2010

2010 Webinar - Form ADV Part 2: Complying With the SEC's New Brochure Rule

Registration for this event is closed. To purchase a recording of this event, please complete and return a webinar recording form.

2010 Webinar: Form ADV Part 2: Complying With the SEC’s New Brochure Rule
Wednesday, September 29, 2010, 1:00 pm - 2:30 pm EDT
Presenter Information: IAA's General Counsel Karen Barr and Associate General Counsel Valerie Baruch and Daniel Kahl, Division of Investment Management, SEC (Biographies)

On July 21, the SEC adopted long-awaited and substantial amendments to Form ADV Part 2, the “brochure” that advisers provide to their clients and prospective clients. The new rule requires advisers to provide clients and prospective clients with a brochure that contains narrative disclosure written in plain English, instead of the current “check the box” format. It also requires advisers to provide virtually all clients with a brochure supplement. Investment adviser firms with a fiscal year ending on December 31 will be required to comply with the new rule with the filing of their annual update in March 2011.

The requirements of the new rule will require significant thought, time, and effort by all investment advisory firms. The webinar will assist firms to assess requirements of the new rule, consider opportunities for enhancing current disclosures, and achieve compliance with the new rule.

The webinar will include a detailed analysis of major provisions of the new rule, including the eighteen substantive topics that must be addressed in the brochure, the brochure supplement requirements for certain supervised persons, the summary of material changes, and delivery requirements for the brochure and supplement.

Please contact the IAA legal staff if you have questions or need additional information regarding this important new rule.

Registration:

Registration for this event is closed. To purchase a recording of this event, please complete and return a webinar recording form. If you have any questions, please contact IAA Director of Meetings & Events Lisa Gillette.



2010 Webinar - Dodd-Frank Wall Street Reform Act: What Every Investment Adviser Should Know

2010 Webinar: Dodd-Frank Wall Street Reform Act: What Every Investment Adviser Should Know
Monday, September 13, 2010, 1:00 pm - 2:30 pm EDT

Presenter Information: IAA's Executive Director David Tittsworth, General Counsel Karen Barr, Vice President for Government Relations Neil Simon, Associate General Counsel Valerie Baruch, Associate General Counsel Jennifer Choi, Assistant General Counsel Monique Botkin, and Special Counsel Paul Glenn (Biographies)

The Dodd-Frank Wall Street Reform Act, signed into law on July 21, constitutes the most significant change to U.S. laws governing financial regulation since the New Deal. The Dodd-Frank Act will have wide-ranging consequences for all investment advisers, primarily through a series of studies and rulemakings that will be conducted by the SEC. For example, following a six-month SEC study, the law authorizes the SEC to conduct a rulemaking to define the Advisers Act fiduciary duty and extend the duty to broker-dealers who provide investment advice to retail customers.

The Act also includes study provisions that could be used by the SEC as the basis for a recommendation to Congress to establish FINRA as the self-regulatory organization for investment advisers. Other major changes include provisions requiring private fund advisers to register under the Advisers Act, increasing the threshold for SEC investment adviser registration to $100 million, regulating derivatives, directing the SEC to issue rules governing executive compensation, and authorizing the SEC to issue rules relating to short selling, securities lending, and credit rating agencies.

All IAA members are strongly encouraged to participate in this important webinar to achieve a better understanding of the wide-ranging consequences of the new law for investment advisers.

Registration:

Registration for this event is closed. To purchase a recording of this event, please complete and return a webinar recording form. If you have any questions, please contact IAA Director of Meetings & Events Lisa Gillette.



