FINRA 2021 Priorities and Impact on Alternatives
FINRA recently published its “Report of FINRA”s Examination and Risk Monitoring Program,” covering topics such as Regulation Best Interest, cybersecurity, private placements, advertising and consumer protection. Our panel talked about this recent report, including “hot topics” for the alternative investment industry, such as Regulation Best Interest, private placement and advertising changes (including the recent SEC proposal to require the filing of private placement sales materials), as well as other FINRA initiatives such as the protection of senior investors. We’ll also discussed IPA initiatives including Rule 2310, the treatment of failed offerings and Regulation D disqualification.
Brian BoxlerVP, Associate General Counsel, LPL Financial
As an attorney on LPL’s Advice team, Brian counsels various groups at LPL including product risk, supervision, and compliance. Brian joined LPL after previously representing financial service firms and their representatives in private practice in New York.
Darryl SteinhausePartner, DLA Piper LLP
Darryl Steinhause is a partner in DLA Piper’s Real Estate Capital Markets group.
Mr. Steinhause is an integral component of the real estate capital markets practice at DLA Piper. He is familiar with industry best practices and is well versed in the structuring and formation of a wide variety of real estate private equity funds, including those adopting a private REIT structure and the newly created Opportunity Zone Funds. A significant aspect of this representation involves the formation and structuring of sponsor ownership vehicles in a tax-efficient manner in order to maximize after-tax incentive payments to sponsors, their owners, and their employees.
With more than 35 years of experience in highly technical securities and tax transactions, Mr. Steinhause has structured securities offerings for a wide variety of significant clients across the country, acting as lead counsel on over 10 billion dollars of fund, debt, tenant in common (TIC), Delaware statutory trust (DST), real estate investment trust (REIT), Opportunity Zone Funds and other offerings. He has represented both sponsors and institutional investors in a variety of deal structures, including publicly registered transactions, private placements and institutional funds. His experience also includes structuring lending transactions and loan workouts for borrowers particularly involving TICs, REITs and DSTs.
Gina GombarVP, Government Affairs and Associate General Counsel, IPA
Joe TerryChief Compliance Officer – CCO Capital, LLC, CIM Group
Joe Terry is the Chief Compliance Officer of CCO Capital, LLC, CIM Group’s affiliated broker/dealer. Prior to joining CIM Group, he held senior compliance and supervision roles with LPL, Advisor Group, John Hancock, and Horace Mann Insurance. Joe has also served on numerous industry and FINRA advisory committees during his career. He holds a B.A. in Economics from Westminster College, as well as an M.B.A. and M.S. in Strategic Management from Indiana University.
Mark QuinnDirector of Regulatory Affairs, Cetera Financial Group
Mark Quinn is the Director of Regulatory Affairs for Cetera Financial Group, the corporate parent of a group of broker-dealers and Registered Investment Advisors with more than 8,000 financial advisers located across the United States. In that role, he manages a team of professionals handling interactions with agencies including the SEC, FINRA, U.S. Department of Labor, and state regulatory authorities. He also manages advocacy with respect to regulatory and legislative policy on behalf of Cetera.
Prior to joining Cetera, Mr. Quinn was the Chief Risk Officer of First Allied Securities, Inc., and prior to that, General Counsel of Royal Alliance Associates. In those roles and in private law practice, he has focused on representation of broker-dealers, investment advisers, and registered representatives in arbitration, litigation, and regulatory matters. He is a past Chairman of the Compliance Council of the Financial Services Institute and the Retirement Plans and Tax Regulatory Committee of the Insured Retirement Institute, and a current member of the District Committee for FINRA District No. 2. Mr. Quinn holds a B.S. in Finance from Arizona State University and M.B.A. and J.D. degrees from the University of Denver. He is a member of the Colorado, New York, and Florida bars.
Tom SelmanFounder, Scopus Financial Group
Former Executive Vice President for Regulatory Policy and Legal Compliance Officer, FINRA.