The IAA VLOG presents news, information, compliance tips, and business strategy insights for SEC-registered investment advisers. In depth information on these topics is available on the members-only section of the IAA Website.
IAA's 2016 Evolution Revolution Report
The universe of federally registered investment advisers continued to grow in 2016 – adding more firms and more jobs, while managing assets for a greater number of clients, according to the just-released 2016 Evolution Revolution - the most comprehensive profile of investment advisory industry metrics available. The 16th edition of this annual joint study by the Investment Adviser Association (IAA) and National Regulatory Services (NRS) paints a picture of a strong industry that has remained resilient despite flat markets. In this video, IAA General Counsel Bob Grohowski summarizes the report's highlights. See the full video.
IAA Compliance Conference - SEC Directors David Grim & Marc Wyatt
The SEC's serious consideration of mandating that investment advisers hire third parties to perform some type of compliance review and report their findings to the SEC was a major topic of discussion throughout the 2016 IAA Compliance Conference. While the scope of those reviews has not been decided, and no formal rule has yet been proposed, two SEC Directors - David Grim of Investment Management and Marc Wyatt of OCIE - discussed the value that some type of third-party review program could bring to the SEC's RIA oversight. They also discussed how data gathering determines which investment advisers are examined and the status of rule making on a uniform fiduciary standard for brokers and advisers. See the full playlist.
IAA Compliance Conference - SEC Commissioner Kara Stein
SEC Commissioner Kara Stein told attendees at the IAA's 2016 Compliance Conference that proposed changes to data reporting on Form ADV and other SEC data gathering initiatives are crucial to bringing regulation into the 21st Century. Stein and IAA President & CEO Karen Barr also explored a variety of other issues - from systemic risk to robo advisers to chief compliance officer liability at the 2016 IAA Compliance Conference. See the full playlist.
IAA Compliance Conference - SEC DERA Director Flannery & Enforcement Chief Counsel Brenner
Mark Flannery, Director of the SEC's Division of Economic Risk and Analysis (DERA), told attendees at the 2016 IAA Compliance Conference that financial regulators erred when they assumed that asset managers should be treated like banks when assessing whether they pose significant risk to the financial system. Flannery also expressed disappointment in the research staff of the New York Federal Reserve, which recently published a series of blog posts suggesting that asset managers pose a serious threat to financial stability and liquidity. IAA General Counsel Bob Grohowski discussed SEC Enforcement priorities and the role "big data" plays in SEC enforcement, examinations and policy decisions with Mark Flannery, Director of the Division of Economic and Risk Analysis, and Joseph Brenner, Chief Counsel for SEC Enforcement, at the 2016 IAA Compliance Conference. See the full playlist.
What IAA Members Say
At the IAA’s 2016 Compliance Conference, representatives of member firms of various sizes spoke about the value of IAA membership. The benefits they cited included legislative and regulatory advocacy, compliance resources, access to the IAA’s team of legal experts, peer-to-peer engagement and the IAA’s workshops and conferences. See the full playlist.
Celebrating the IA Act's 75th Anniversary
It was 75 years ago -- August of 1940 -- that the investment Adviser Act became law. It set the legal and regulatory ground rules for what was then a fledgeling profession, but has grown to more than 11,500 federally registered advisory firms managing some $67 trillion for nearly 30 million clients. Karen L. Barr -- President & CEO of the Investment Adviser Association (IAA) -- explains the enduring value of the IA Act, while regulatory and industry luminaries weigh in on how the Investment Adviser Act and its fiduciary duty have shaped the investing landscape, protected investors and fueled U.S. capital markets for decades. See the full playlist.