AGENDA 

CCOutreach National Seminar 

for Investment Adviser and Investment Company Chief Compliance Officers

November 14, 2007 

U.S. Securities and Exchange Commission 

Station Place Auditorium 

Washington, DC 

8:00 a.m. - 9:00 a.m. Registration and Security Processing 

I. Welcome and Introduction to CCOutreach National Seminar (9:00 – 9:15) 

Lori A. Richards, Director, Office of Compliance Inspections and Examinations 

Andrew J. Donohue, Director, Division of Investment Management 

U.S. Securities and Exchange Commission 

II. Compliance and Operations – The Importance of Synergy (9:15 – 10:45) 

A. Establishing controls in common deficiency areas. 

B. Lessons learned from examinations – SEC perspective. 

C. Regulatory updates – dealing with change. 

D. The role of the CCO – three years later...what has time taught us? 

Speakers 

Robert E. Plaze, Associate Director, Division of Investment Management 

Gene A. Gohlke, Associate Director, Office of Compliance Inspections and 

Examinations 

Selwyn J. Notelovitz, Chief Compliance Officer, Wellington Management 

Company 

Marianne O’Doherty, Chief Compliance Officer, Smith Breeden Associates 

Break 10:45 - 11:00 

III. CCO’s Role in a Changing Environment (11:00 – 12:30) 

A. Strategies for maintaining CCO effectiveness with business leaders. 

B. Changing client objectives, including the special needs of senior investors. 

C. Understanding new products – identifying, monitoring, and mitigating unique 

compliance risks associated with new products or investments. 

D. What the SEC looks for when your business changes. 

E. The role of the CCO – using the annual review process to anticipate compliance 

risks in a changing business environment. 
Speakers 

Charles Liao, Assistant Regional Director, Los Angeles Regional Office 

Thomas R. Smith, Jr., Senior Advisor to the Director, Division of Investment 

Management 

Carsten Otto, Managing Director and Chief Compliance Officer, Morgan Stanley 

Advisers 

Jenny McCann, Chief Compliance Officer, Treaty Oak Capital Management 

Lunch: 12:30 - 2:00* 

IV. Compliance Concerns Unique to Fixed-Income and Derivative Managers (2:00 – 3:15) 

A. Best execution, valuation, and documentation issues. 

B. Documents and information examiners frequently request and analyses frequently 

performed. 

C. Common deficiencies. 

D. The role of the CCO – good controls/factors to consider. 

Speakers 

Thomas Biolsi, Associate Regional Director, New York Regional Office 

Douglas Scheidt, Associate Director, Division of Investment Management 

Todd F. Kuehl, Chief Compliance Officer, Western Asset Funds, Legg Mason and Co. 

Jeffrey Bates, Chief Compliance Officer and Chief Operating Officer, Fermat Capital 

Management 

Break: 3:15 - 3:30 

V. Examination and Risk Assessment Processes (3:30 – 4:45) 

A. Risk rating process: quantitative v. qualitative factors – the complementary roles of 

CCOs and examiners. 

B. What does it mean to be “high risk”? 

C. The role of the CCO – what can you do to lower your risk rating? 

Speakers 

Louis Gracia, Assistant Regional Director, Chicago Regional Office 

James Reese, Senior Staff Accountant, Office of Compliance Inspections and 

Examinations 

David R. Kowalski, Senior Vice President and Chief Compliance Officer, Janus Capital 

Management 

Lori K. Hoch, Principal and Chief Compliance Officer, Cortina Asset Management 

VI. Closing Remarks (4:45 – 5:00) 

Chairman Christopher Cox 

U.S. Securities and Exchange Commission 

* Coffee, tea and cookies will be served during the Seminar breaks. Lunch for purchase will be 

available. Food and drink are not permitted in the auditorium.