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The IAA is pleased to announce that it is sponsoring several webcasts that will address important legal, regulatory, and compliance topics
for investment advisers. The 75-minute webcasts will be moderated by IAA legal staff and are scheduled as follows:
International Focus on Canada: Important Considerations for U.S.-Based Investment Advisers
May 7 – 1:00 pm Eastern/10:00 am Pacific
Presenter: Kenneth Ottenbreit, Stikeman Elliott LLP
Moderator: Valerie Baruch, Assistant General Counsel, IAA
In an increasingly global marketplace, many investment advisers have clients located outside of the United States. This webcast will
focus on issues faced by U.S.-based SEC registered investment advisers with clients in Canada. Learn about current registration requirements and other
issues for U.S. advisers to consider, including soliciting clients or advertising in Canada, subadvising for Canadian advisers, providing services to an
existing U.S. client that moves to Canada, and providing any services to Canadian clients. Hear about the expansive new proposals issued by the
Canadian Securities Administrators and learn about the proposed registration requirements and exemptions for investment advisers.
Ken Ottenbreit is the head of the New York Office of Stikeman Elliott. He practices Canadian corporate and securities law and advises
U.S.-based clients, including investment dealers, advisers, funds, banks and corporations on Canada-U.S. transactions. He also advises investment dealers,
advisers, funds and banks on Canadian regulatory matters. Mr. Ottenbreit has lectured, spoken, and written extensively on Canadian corporate and
securities laws, particularly on cross-border (Canadian-U.S.) matters.
International Focus on the United Kingdom: Important Considerations for U.S.-Based Investment Advisers
May 14 – 1:00 pm Eastern/10:00 am Pacific
Presenter: Jennifer Epstein, Dechert LLP, London, England
Moderator: Monique Botkin, Senior Counsel, IAA
This webcast will focus on issues faced by U.S.-based investment advisers with clients located in the United Kingdom. Learn about
current UK regulatory requirements and other issues for U.S. advisers to consider, including soliciting clients or advertising in the UK, subadvising for
UK-based advisers, providing services to an existing U.S. client that moves to the UK, and providing any advisory services to UK clients. The
regulatory framework for advisers in the UK, including MiFID and the FSA’s equivalent of soft dollar requirements, will also be discussed.
Jennifer Epstein is a partner in Dechert’s Financial Services Group in London. She focuses her practice on advising UK, US,
European and Asian financial services firms, investment managers and investment funds on US regulatory matters, including investment adviser and fund
registration and compliance matters. She also advises US registered investment companies and investment advisers and has substantial experience
advising such firms in connection with mergers and acquisitions.
Valuation Issues
May 28 – 1:00 pm Eastern/10:00 am Pacific
Presenter: Francine Rosenberger, K&L Gates LLP
Moderator: Paul Glenn, Counsel, IAA
In a recent speech, Lori Richards, Director of the Office of Compliance Inspections and Examinations at the SEC, identified valuation as one
of the “Top 10” issues that the SEC is focused on in investment adviser examinations. Discover what SEC examiners are looking for with
respect to valuation of securities and discuss valuation best practices and forensic testing measures.
Francine Rosenberger is a partner in the Washington, D.C. office of K&L Gates LLP. She advises investment advisers, investment
companies, and broker-dealers on compliance, regulatory, and transactional matters. Her experience includes developing compliance programs for funds
and investment advisers, conducting compliance reviews of investment advisers and investment companies, and advising CCOs on compliance matters.
ERISA Hot Topics: Form 5500 and 408(b)(2)
June 4 – 1:00 pm Eastern/10:00 am Pacific
Presenter: William Schmidt, K&L Gates LLP
Moderator: Karen Barr, General Counsel, IAA
The Department of Labor is increasingly focused on investment advisers’ disclosure of fees and conflicts of interest to their pension
plan clients. This webcast will address the DOL’s amendments to Form 5500, Schedule C, effective for plan years starting January 1, 2009, which
requires plans to file public information about the direct and indirect compensation paid by plans to advisers. This session will also cover the
DOL's proposed regulations under Section 408(b)(2) of ERISA, which would apply to all advisers with pension plan clients, and would require advisers to
amend all of their contracts with ERISA clients and disclose extensive information about fees and conflicts of interest.
William A. Schmidt is a partner in the Washington, DC office of K&L Gates LLP. He works in the areas of institutional investing and
employee benefits, with particular emphasis on fiduciary responsibility matters under ERISA. Mr. Schmidt advises major financial institutions,
including banks, insurance companies, registered investment advisers and large employee benefit plans about ERISA restrictions relating to plan investments
and to fee arrangements for investment management and plan administrative services. Mr. Schmidt writes and speaks extensively on employee benefit
issues.
The registration fee for each webcast is $125 for IAA members and $200 for non-members. Registration fees are charged per computer
log-on. Registration is a two-step process. Step 1 is to log on to http://iaa.webex.com and select the webcast(s) you wish to attend. Step 2 is to complete a payment form enclosed with this newsletter and send the information to the IAA by fax (202.293.4223) or by mail with a check. For more information, please contact Lisa Gillette.
