Janet M. Angstadt Partner West Monroe Street Chicago, IL Practices Industries Education

Transcription

1 Janet M. Angstadt Partner West Monroe Street Chicago, IL Practices FOCUS: Financial Services Broker-Dealer Regulation Financial Services Regulatory and Compliance Proprietary Trading Firms Industries Financial Institutions Education JD, DePaul University College of Law BA, St. Olaf College Bar Admissions Illinois Janet M. Angstadt is the head of Katten's Chicago Financial Services practice. She focuses her practice on broker-dealer and exchange compliance issues and advises companies on matters regarding compliance with the regulations of the US Securities and Exchange Commission (SEC) and self-regulatory organizations (SROs). Janet represents clients in a wide range of legal and regulatory matters, including mergers and acquisitions, SRO investigations, compliance issues related to registrations, sales practice, short sales, Regulation NMS, market-making and options and equities order handling. She advises on alternative trading systems, including dark pools and electronic communication networks, policies and procedures for trading systems development and testing and exchange-traded funds (ETFs). Janet counsels large, full-service broker-dealers, exchanges and clearinghouses as well as firms with market-making, proprietary trading and algorithmic models. She also advises market centers on equities and derivatives market structure initiatives, including market access, market data, new products and SEC policy initiatives. In addition, Janet conducts independent compliance and technology reviews and audits related to enforcement action settlements. Before joining Katten, she served as general counsel to NYSE Arca, Inc., an electronic equities and options exchange. As general counsel of NYSE Arca, Janet worked extensively on market structure and regulatory compliance issues and managed the company's membership and registrations departments. Prior to the merger of the New York Stock Exchange and Archipelago, she served as the deputy general counsel of Archipelago, where she created and implemented key company policies, including the company's procedures for development and testing of exchange technology. Janet also managed the compliance programs for Archipelago's four affiliated broker-dealers and played an integral role in legal and regulatory matters involving human resources, intellectual property and mergers and acquisitions, including Archipelago's acquisition of the Pacific Exchange and its merger with the New York Stock Exchange. Earlier, Janet was senior vice president and counsel to the capital markets group of EVEREN Securities, Inc. She also was senior counsel for the SEC's Division of Market Regulation where she was a member of the three-person study team for the Market 2000 Report.

2 Memberships Econ Illinois, Governing Board Securities Industry and Financial Markets Association Advisories Proposed Amendments to SEC Rule 15b9-1 Would Require Most Proprietary Trading Broker-Dealers to Become FINRA Members (April 20, 2015) FINRA Seeks Comment on Proposal Requiring Registration of Associated Persons Who Develop Algorithmic Trading Strategies (March 26, 2015) FINRA's New Consolidated Supervision Rules: A Roadmap to Compliance (November 11, 2014) SEC Issues Frequently Asked Questions on Supervisory Liability of Broker-Dealer Compliance and Legal Personnel Under Section 15(b)(4) and 15(b)(6) of the Exchange Act (October 9, 2013) The JOBS Act: Congress Overhauls Laws Governing Capital Raising for Most Issuers and Reporting for New Public Companies (March 30, 2012) MiFID II How It Affects Proprietary Traders and Algorithmic Traders (October 31, 2011) Guidelines from European Regulator Focus on High Frequency and Algorithmic Trading Obligations (August 18, 2011) SEC Adopts Large Trader Reporting Rule (August 3, 2011) SEC Extends Compliance Date for Certain Requirements of the Market Access Rule (June 28, 2011) SEC Adopts New Rule Concerning Risk Management Controls for Broker-Dealers with Market Access (November 16, 2010) FINRA Provides Guidance on Broker-Dealer Funding and Liquidity Risk Management Practices (November 5, 2010) SEC Proposes Major Initiative to Build a Consolidated Audit Trail for Equities and Options (June 10, 2010) New Circuit Breaker Proposed for Individual Stocks (May 20, 2010) SEC Staff Conducting Broad Analysis of Derivative Use by Registered Funds: Certain ETF Applications Are Temporarily Placed on Hold Until Study Is Concluded (March 26, 2010) SEC Adopts New Short Sale Price Test Rules (March 5, 2010) SEC Adopts New Short Sale Price Test (February 26, 2010) SEC Proposes New Market Access Rule and Approves Modifications to the Sponsored Access Rule of the Nasdaq Stock Market (January 29, 2010)

