Panel Discussion | SEC Regulatory Reforms: How do they affect the industry? (Including evaluating the effect of the DOL Fiduciary Rule proposal & MM Reform.) Moderator: Lisa Shea, Northern Trust Panelists: Nick Horvath, DST Asset Management Solutions; Brian O'Sullivan, State Street; Peter Sattelmair, Transamerica Asset Management

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SEC Regulatory Reforms: How do
they affect the industry?

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Panelist
Nick Horvath, DST Asset Management Solutions
Nick is the Compliance Officer for DST’s Asset Management Solutions business unit. In that
role, he is charged with the firm’s regulatory solutions and thought leadership, best practice
delivery, audit and examination management, and exceeding client expectations. A Certified
Public Accountant, Nick earned a Bachelor of Business Administration from the University of
Iowa. He is the author of several SEC comment letters.
Brian O’Sullivan, State Street
Brian currently leads Fund Administration’s operations teams in Kansas City. In addition, he
also directs the Fund Administration Strategic Solutions team, which focuses on business and
product development efforts and vendor management for Fund Administration services in
North America. Previously, Brian held numerous leadership positions within State Street,
most recently as the head of Insurance Services. Brian earned a B.A. from Fairfield
University, Fairfield, CT.
Pete Sattelmair, Transamerica Asset Management
Pete is a Director of Fund Administration for the 170+ mutual funds with ~$73 billion in AUM
for Transamerica Asset Management. In this capacity he is responsible for NAV and Valuation
oversight, expense payments and budgeting, board and regulatory fund reporting, and
vendor oversight. Prior to joining Transamerica Asset Management in 2014, he worked at
State Street for 15 years in various fund accounting and fund administration roles.

3. © 2014 DST Systems, Inc. All rights reserved.
SEC
September 11 /
Terrorism
2000 2002 2004 2006 2008 2010 2012 2014
Regulatory Fire Hose
Patriot Act
Sect. 312 of Patriot
Act
Travel Rule
NPRM Beneficial
Owners
TREASUR
Y
FINCEN
STATE LAW
Enron
Sarbanes
Oxley
Canary Capital /
Scandals
38a-1 “CCO
Rule”
22c-2
SAR
Rule
Cost
Basis
FATC
A
Financial
Crisis
Dodd Frank
2a-7 Money Market Reform
DE VDA
Program
Various Abandoned Prop.
Updates
Red Flag
Rule
ID Theft
Epidemic
Cyber
Attacks
Obama
Framework
17Ad-17 Uncashed Checks
Rule
Tax Cheats
Pay to
Play
Abandoned Property
Chaos

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Topics for Discussion
1. Staying ahead of the regulations
a. Regulatory and audit pressure is off the charts
b. Protocol for staying ahead:
i. Transfer Agent
ii. Service Provider
iii. Mutual Fund Company
2. DOL Fiduciary Rule Overview
a. Key Points & Players
b. Best Interest Contract Exemption
c. Timeline
d. Potential Impacts

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Topics for Discussion
3. Money Market Reform
a. New regulations and Compliance Dates
i. Form N-CR: July 14, 2015
ii. Form N-MFP: April 14, 2016
iii. Diversification, stress testing, and enhanced disclosure: April 14,
2016
iv. Liquidity Fees and Redemption Gates: October 14, 2016
b. Impact on current money market fund
i. Determining product lineup (Floating vs. Stable NAV)
c. Regulatory front, industry committees
d. Systems requirements and readiness
a. Valuation
b. Intraday pricing
c. Shareholder recordkeeping platforms
e. Customer & Service Impacts

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Topics for Discussion
3. Money Market Reform (Continued)

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Topics for Discussion
4. SEC Reporting Modernization
a. Adoption timeline
b. Understanding nuances of new regulations
c. Implementation/Oversight model
5. ERISA Reporting Requirements
6. Form 5500 – Changing DOL Requirements
7. AML Law
a. Customer Due Diligence
b. CIP for beneficial owners
c. Risk profiling

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Topics for Discussion
8. Emerging cyber security legislation
9. Uniform Unclaimed Property Act