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Employment Transitions in the Financial Services Industry: Practical & Legal Issues

Length: 1 hour 58 minutes

This program will explore the practical and legal issues that arise when employees transition between financial services firms.  When an employee now ends his or her employment at a bank, hedge fund, private equity or other financial services firm, both the employer and employee are faced with a complex set of risks and competing interests to protect, many of which involve the use and protection of intangible confidential information.  The upheaval occasioned by the financial crisis has greatly increased the number of such transitions and has raised the stakes for both employers and employees in protecting these interests.  This program will address: the treatment of trade secrets and confidential information; the portability of “track record” information; and non-competition agreements.  The program will address both civil and criminal aspects of these issues.

Program Chair: Sean R. O’Brien, O’Brien LLP

9–9:10 am        Overview of Themes
•    Factual backdrop
•    General issues relevant to financial industry
                         Sean O’Brien


9:10-9:40 am    Non-Competition Agreements
•    What constitutes a trade secret
•    What is not a trade secret but may be “confidential”
•    Technology makes transfer easy
•    “Investors” as customers
                           Lisa Solbakken & Sara Welch

9:40-10:10 am    Non-Competition Protocols    
•    “Regulated” entities
•    “Non-regulated “ entities
                           Joseph Giovanniello

10:10-10:25 am    Ownership and Portability of Investment Track Records
•    SEC guidance and other principles governing presentation
•    Who “owns” the track record
•    Is a track record  a trade secret or “confidential information”
•    Track record as obligation
                              Joel  A. Blanchet

10:25-10:55 am    Criminal Enforcement of Trade Secret Laws
•    DOJ’s new enforcement initiative to pursue theft of trade secrets
•    Prosecutorial toolbox
•    Sealing of courtrooms
•    Jurisdictional issue
                               Sean O’Brien

10:55–11:00 am     Questions

CLE credit: NY & NJ: 2.0 professional practice.
CA & PA: 2.0 general MCLE.



Original Recording Date: 10/24/2013


Produced By:

New York City Bar Association

Course Materials

  • J. Blanchet PPT
  • Employment Transitions in the Financial Services Industry Coursebook
  • Affirmation Document