3 SEC Publishes Equity Market Structure Concept Release with Focus on High Frequency Trading, Co-Location, Market Data Latencies and Undisplayed Liquidity (January 25, 2010) SEC Proposes Rules and Amendments Regarding Regulation of Non-Public Trading Interest ("Dark Pools") (November 19, 2009) SEC Issues Important New Reg SHO FAQs Concerning "Long" and "Short" Order Marking and Locates for Foreign Broker-Dealers (August 31, 2009) SEC Reopens Comment Period for Short Sale Price Test and Proposes "Alternative Uptick Rule" (August 18, 2009) SEC Makes Short Selling Rule Permanent and Plans to Increase Short Sale Transparency (July 30, 2009) SEC Votes to Seek Comment on Five Alternative Short Sale Rule Proposals (April 9, 2009) OFAC Issues Guidance Regarding Scope of OFAC Compliance Programs (November 7, SEC Adopts Final Short Selling Rules (October 28, New Emergency Short Sale Rules Effective September 18, 2008 (September Second "ComplianceAlert" Cites Common Deficiencies, Effective Practices of Advisers, Funds and Brokers (August SEC Considers Expansion of the Applicability of Its Recent Short Sale Restrictions (July SEC Issues Emergency Order to Limit "Naked" Short Sales in Certain Financial Securities (July Articles Co-author, Recent Regulatory Initiatives Affecting High Frequency Trading, Automated Trader Magazine (June 2010) Author, A New Market Access Rule For Broker-Dealers?, Law360 (March 15, 2010) Newsletters FINRA's NAC Strengthens Sanction Guidelines Related to Fraud and Suitability Corporate & Financial Weekly Digest - Volume X, Issue 19 (May 15, 2015) SEC Committee to Focus on the Order Protection Rule at Upcoming Meeting Corporate & Financial Weekly Digest - Volume X, Issue 16 (April 24, 2015)

4 FINRA Issues Notice on New Rules and Amendments Relating to Transaction- Based Compensation, Membership and Sanctions, FINRA Issues Guidance on Effective Supervision for Firms Engaging in Algorithmic Trading Strategies, SEC Proposes to Amend Rule 15b9-1, SEC Staff Clarifies Regulation SHO FAQ 2.5(B) on Order Marking Corporate & Financial Weekly Digest - Volume X, Issue 12 (March 27, 2015) CBOE Proposes to Amend Order Ticket Requirements for Certain Orders SEC and FINRA Issue Cybersecurity Publications Corporate and Financial Weekly Digest - Volume X, Issue 5 (February 6, 2015) SEC 2015 Examination Priorities Focus on Liquid Alternatives and Fixed-Income Funds Corporate and Financial Weekly Digest - Volume X, Issue 2 (January 16, 2015) FINRA Proposes Rule Change to Identify Transactions with Non-Member Affiliates FINRA Proposes Rule Change to Codify Reporting Requirement for Accounts Acting in Concert Corporate and Financial Weekly Digest - Volume IX, Issue 49 (December 19, 2014) SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements Corporate and Financial Weekly Digest - Volume IX, Issue 43 (October 31, 2014) FINRA Remarks at the National Society of Compliance Professionals Conference Corporate and Financial Weekly Digest - Volume IX, Issue 42 (October 24, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 40 (October 10, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 38 (September 26, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 36 (September 12, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 34 (August 29, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 28 (July 18, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 26 (June 27, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 23 (June 6, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 16 (April 18, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 13 (March 28, 2014) Corporate and Financial Weekly Digest - Volume IX, Issue 1 (January 3, 2014) Corporate and Financial Weekly Digest - Volume VIII, Issue 38 (October 4, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 36 (September 20, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 35 (September 13, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 33 (August 23, 2013)

5 Corporate and Financial Weekly Digest - Volume VIII, Issue 28 (July 19, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 19 (May 10, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 12 (March 22, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 11 (March 15, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 10 (March 8, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 6 (February 8, 2013) Corporate and Financial Weekly Digest - Volume VIII, Issue 3 (January 18, 2013) Corporate and Financial Weekly Digest - Volume VII, Issue 47 (December 21, 2012) Corporate and Financial Weekly Digest - Volume VII, Issue 38 (October 12, 2012) Corporate and Financial Weekly Digest - Volume VII, Issue 36 (September 28, 2012) Corporate and Financial Weekly Digest - Volume V, Issue 46 (December 3, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 45 (November 19, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 43 (November 5, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 40 (October 15, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 38 (October 1, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 36 (September 17, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 34 (August 27, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 27 (July 9, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 25 (June 25, 2010) Corporate and Financial Weekly Digest - Volume V, Issue 23 (June 11, 2010) Corporate and Financial Weekly Digest - Volume IV, Issue 20 (May 22, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 19 (May 15, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 18 (May 8, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 17 (May 1, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 16 (April 24, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 15 (April 17, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 14 (April 10, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 13 (April 3, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 12 (March 27, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 11 (March 20, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 10 (March 13, 2009)

