Recently, the SEC Enforcement has put the spotlight on share class selection issues with announced settlements with 79 investment advisers arising from the agency’s Share Class Selection Disclosure Initiative. More settlements are expected.
But advisers should also be mindful of issues stemming from other, similar types of conflicts of interest that are likely to next attract the SEC’s attention.
The panel will discuss issues relating to share class selection, revenue sharing and other financial arrangements – including issues arising from affiliations with banks and insurance companies. In addition, the speakers will discuss other core areas of SEC focus, including issues relating to fee and expense billing.
Amy Doberman, Partner at WilmerHale, has more than 25 years of experience providing legal advice to asset management and wealth management clients. She counsels investment advisers on regulatory requirements relating to mutual funds and ETFs, wrap programs, retirement products and separate accounts with respect to a wide variety of issues, including registration requirements, trading issues, affiliated transactions, advertising, and product development. She advises retail broker-dealers and fund complexes on share class and distribution issues, as well as sales practices and due diligence efforts. Ms. Doberman also assists in managing SEC examinations and representing clients in enforcement matters involving investment advisers, mutual funds and ETFs.
Gretchen Passe Roin, Partner at WilmerHale, represents both registered and unregistered investment companies and investment advisers. She works with a wide range of registered fund structures, including open- and closed-end mutual funds, ETFs, money market funds, target date funds, variable annuity and life insurance funds. Her representation of unregistered funds focuses on hedge funds and stable value funds, though she also works with venture capital and private equity fund managers to determine eligibility for and compliance with exemptions from registration of their advisory business and/or funds with the SEC. She also advises on the development and testing of compliance policies for insider trading, money laundering, market manipulation, pay-to-play arrangements, misuse of expert networks and whistleblower reprisal.
Sanjay Lamba is Associate General Counsel at the Investment Adviser Association. Prior to joining the IAA, Mr. Lamba worked at SEC headquarters for 10 years, beginning his service in the rulemaking office of the Division of Investment Management before transferring to the Office of Chief Counsel (Legal Branch) in the Office of Compliance Inspections and Examinations in 2010. Prior to the SEC, he was in private practice advising registered investment adviser and mutual fund clients on a wide range of matters arising under the federal securities laws. He received his B.S. degree in Finance from George Mason University in 1994 and his law degree from Boston University in 1997.
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