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The PowerPoint slides used during the Proposed Amendments to Part 2 of Form ADV Webcast, held on April 24, 2008, are now available
online. To download the slides, please login to the Members-Only area and go to the Legal, Regulatory & Compliance section. Click on #13 - Form ADV, Registration and Disclosure and go to c. Outlines, Articles and Memoranda. The slides are listed as 1. Proposed Amendments to Part 2 of Form ADV by Karen Barr and Valerie Baruch, IAA (powerpoint) (April 24, 2008)
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This interactive workshop focuses on improving operational functions and
resolving common problems faced by small and mid-sized advisory firms. Held in Boston on June 19 and San Francisco on June 26, this half-day workshop
will be led by Mark Tibergien, CEO of Pershing Advisor Solutions LLC, a leading expert on business operations and strategy. It is designed to help
executives and other key personnel develop a plan to achieve optimal operations for their firms. Click here for the brochure. For more information,
please contact Lisa Gillette by e-mail or (307) 733-3332.
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Regulatory Proposals Open for Comment (as of March 11, 2008)
The IAA intends to or is considering whether to file a comment letter regarding each of the regulatory proposals reflected in the following
chart. If you have any questions or feedback about a regulatory proposal or potential IAA comments regarding a proposal, please contact the member of
the IAA legal staff listed below. This chart reflects only certain formally pending regulatory proposals. For a complete list of comment letters
filed by the IAA, see IAA Comments & Statements.
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On September 4, 2007, the Investment Adviser Association, ...
[+] more
ACA Compliance Group, IM Insight, and Old Mutual Asset Management released their second annual report on compliance testing practices by investment management firms. The report is based on results from an online survey conducted earlier this year to which more than 450 compliance professionals responded. The report identifies the types of compliance testing practices and strategies investment adviser firms are using in the areas of annual reviews, personal trading, gifts and entertainment, political and charitable contributions, insider trading, soft dollars, trade allocation, business continuity, and books and records.
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On July 30, 2007, the Investment Adviser Association and National Regulatory Services...
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The IAA is pleased to announce that it is cosponsoring the NRS Investment Adviser Compliance Certificate Program. See the IACCP
2008 Schedule.
[+] more
The Program was established by National Regulatory Services in 2004 and is designed to advance investment adviser compliance as a profession. The program involves education, work
experience, examination, ethics, and continuing education requirements. The brochure includes a description of the program and dates of training courses. For more information and registration, see the NRS Web site or contact IAA Counsel Paul Glenn with any questions.
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The IAA and SEI are pleased to provide a report...
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on their recent technology/operations survey. Key findings include the following: (1) operational and technology capabilities are viewed as important enablers of business success; (2) most respondents indicated that their IT budgets are currently focused on maintaining and upgrading existing tech/ops systems; (3) most firms report that they expect to increase their IT budgets in 2007; (4) asset managers are dealing with growing IT complexities; and (5) legal, regulatory, and compliance concerns continue to drive IT spending higher.
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Investor Education Brochure:
"Cutting Through the Confusion"
The Investment Adviser Association, along with the Consumer Federation of America, ...
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North American Securities Administrators Association, Financial Planning Association, and CFA Institute, have produced an investor education brochure. Entitled,
"Cutting Through the Confusion," the brochure explains differences between brokers, investment advisers, and financial planners, and
identifies questions investors should ask themselves and potential providers before making a choice. A press release issued by the Coalition for Investor Education highlights the purposes of the brochure. Investors should contact the IAA office to receive a free copy of the brochure.
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A working group comprised of members of the Investment Company Institute, the Investment Adviser Association, and legal counsel to
independent...
[+] more
directors developed this questionnaire and certification letter, which are intended to assist members in sub-adviser due diligence reviews, including reviews pursuant to Rule 38a-1 under the Investment Company Act of 1940.
The questionnaire and certification letter are designed for annual, rather than initial, use. Advisers evaluating whether to select a sub-adviser in the first instance may wish to use different questionnaires and certifications. In addition, the documents are not intended for solicitation of all of the information requested in connection with an investment company board's review of an advisory contract under Section 15(c) of the Investment Company Act. These documents are not intended to endorse particular questions or practices and because of different business operations among member firms, no one questionnaire or certification may be appropriate for every firm. In addition, the documents do not constitute, and should not be considered a substitute for, legal advice.
Full Sample Package (PDF)
Certification Letter (.DOC)
Due Diligence Questionnaire (.DOC)
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On February 28, 2006, the Board of Governors unanimously approved revisions to the IAA Standards of Practice.
[+] more
“Since the founding of our organization in 1937, the Association has always promoted standards of conduct for investment advisory firms,” said IAA President Blake Moore (Allianz Global Investors U.S. Retail). “The revised standards underscore our continuing commitment to the highest level of ethical and professional responsibility.” The action by the Board is based on the work of the IAA Standards of Practice Review Committee. The committee was formed in July 2005 and was charged with the task of reviewing the Association’s standards and making appropriate recommendations to the IAA Board. The committee consisted of the following persons, representing a broad spectrum of IAA member firms: Andrew J. Bowden, Esq. (Legg Mason Capital Management); Geoffrey I. Edelstein, CFA, CIC (Transamerica Investment Management); Susan G. Freed, CFP (Freed Myers); Elizabeth E. Prickett (Wellington Management Co., LLP); Burnie E. Sparks, Jr., CFA (Bailard, Inc.); Pat H. Swanson, CFA, CIC (King Investment Advisors, Inc.); and Linda Wondrack, Esq. (Columbia Management Advisors). “We truly appreciate the excellent work of the review committee,” said IAA Executive Director David Tittsworth. “Going forward, we urge all IAA member firms to embrace these standards and to assist us in promoting awareness of them.”
The text of the revised Standards of Practice, along with the Association’s mission statement, has been posted to the IAA web site.
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The IAA Board of Governors is pleased to present the 2007 Activity Report of
the Investment Adviser Association. The report highlights the Association's
significant efforts and accomplishments in the areas of advocacy, compliance, education, and services.
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