISCUSSION: PROTECTING AND SERVING AN INCREASINGLY DIVERSE CLIENT BASE10:45 am - 12 pmConvention Center Ballroom C

As financial services firms continue to seek to provide tailored service for their customers including providing services to underserved communities, they are facing an increasingly diverse client base in terms of cultural norms and nationalities. Wealth management advi-sors in the United States also are increasingly taking on international clients, a growing phenomenon in “gateway” cities such as New York, Miami, Los Angeles and San Francisco. A panel of financial services industry and

regulatory experts examines both the positive aspects and challenges of serving and protect-ing increasingly diverse investor populations.

Moderator: Shonita Bossier Kentucky Department of Financial Institutions

Participants:Theodore Miles District of Columbia Department of Insurance, Securities and BankingJulia A. Peloso-Barnes Morgan StanleyJeremy Smith Aspen Institute

PRESIDENTIAL LUNCHEON12:15 - 1:30pmConvention Center Ballroom A

Mike RothmanMinnesota Commissioner of Commerce, NASAA President

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ENFORCEMENT SECTION FORUM1:45 - 2:45pmConvention Center Ballroom E

The Enforcement Section will host an open forum to discuss developments and trends in state securities enforcement, with particular emphasis on the results of the NASAA 2016 Enforcement Report. Conference attendees are invited to ask questions, make comments and fully participate during this far-ranging discussion on complex products, sales prac-tice abuses, gatekeeper cases, internet fraud, and supervision and suitability cases. The forum also will address the effort by NASAA to increase cooperation among various securi-ties regulatory authorities.

NETWORKING BREAK 2:45 - 3:15pm

OMBUDSMAN’S MEETING3:15 - 4:15pmConvention Center Room 552

PRESIDENT’S RECEPTION & DINNER6:15 - 10pmOmni Hotel Narragansett Ballroom (Lobby Level)

WEDNESDAY, SEPTEMBER 14NASAA BOARD OF DIRECTORS MEETING* 2016-20179 - 11amOnmi Hotel Waterplace II Ballroom (Second Level)


HOTEL INFORMATIONSPOUSE/GUEST PROGRAMPrimary registrants may purchase a spouse/guest registration for any person who is not in the securities industry. The spouse/guest registration includes attendance at all non-educational events, daily continental breakfast, Sunday brunch and opening session, Sunday Welcome Reception, Monday Evening Reception, and Tuesday President’s Reception and Dinner.

CONFERENCE FEESThe conference package for primary attendees includes attendance at all educational sessions, meetings designated as “open,” and all social events: Sunday Welcome Reception, Monday Evening Reception, Tuesday President’s Reception and Dinner, daily continental breakfast, coffee breaks, and brunch/lunches.

CANCELLATIONSCancellations for the conference were to be received in writing and post-marked on or before August 26, 2016 for a refund, less a $100 processing fee. After this deadline, conference registration fees are non-refundable, but substitutions are permitted. If you are registered, yet unpaid, and did not cancel prior to the deadline, or do not show up at the conference, your registration fee will be due upon receipt of invoice. Hotel cancellations must be made directly with the hotel.

PAYMENTPayment for the full amount of the registration fee mus be made by the first day of the confer-ence. Please make checks payable, in U.S. funds to: NASAA 750 First Street, N.E. Suite 1140 Washington, DC 20002

Sorry, we do not accept credit cards.

REGISTRATIONPAYMENTS ALSO ACCEPTEDSaturday SundayMonday Tuesday

12 - 3 pm 7:30 am - 3 pm7:30 am - 3 pm

8 am - 12 pm

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HOTEL INFOOMNI PROVIDENCE 1 WEST EXCHANGE STREET PROVIDENCE, RI 02903 401-598-9000This landmark downtown hotel

is connected to the Rhode Island

Convention Center and the new

Providence Place Mall. Guests

are within walking distance of

the city’s main college campuses,

historic attractions, gourmet

restaurants, upscale shopping,

entertainment and more.

WEATHERSEPTEMBER HIGHS AT 75°F LOWS AT 57°FBring a light jacket for evenings

as well as in meeting rooms.

TRAVEL INFORMATIONThe T.F. Green Airport in Providence is 10 miles from the Omni Providence Hotel. There are no share ride shuttles in Providence, so cab service or Uber are primary means of transportation to/from the airport. Cab fare is approximately $30 one-way.


PANELISTS & MODERATORS

ROBIN WIESSMANNModerator

Pennsylvania Department of Banking and Securities

MICHAEL PIECIAKModerator

Vermont Department of Financial Regulation

SHONITA BOSSIERModerator

Kentucky Department of Financial Institutions

Nadine Augusta DTCC

Kathryn Daniels CPPIB

Olufunmilayo Arewa Univ. of California, Irvine

Liza Benson StarVest

Theodore Miles District of Columbia

DISB

Julia Peloso-Barnes Morgan Stanley

Jeremy Smith Aspen Institute

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TUESDAY, SEPTEMBER 13PRESIDENT’S RECEPTION & DINNER 6:15 -10PM

MONDAY, SEPTEMBER 12RECEPTION 6 PM - 8 PM

Join your friends and colleagues for a relaxing evening at the acclaimed Rhode Island School of Design. Attire: Business

Join us for an entertaining dinner to honor the NASAA President. Attire: Business.

SOCIAL EVENTS GO PROVIDENCE!THE FOLLOWING EVENTS ARE OPEN TO ALL REGISTERED ATTENDEES AND ALL REGISTERED GUESTS.Name badges are required at all events.

Hosted by the NASAA Board of Directors. Attire: Business

SUNDAY, SEPTEMBER 11WELCOME RECEPTION 6:30 PM - 8 PM


JUDITH SHAWNASAA President

Maine

NASAA BOARD OF DIRECTORS 2015-2016

KATHRYN DANIELSTreasurer (through April 2016)

Ontario

KEVIN ANSELMDirector (since June 2016)

Alaska

MIKE ROTHMANPresident-Elect

Minnesota

GERALD ROMETreasurer Colorado

JOSEPH BORGDirector Alabama

WILLIAM BEATTYPast-President

Washington

DIANA FOLEYSecretary Nevada

KELLY GORMANDirector (since April 2016)

Ontario

ANDREW HARTNETTBroker-Dealer

Missouri

NASAA SECTION CHAIRS 2015-2016

LAURA POSNEREnforcement

New Jersey

LYNNE EGANInvestor Education

Montana

MICHAEL PIECIAKCorporation Finance

Vermont

LISA HOPKINSInvestment Adviser

West Virginia

JACK HERSTEIN Director (through June 2016)

Nebraska

JOHN MORGANDirector

Texas

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CONNECTTHE RHODE ISLAND CONVENTION CENTER IS DIRECTLY CONNECTED TO THE OMNI PROVIDENCE.

Photos on cover and pages 11 and 13 courtesy of Rhode Island Commerce Corporation/Tourism. Others courtesy of N. Millard, GoProvidence.


750 FIRST STREET, NE

SUITE 1140

WASHINGTON, DC 20002

202-737-0900

WWW.NASAA.ORG

FUTURE CONFERENCES SPRING CONFERENCE MAY 6-9, 2017WASHINGTON, DC

ANNUAL CONFERENCE SEPTEMBER 22-27, 2017SEATTLE, WASHINGTON

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