Financial Responsibility Rules and Relevant Touchpoints

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Washington MCLE
Accreditation Info

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About This Course

Join us for an enlightening CLE course where our esteemed panelists will explore a range of topics related to SEC and FINRA financial responsibility rules. The discussion will encompass the regulatory obligations imposed on introducing, intermediary, carrying, and clearing firms as outlined in FINRA Rule 4311 and SEA Rule 17a-4. In addition, the panel will delve into other subjects such as liquidity management and the intricacies of fully-paid lending.

Lecturer Bios

Michael MacPherson Esq.

Michael MacPherson is a Senior Advisor in FINRA Member Supervision and primarily supports the Risk Monitoring Group. Mr. MacPherson represents FINRA in interactions with internal and external stakeholders regarding Financial/Operational matters.

Prior to his employment at FINRA, Mr. MacPherson served as a Director in the Regulatory Reporting at National Financial Services, and as a Senior Vice President in the Regulatory Reporting department at Citigroup. Mr. MacPherson holds a bachelor’s degree in Finance from St. John’s University and maintains a Series 27 license.

Kris Dailey

Kris Dailey is a Vice President in the Risk Oversight and Operational Regulation department in FINRA’s Member Regulation division. Ms. Dailey oversees the development of broker-dealer financial and operational policies and rule interpretations, FINRA’s margin rules and credit regulation policy, evaluation of market and credit risk methodologies and examination related automation initiatives. Ms. Dailey was previously a Managing Director at FINRA’s predecessor, NYSE Regulation, where she held various staff and managerial positions and was responsible for financial surveillance of member firms and the supervision of member firm examinations. Ms. Dailey received a B.S. from St. John’s University and a M.B.A. from Fordham University.

Shirley Abraham Esq.

Shirley Abraham is a Senior Director of Examinations for firms that are assigned to the Diversified, Carrying & Clearing grouping. In this role, she maintains responsibility for Examination teams who execute reviews focused on financial, operational and business conduct risks of these firms. She and her team coordinate closely with Risk Monitoring to leverage regulatory intelligence in the development of Examination strategy.

Ms. Abraham is an active member of several internal committees and works closely with colleagues to continue to enhance the Member Supervision Examination program. Ms. Abraham has worked for FINRA since its inception in 2007. Prior to joining FINRA, Ms. Abraham held examination and auditing roles with both the New York Stock Exchange and the Chicago Board of Trade. Ms. Abraham holds a Bachelor of Science in Accountancy degree from the University of Illinois at Urbana-Champaign. She also holds management development certifications from Rutgers University and the Securities Industry Institute.

Randall W. Roy Esq.

Randall W. Roy, Deputy Associate Director, and an attorney, joined the United States Securities and Exchange Commission in February 1999 and has spent his entire tenure in the Office of Financial Responsibility within the Division of Trading and Markets. This office is responsible for administering the broker-dealer financial responsibility rules, including the net capital rule, customer protection rule, books and records rules, and financial reporting rule.

The office also is responsible for administering the capital, margin, segregation, recordkeeping, and reporting rules for security-based swap dealers under Title VII of the Dodd-Frank Act. Other office responsibilities include reviewing the broker-dealer customer margin rules of the self-regulatory organizations and administering the Commission’s oversight of the Securities Investor Protection Corporation (SIPC).

Mr. Roy received a Bachelor of Arts degree from Middlebury College and a Juris Doctor degree from Catholic University.

Brian Kowalski Esq.

Brian Kowalski is a Vice President of Risk Monitoring and head of the Carrying and Clearing, Medium and Small Diversified Firm Groups within FINRA’s Member Supervision Department. In this role, Mr. Kowalski provides strategic leadership and oversight of the Risk Monitoring program for his Firm Grouping, ensures appropriate tailoring of the program to address relevant risks associated within firm grouping business activities, and identifies and addresses industry trends and developments for firms, while continuing to evolve the program.

He and his team are also responsible for coordination with Examination Program Management on the strategy and execution of related examinations. Mr. Kowalski previously held the role of Senior Director of Risk Monitoring and Single Point of Accountability (SPOA) for the Medium Diversified Firm Group and, prior to that, was a Surveillance Director within the Risk Oversight and Operational Regulation group of Member Supervision. Mr. Kowalski joined FINRA in 2010 after spending nine years at National Financial Services, LLC in various operations and regulatory control functions.

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Financial Responsibility Rules and Relevant Touchpoints

Washington MCLEAccreditation Info

About This Course

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Washington MCLE
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