2010 Webinar - Compliance with New Pay-to-Play Rule 206-4(5) under the Advisers Act

2010 Webinar: Compliance with New Pay-to-Play Rule 206-4(5) under the Advisers Act
Tuesday, August 17, 2010, 1:00 pm - 2:15 pm EDT
Presenter Information: Karen L. Barr, IAA General Counsel; Ki P. Hong, Partner, Skadden, Arps, Slate, Meagher & Flom LLP; and Melissa A. Roverts, Senior Counsel, Division of Investment Management, SEC (Biographies)

On June 30, the SEC adopted new rule 206(4)-5 under the Investment Advisers Act to address “pay-to-play” activities by investment advisers doing business with government entity clients (public pension plans). Under the rule, advisers will be banned from receiving compensation for two years from the date of a prohibited political contribution. The rule requires advisers to monitor and, in effect, severely limit their covered associates’ political contributions to officials of a government entity client. The rule also prohibits advisers from paying third parties to solicit government entity clients for the adviser’s advisory services unless the third party is an SEC-registered broker-dealer or SEC-registered investment adviser. Finally, the rule prohibits an adviser and its covered associates from coordinating or soliciting any person or political action committee (PAC) to make contributions or payments to certain officials and certain state or local political parties.

The webinar will cover major aspects of the new rule, including:

  • Who is a “covered associate” of the adviser?
  • Who is an “official” of a government entity client?
  • Application of the rule to covered investment pools, such as certain registered investment companies, hedge funds, private equity funds, and venture capital funds
  • What penalties are imposed on advisers for a prohibited political contribution
  • Policies and procedures to comply with the rule
  • New recordkeeping requirements
  • Compliance dates for the new rule (March 14, 2011 and September 13, 2011)

Registration:

Registration for this event is closed. To purchase a recording of this webinar, please complete and return a 2010 webinar recording payment form. If you have any questions, please contact the IAA events team at IAAEvents@investmentadviser.org or (202) 293-4222.



2010 Webinar - Soft Dollar Arrangements: Commission Sharing vs. Traditional Soft Dollar Arrangements & Other Current Issues

Soft Dollar Arrangements: Commission Sharing vs. Traditional Soft Dollar Arrangements & Other Current Issues
June 3, 1:00 pm – 2:15pm EDT

Presenter: Steven W. Stone, Morgan, Lewis & Bockius LLP
Moderator: Monique S. Botkin, Senior Counsel, IAA

Details:

The SEC’s 2006 soft dollar interpretive guidance has resulted in a shift in the structure of Section 28(e) arrangements from traditional soft dollar arrangements toward commission sharing agreements. However, many details of the SEC’s guidance remain subject to interpretation. This webinar will address requirements and best practices for advisers in satisfying the safe harbor requirements in structuring commission sharing agreements, including satisfying the “effecting” and “provided by” elements of the safe harbor. The session will also address other current soft dollar issues facing advisers, including client “no soft dollars” bars, use of aggregators, protecting and transferring soft dollar balances, client rebates, sharing research with affiliates, cross border trading, and disclosure considerations.

STEVEN W. STONE is the leader of Morgan Lewis’s Investment Management Practice Group. His practice focuses on broker-dealer and investment manager regulation and enforcement defense and regulation of the securities markets, and he represents major investment banks, broker-dealers and investment managers in a wide range of matters. Mr. Stone frequently advises trading desks of both broker-dealers and investment managers on a range of issues. He counsels clients on a wide variety of regulatory and transactional matters, including development of new products and services; federal and state registration and compliance issues; SEC, NASD and state investigations; and enforcement actions; mergers and acquisitions and joint ventures involving broker-dealers and investment advisers; interpretive and “no-action” letter requests; insider trading issues; and related matters.

Registration:

To purchase a recording of this webinar, please complete a payment form and return it to IAA Director of Meetings and Events Lisa Gillette at lisa.gillette@investmentadviser.org or at (202) 293-4222.