6 Corporate and Financial Weekly Digest - Volume IV, Issue 9 (March 6, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 8 (February 27, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 7 (February 20, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 6 (February 13, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 5 (February 6, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 4 (January 30, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 3 (January 23, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 2 (January 16, 2009) Corporate and Financial Weekly Digest - Volume IV, Issue 1 (January 9, 2009) Corporate and Financial Weekly Digest - Volume III, Issue 46 (December 19, Corporate and Financial Weekly Digest - Volume III, Issue 45 (December 12, Corporate and Financial Weekly Digest - Volume III, Issue 44 (December 5, Corporate and Financial Weekly Digest - Volume III, Issue 43 (November 21, Corporate and Financial Weekly Digest - Volume III, Issue 42 (November 14, Corporate and Financial Weekly Digest - Volume III, Issue 41 (November 7, Corporate and Financial Weekly Digest - Volume III, Issue 40 (October 31, Corporate and Financial Weekly Digest - Volume III, Issue 39 (October 24, Corporate and Financial Weekly Digest - Volume III, Issue 38 (October 17, Corporate and Financial Weekly Digest - Volume III, Issue 37 (October 10, Corporate and Financial Weekly Digest - Volume III, Issue 36 (October 3, Corporate and Financial Weekly Digest - Volume III, Issue 35 (September 26, Corporate and Financial Weekly Digest - Volume III, Issue 34 (September 19, Corporate and Financial Weekly Digest - Volume III, Issue 33 (September 12, Corporate and Financial Weekly Digest - Volume III, Issue 32 (September 5, Corporate and Financial Weekly Digest - Volume III, Issue 31 (August 22, Corporate and Financial Weekly Digest - Volume III, Issue 30 (August 15, Corporate and Financial Weekly Digest - Volume III, Issue 29 (August 8, Corporate and Financial Weekly Digest - Volume III, Issue 28 (August 1,

7 Corporate and Financial Weekly Digest - Volume III, Issue 27 (July 25, Corporate and Financial Weekly Digest - Volume III, Issue 26 (July 18, Corporate and Financial Weekly Digest - Volume III, Issue 25 (July 11, Corporate and Financial Weekly Digest - Volume III, Issue 24 (June 27, Corporate and Financial Weekly Digest - Volume III, Issue 23 (June 20, Corporate and Financial Weekly Digest - Volume III, Issue 22 (June 13, Corporate and Financial Weekly Digest - Volume III, Issue 21 (June 6, Corporate and Financial Weekly Digest - Volume III, Issue 20 (May 30, Corporate and Financial Weekly Digest - Volume III, Issue 19 (May 16, Corporate and Financial Weekly Digest - Volume III, Issue 18 (May 9, Corporate and Financial Weekly Digest - Volume III, Issue 17 (May 2, Corporate and Financial Weekly Digest - Volume III, Issue 16 (April 25, Corporate and Financial Weekly Digest - Volume III, Issue 15 (April 18, Corporate and Financial Weekly Digest - Volume III, Issue 14 (April 11, Corporate and Financial Weekly Digest - Volume III, Issue 13 (April 4, Corporate and Financial Weekly Digest - Volume III, Issue 12 (March 28, Corporate and Financial Weekly Digest - Volume III, Issue 11 (March 14, Corporate and Financial Weekly Digest - Volume III, Issue 10 (March 7, Corporate and Financial Weekly Digest - Volume III, Issue 9 (February 29, Corporate and Financial Weekly Digest - Volume III, Issue 8 (February 22, Corporate and Financial Weekly Digest - Volume III, Issue 7 (February 15, Corporate and Financial Weekly Digest - Volume III, Issue 6 (February 8, Corporate and Financial Weekly Digest - Volume III, Issue 5 (February 1, Corporate and Financial Weekly Digest - Volume III, Issue 4 (January 25, Corporate and Financial Weekly Digest - Volume III, Issue 3 (January 18, Corporate and Financial Weekly Digest - Volume III, Issue 2 (January 11, Corporate and Financial Weekly Digest - Volume III, Issue 1 (January 4, Corporate and Financial Weekly Digest - Volume II, Issue 47 (December 20, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 46 (December 14, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 45 (December 7, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 44 (November 30, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 43 (November 16, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 42 (November 9, 2007)

