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Institute for Compliance

Mission

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

Classes

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:

Securities Law
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. Silvia

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

Lecture Series

These lectures, each of which involve some aspect of compliance, are open to the public and provide free CLE credit.

April 3, 2014, 5:00 p.m.
"The United Nations Counter-Terrorism Implementation Task Force: Capacity-Building Program for Member States' Designations of Terrorists and Freezing of Terrorist Assets under Security Council Resolutions"
Saverio Mirarchi

Saverio Mirarchi, Project Consultant, United Nations Counter-Terrorism Implementation Task Force, Working Group on Tackling the Financing of Terrorism.
Since October 2013, Saverio has served as Project Consultant for a project on terrorist designations and terrorist asset freezing with the UN/Counter-Terrorism Implementation Task Force/Working Group on Tackling the Financing of Terrorism.
Read Mr. Mirarchi's full bio...

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.

Agenda:

12:30-1:00

Registration

1:00-2:30

Panel 1:
The Detection and Control of Money Laundering


John M. Geiringer, Partner, Barack Ferrazano Kirschbaum & Nagelberg LLP; Advisory Board, Chicago-Kent Institute for Compliance

Jose Morera
Gruppo AIA

Joseph Silvia
Counsel, Federal Reserve Bank of Chicago; Advisory Board, Chicago-Kent Institute for Compliance

2:30-2:45

Coffee Break 

2:45-4:15

Panel 2:
Beyond Money Laundering 


Amit Bohensky
Verint

Saverio Mirarchi
Adjunct Professor of Law, Chicago-Kent; Former Chief Compliance and Ethics Officer, Northern Trust

Alexander Dill
SEC Branch Chief, Division of Market Regulation (1994-1996)

 

Robert Ginsburg
Adjunct Professor of Law, IIT Chicago-Kent College of Law; Former Counsel to Aon Corporation; Latin American Legal and Compliance Group

4:15-5:45

Panel 3:
Money, Privacy, Power, and the Law


Moderator:
Lori Andrews, Distinguished Professor of Law, IIT Chicago-Kent College of Law

Robert Hovenvangenderen
Free University of Amsterdam

Lynn Goldstein
Chief Data Officer, New York University Center for Urban Science and Progress; Former Chief Privacy Officer, JP Morgan Chase

Chris Sogohian
Principal Technologist and Senior Policy Analyst with the Speech, Privacy and Technology Project at the American Civil Liberties Union; Visiting Fellow, Yale Law School's Information Society Project; Fellow, Center for Applied Cybersecurity Research at Indiana University

5:45-6:00

Wrap Up

6:00

Reception

 

 Past Events:

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.

April 8, 2014, 12:00 p.m., Room 570
Compliance Career Chat

Come join us for pizza and a discussion of our guest's career in the compliance field.

Featuring:

Chad Eisenberg, Chief Operating Officer, Vivaldi Capital Management.

March 4, 2014, 12:00 p.m., Room C35
Compliance Career Chat

Come join us for pizza and a discussion of our guest's career in the compliance field.

Featuring:

Jon Shapiro, Senior Director of Corporate Compliance, Aon.

February 4, 2014, 12:00 p.m., Room 580
Compliance Career Chat

Come join us for pizza and a discussion of our guest's career in the compliance field.

Featuring:

Lisa Tamburini, Legal Counsel and Compliance Officer, RMB Capital Management.

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.

Featuring:

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.

Featuring:

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

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.

Morningstar Legal Internship

The legal department at Morningstar is looking for a Legal Intern to work on a variety of tasks. The internship is open to students completing their first year of law school who can work 20 to 25 hours per week during the school year. This is a great opportunity to learn both how an in-house corporate law and compliance department functions, as well as how law school classroom material translates into real-world practice.

You can find more information here.
Click here to apply.

Vivaldi Capital Management Compliance Internship

The Compliance Internship will offer significant exposure to issues associated with Registered investment Companies as well as operators of both private and public registered funds. The Intern will work directly with the Chief Compliance Officer, Chief Operating Officer, compliance consultants, and attorneys to monitor the compliance program and refine policies and procedures. Click here for more information.

Please send resumes to Chad Eisenberg, ceisenberg@vivaldicap.com.

Chicago Stock Exchange (CHX) Externship

The role of the extern will be that of an assistant to the Manager, Trading Examinations and Ad Hoc Investigations. This supervised position will allow the extern to shadow the Manager and assist with defined tasks, including drafting memos, reports, and other documents. Externships are unpaid by the CHX. Participants should receive course credit for their work in accordance with the requirements of their academic program.
Contact: Jeffrey Martensen, jmartensen@chx.com.

FCStone Internship

Company Description:
FCStone LLC is a registered Futures Commission Merchant, and solicits and accepts orders from customers for the purchase and sale of commodity futures, options and swaps contracts that are traded on registered entities, such as designated contract markets, and cleared through a clearing house.

Job Description:
This intern will be responsible for assisting staff and management in the application of certain regulations applicable to the FCM provided under the Dodd Frank Act, as well as assisting in the ongoing improvement of broker communications of regulatory directives. The position will require:

  • Understanding of general financial regulatory rules
  • Ability to understand the ripple effect of rules to other areas of a financial entity
  • Visualization of the monitoring and testing components of new regulation, and providing input on making it efficient and effective where applicable.

Working knowledge of NFA and CFTC rules applicable to Futures Commission Merchants is a plus.

Please send resumes to Josh at Josh.Beardskley@intlfcstone.com.

National Association of Bond Lawyers Fundamentals of Municipal Bond Law Seminar - Law Student Scholarship

The National Association of Bond Lawyers ("NABL") is offering up to five scholarships to law school students to attend its 2014 Fundamentals of Municipal Bond Law Seminar. The seminar is designed to provide a basic knowledge of municipal bond law and related municipal finance issues. It will be held April 30-May 2, 2014 in Atlanta, Georgia.

Please click here for a scholarship application and instructions.

Completed applications are due March 3, 2014. If you have questions about this scholarship, please call NABL Chief Operating Officer Linda Wyman at (202) 503-3300.

Northern Trust Audit Services Intern Program

Description:
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 rl88@ntrs.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.

Leadership

Professor Felice Batlan is director of the Institute for Compliance. She can be reached at fbatlan@kentlaw.iit.edu.

Abby Schwartz Eisenberg is assistant director for the Institute for Compliance. She can be reached at aeisenb3@kentlaw.iit.edu.

Careers in Compliance

Click here for compliance-related job links.
Click here for a commodities, futures and derivatives law job-hunting guide.