Institute for Compliance
The Institute for Compliance promotes careers in financial compliance, trains and prepares students for such careers, increases knowledge of the importance of compliance, and provides various events for the Chicago-based compliance and legal community. It is the first institute of its kind located in a law school.
Elements of the Institute
The Institute has created a curriculum for those students interested in compliance. At the heart of this curriculum is Compliance in Financial Institutions, which is taught by Robert Scales, general counsel and chief compliance officer of the Acorn Funds, a $30 billion family of mutual funds. The course will be given next in Spring 2014. The following courses are being offered for Spring 2014:
MWTh 12:45-1:50, Prof. Hablutzel
A study of the Securities Act of 1933 and the Securities Exchange Act of 1934. Among the topics included are: the registration and distribution of securities by issuers; exemptions from the registration requirements; offerings by underwriters and dealings; reorganizations; federal disclosure obligations; regulation of the securities markets, broker-dealers, proxy rules, tender offers, and civil liabilities for insider trading, Rule lOb-5 and short-swing profits.
Regulatory Compliance in Consumer Finance
Thurs 6:00-7:50, Prof. Silva
Regulation across the entire consumer finance industry has been, and continues to be, restructured in the wake of the Great Recession and the Dodd-Frank Wall Street Reform and Consumer Protection Act. This course will introduce students to the increasingly complex compliance demands and requirements of the various consumer finance industry laws, regulations and regulators, including the still new Consumer Finance Protection Bureau. As students will learn, such laws, rules, and regulations govern a host of products and industries including credit card companies, banks, and mortgage lenders.
Professional Responsibility: Business Ethics
Thurs 4:00-5:50, Prof. Robbins
This course is designed to introduce students to real-world professional responsibility dilemmas faced by lawyers representing business organizations, engaging in transactional practice or working as in-house counsel or as compliance personnel. From the organization-as-client rule to Upjohn warnings and beyond, ethical issues are more common, relevant and subtle than one might think. Moreover, appropriately resolving professional responsibility questions is crucial to both individual career success and the reputation of the legal profession as a whole. Through a variety of teaching techniques, including simulations, this course will give students the opportunity to explore these issues with their practical ramifications and will seek to arm students with the tools and knowledge to tackle tough ethical questions with confidence. Business Organizations is a prerequisite. This course satisfies the Professional Responsibility graduation requirement.
Banking Law and Regulation
Tues 6:00-9:00, Prof. Geiringer
This course examines the legal and regulatory framework applicable to U.S. banking organizations, which includes bank holding company systems, federally and state-chartered banks and savings and loans. The course will introduce basic statutory and regulatory concepts and explore the goals of these laws and regulations. Topics will include a review of regulatory capital requirements, regulations pertaining to lending activities, issues involving risk management, and foreign banking operations in the U.S. The impact of recent legislative and regulatory changes with respect to securities and insurance activities of U.S. banking organizations will also be examined. A survey of bank regulatory structures for countries in Europe and Asia will also be featured. As this is an LLM class, J.D. students must receive permission from Professor Perritt to enroll.
Students may also be interested in taking Accounting For Lawyers, Corporate Finance and other business related classes.
For those students potentially interested in careers in compliance, we recommend the following courses:
- Business Organizations
- Securities Regulation
- Banking Regulation
- Compliance in Financial Institutions
- Hedge Fund Regulation
- Futures and Derivatives Regulation
- Global Financial Markets
- Various elective courses
These lectures, each of which involve some aspect of compliance, are open to the public and provide free CLE credit.
September 10, 2013, 12:30-6:00 p.m.
Money, Privacy, Power and the Law
How should we react to Snowden's revelations about NSA surveillance? What are the risks and benefits of modern international surveillance techniques? In a post-Snowden era, extensive use of telecommunications data raises acute privacy concerns. Join us on Tuesday, September 10, as U.S. and European experts focus on money laundering and financial crime, discuss new generation surveillance efforts such as HEMOLIA, identify numerous legal and privacy concerns, and find new ways to promote international cooperation for both effective crime prevention and effective privacy protection.
Compliance Career Conversations
Chicago-Kent has numerous alumni who work in compliance—some in very senior positions. Using these connections, the Institute hosts a series of relatively informal discussions about careers in compliance for students and alumni.
October 29, 2013, 12:00 p.m.
Compliance Career Chat
Come join us for pizza and a discussion of our guest's career in the compliance field.
James R. Downing, Vice President, Compliance Manager, JPMorgan Chase
September 24, 2013, 12:00 p.m.
Compliance Career Chat
Come join us for pizza and a discussion by two of our esteemed graduates.
Robert La Porte, Vice President, Global Audit Manager Anti-Money Laundering/Regulatory Compliance and Risk Management Teams
Adam Weber, 2nd Vice President, Project Specialist Anti-Money Laundering/Regulatory Compliance Team
Internships/externships in compliance departments are crucial for training students so they acquire a strong background in compliance, including the real-word, everyday experience of how compliance departments function and the types of issues that they handle. The Institute seeks to foster and find such opportunities for Chicago-Kent students.
Northern Trust Audit Services Intern Program
The Northern Trust Audit Services Intern Program gives JD/LLM students the opportunity to become acquainted with global regulations for various financial services and products related to banking, securities markets and custodial activities. Over the course of the twelve-week program, students will work on several projects particular to the Global Regulatory Compliance and Anti-Money Laundering Audit Team, including but not limited to Dodd-Frank Act requirements. Projects will include review and analysis of new regulations both domestically and internationally. Duties will also include maintenance of a regulatory inventory to ensure all applicable laws and regulations are properly being identified and assessed globally. Students will work closely with all levels of management at Northern Trust, and be given the opportunity to work with a Global Leader in investment management, asset/fund administration, banking solutions and fiduciary services for corporations/institutions and affluent individuals worldwide.
Send cover letters and resumes to:
Robert La Porte | Vice President, Audit Manager | Audit Services
50 South LaSalle Street, M-20 Chicago, IL 60603
phone (312) 557-9792 | fax (312) 444-3038 | email email@example.com
Board of Advisors
The Institute's Board of Advisors consists of leading practitioners in the compliance field, including general counsels at major investment banks, numerous chief compliance officers, partners at law firms, and former regulators.
Abby Schwartz Eisenberg is assistant director for the Institute for Compliance. She can be reached at firstname.lastname@example.org.
Careers in Compliance
Click here for compliance-related job links.
Click here for a commodities, futures and derivatives law job-hunting guide.