2010 Webinar - Social Media: Potential Opportunities and Pitfalls

Social Media: Potential Opportunities and Pitfalls
May 27, 1:00 pm – 2:15pm EDT

Presenter: Michele Gibbons, Mayer Brown
Moderator: Valerie Baruch, Assistant General Counsel, IAA

Details:

Social networking sites offer a new and powerful medium to communicate with and educate clients, as well as network with other firms. There are, however, numerous regulatory implications for investment adviser firms to consider when using these sites. This webinar will address how social networking sites can be employed effectively by investment advisers and their employees. The webinar will also explore the regulatory issues, including advertising and books and records requirements, that chief compliance officers must consider in permitting their use by employees and the firm.

MICHELE (Mitch) LEW GIBBONS is a member of the Financial Services Regulatory and Enforcement practice of Mayer Brown. She conducts a comprehensive securities regulatory and compliance practice with a particular focus on investment adviser, broker-dealer and private investment fund matters. Specifically, she counsels investment advisers, broker-dealers, and private investment funds, including private equity funds, hedge funds, funds of funds and registered investment companies on organizational, regulatory, compliance and transactional matters and advises companies and investors in related transactions. She also advises clients on regulatory issues involving anti-money laundering, privacy, disaster recovery, insider trading and international securities issues. She is a frequent speaker at national and industry conferences and contributes to several industry publications.

Recording:

To purchase a recording of this webinar, please complete a payment form and return it to IAA Director of Meetings and Events Lisa Gillette at lisa.gillette@investmentadviser.org or at (202) 293-4223 (Fax).



2010 Webinar - Privacy and Safeguarding of Customer Information: Developing a Comprehensive Program for Your Firm

Privacy and Safeguarding of Customer Information: Developing a Comprehensive Program for Your Firm
May 12, 2010, 1:00 – 2:15 pm EDT

Presenter: Becky Burr, Partner, WilmerHale; Robert Bagnall, Counsel, WilmerHale
Moderator: Paul Glenn, Counsel, IAA

Details:

There is renewed focus by regulators on the protection of client privacy and information. This webinar will address the new model privacy notice form in Regulation S-P, Regulation S-AM, state data security regulations, and the Federal Trade Commission’s Red Flags Rule.

J. BECKWITH (“BECKY”) BURR is a partner in the Regulatory and Government Affairs Department of WilmerHale, and a member of the Communications, Privacy and Internet Law Practice Group and the Financial Institutions Practice Group. She has both a regulatory and transactional practice focused on e-commerce, information technology, intellectual property licensing, and international regulation of communications and information technology. Previously, Ms. Burr served as an Attorney-Advisor at the Federal Trade Commission, 1995–1997, where she participated in developing the FTC’s approach to competition, consumer protection, and privacy/data protection in the digital marketplace. Ms. Burr is a member of the BNA Privacy and Security Law Report Advisory Board, and an adjunct professor at the George Washington University Law School.

ROBERT G. BAGNALL is a counsel in the Securities Department at WilmerHale.  He represents investment advisers, mutual funds, private equity fund, hedge funds, broker-dealers and banks regarding a full range of issues, including adviser registration, the development and implementation of compliance policies and procedures, compliance examinations by the SEC and other regulators, mergers and acquisitions of asset managers, and the structure and operation of wrap fee and other separately managed account programs.  Before joining WilmerHale, he served on the staff of the SEC’s Division of Investment Management.  He is a graduate of Yale (B.A. summa cum laude 1977) and Harvard Law School (J.D. 1985), where he was an editor of the Harvard Civil Rights – Civil Liberties Law Review.  Mr. Bagnall is the author of “Asset Management for Hedge Funds, Investment Advisers and Registered Funds” in Corporate Compliance Practice Guide: The Next Generation of Compliance (LexisNexis 2009), and a co-author, with Marianne Smythe and James Anderson, of Investment Advisers: Law & Compliance (Matthew Bender 2002).  He is Secretary of the Investment Funds Committee of the International Bar Association.

Recording:

To purchase a recording of this webinar, please complete a payment form and return it to IAA Director of Meetings and Events Lisa Gillette at lisa.gillette@investmentadviser.org or at (202) 293-4223 (Fax).