8 Corporate and Financial Weekly Digest - Volume II, Issue 41 (October 26, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 40 (October 19, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 39 (October 12, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 38 (October 5, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 36 (September 21, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 35 (September 14, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 34 (September 7, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 33 (August 24, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 32 (August 17, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 31 (August 10, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 30 (August 3, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 29 (July 27, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 28 (July 20, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 27 (July 13, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 26 (June 29, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 25 (June 22, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 24 (June 15, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 23 (June 8, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 22 (June 1, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 21 (May 25, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 20 (May 18, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 19 (May 11, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 18 (May 4, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 17 (April 27, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 16 (April 20, 2007) Corporate and Financial Weekly Digest - Volume II, Issue 15 (April 13, 2007) Speaking Engagements & Presentations Panelist, Developments in Proprietary Trading: Cross-Border Comparison of US and European Regulatory Initiatives Developments in Proprietary Trading: Cross- Border Comparison of US and European Regulatory Initiatives, Chicago, Illinois (April 28, 2015)

9 Speaker Enforcement Issues Arising from Dark Pools, Chicago, Illinois (November 20, 2014) Presenter Financial Services Litigation Symposium, New York, New York (October 16, 2014) Panelist, The Deep End of Dark Pools: Increased Scrutiny of High Frequency Trading First Chair Awards Conference & Gala, Chicago, Illinois (August 27, 2014) Panelist Recent Publicity Concerning Proprietary Trading: Potential Regulatory Responses, New York, New York (May 6, 2014) Panelist Recent Publicity Concerning Proprietary Trading: Potential Regulatory Responses, Chicago, Illinois (April 28, 2014) Presenter Pitfalls in a Shifting Landscape: Trade Practice Issues for Futures and Securities, Chicago, Illinois (December 3, 2013) Presenter Enforcement and Examination Priorities of Options Regulators, New York, New York (October 1, 2013) Presenter Enforcement and Examination Priorities of Options Regulators, Chicago, Illinois (July 9, 2013) Panelist, Regulators as Initiators Rapidly Changing Securities Markets: Who Are the Initiators?, New York, New York (October 9, 2012) Presenter SEC and CFTC Regulatory Update, Chicago, Illinois (July 17, 2012) Panelist Regulatory Compliance 2011, New York, New York (November 30, 2011) Presenter Proprietary Trading Issues for 2012, Chicago, Illinois (October 20, 2011) Panelist Bloomberg's High Frequency Trading Briefing, Chicago, Illinois (July 12, 2011) Moderator The Security Traders Association of New York's 75th Annual Conference & Celebration, New York, New York (March 31, 2011) Panelist, What will be the legacy of the 'flash crash'? Chicago Trading & Investing Summit 2010, Chicago, Illinois (October 14, 2010) Panelist, Options Market Structure An Institutional vs. Retail Marketplace? State of Institutional Options Trading from a Liquidity, Regulatory and Technology Perspective, New York, New York (October 6, 2010) Panelist, SEC Market Structure Concept Release 74th Annual Security Traders Association of New York Conference, New York, New York (April 22, 2010) Speaker Proprietary Trading on European Markets, Chicago, Illinois (April 14, 2010)

10 Speaker, Legal and Regulatory Implications of New Short Sale Rule SEC's New Short Sale Rule: Implications and Ambiguities, New York, New York (March 29, 2010) Panelist New SEC Initiatives Affecting Equity and Options Trading, New York, New York (March 18, 2010) Panelist New SEC Initiatives Affecting Proprietary Trading, Chicago, Illinois (February 25, 2010) Speaker Financial Regulatory Reform: Current Developments, Chicago, Illinois (December 3, 2009) Panelist Proprietary Trading Follow-Up Roundtable, Chicago, Illinois (April 16, 2009) Presenter Regulatory Developments in Equity and Options Trading, New York, New York (March 12, 2009)