2010 Webinar - GIPS 2010: Coming into Compliance with New Standards

GIPS 2010: Coming into Compliance with New Standards
April 6, 2010, 1:00 – 2:15 pm EDT

Presenter: Michael S. Caccese, Partner, K&L Gates
Moderator: Jennifer S. Choi, Assistant General Counsel, IAA

Details:

The CFA Institute recently approved significant revisions to the Global Investment Performance Standards to be effective in January 2011. This webinar will address the new requirements, including fair valuation and risk disclosure. Learn how firms should prepare to come into compliance with the new standards.

MICHAEL S. CACCESE, a partner with K&L Gates, is one of three Practice Area Leaders of K&L Gates Financial Services Practice. Mr. Caccese focuses his practice in the areas of investment management, including mutual funds, closed-end funds, private investment funds, hedge funds and managed accounts, in addition to advising on investment management and broker-dealer regulatory compliance. Mr. Caccese also advises on structuring investment management professional team “lift-outs” and “placement”, investment performance, the Global Investment Performance Standards (“GIPS”), the AIMR Performance Presentation Standards (“AIMR”), and the CFA Institute Trade Management (Best Execution) Guidelines, along with other investment industry standards of practice. Prior to joining Kirkpatrick & Lockhart, Mr. Caccese was Senior Vice President and General Counsel to CFA Institute, formerly AIMR, from 1993 to 2000. From 1983 to 1993, he was Senior Vice President and Associate General Counsel. From 1980 to 1983, Mr. Caccese worked for Federated Investors, Inc., as Corporate Counsel. In 1979 he began his career in the investment industry with the Securities Exchange Commission’s Division of Enforcement.

Recording:

To purchase a recording of this webinar, please complete a payment form and return it to IAA Director of Meetings and Events Lisa Gillette at lisa.gillette@investmentadviser.org or at (202) 293-4223 (Fax).

 



2010 Expansive Changes

2010 Webinar - Expansive Changes to the Custody Rule: Investment Adviser Compliance with the SEC's Rule

Expansive Changes to the Custody Rule: Investment Adviser Compliance with the SEC's Rule
February 4, 2010,
1:00 pm – 2:15 pm EST

Presenters: IAA General Counsel Karen Barr and IAA Assistant General Counsel Valerie Baruch
Speaker: Melissa A. Roverts, Senior Counsel, Division of Investment Management, SEC

Details:

The SEC adopted significant amendments to the investment adviser custody rule.  Under the new rule, with limited exceptions, advisers that are deemed to have custody over client assets, including advisers that serve as trustees to client accounts or general partners of limited partnerships, or advisers with check-writing authority, are required to undergo an annual surprise exam by an independent public accountant, even if the client assets are held by an independent third-party custodian.  Advisers that are deemed to have custody over client assets solely because they have authority to deduct fees are expected to have policies and procedures in place that address the risk that the adviser or its personnel could deduct fees to which the adviser is not entitled under the terms of the advisory contract.  In addition, advisers or affiliates with physical custody of client funds or securities must undergo an annual surprise exam and must obtain, or have their affiliate obtain, an internal control report from an independent public accountant registered with and subject to examination by the PCAOB, attesting to controls related to safekeeping of client assets. 

The webcast will cover major aspects of the final rule, including:

  • Which firms are required to undergo a surprise examination and/or obtain SAS-70 type reports and what the exams or reports entail
  • The registration and/or qualification requirements for accountants conducting exams or providing reports
  • Policies and procedures that firms that have authority to deduct fees from client accounts are expected to adopt
  • The audit requirements for advisers to pooled investment vehicles
  • The Form ADV and client disclosure requirements
  • The factors used to determine whether an affiliate is “operationally independent” 
  • The compliance dates for all aspects of the final rule

Recording:

To purchase a recording of this webinar, please complete a payment form and return it to IAA Director of Meetings and Events Lisa Gillette at lisa.gillette@investmentadviser.org or at (202) 293-4223 (Fax).