Committees
CFTC Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Chris Rohrbacher, Nuveen Asset Management
Committee Vice Chair: Hilary Coral, Franklin Advisers, Inc.
IAA Staff Liaison: Monique Botkin, monique.botkin@investmentadviser.org
The CFTC Committee focuses on CFTC, NFA and other rules and regulations affecting commodity pool operators and commodity trading advisors, including those relying on exemptions from registration. The committee also provides the IAA with input and guidance to assist its advocacy with CFTC and NFA staff on the range of interpretive and compliance issues facing IAA members. The committee advocates for appropriate regulation with regulators on proposals affecting CPOs and CTAs, as well as on derivatives regulation affecting the buy-side. Committee members discuss implementation issues for new requirements affecting CPO/CTA regulation, derivatives trading, cross border issues, current operational issues, and industry best practices.
**The CFTC Committee meets approximately four times a year by conference call.
DOL Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Kimberly Novotny, Franklin Templeton Investments
IAA Staff Liaison: Sarah Buescher, sarah.buescher@investmentadviser.org
The DOL Committee assists IAA staff in developing industry positions on U.S. regulatory and legislative proposals affecting retirement plan and IRA clients. The Committee also serves as a forum for IAA members to monitor Department of Labor and other regulatory developments, as well as to discuss implementation of new rules and compliance-related issues. The Committee meets regularly via conference call to discuss specific regulatory and legislative developments affecting retirement plan clients.
**The DOL Committee meets approximately four times a year by conference call.
Digital Adviser Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Ben Alden, Betterment
IAA Staff Liaison: Paul Glenn, paul.glenn@investmentadviser.org
The Digital Adviser Committee (formerly known as the FinTech Committee) is comprised of representatives of IAA member firms that are directly engaged in the provision of digital advice to investors. The Committee assists IAA staff in monitoring regulatory developments and establishing industry positions on regulatory proposals and other issues affecting digital investment advisers. The Committee also serves as a forum for these IAA members to discuss industry trends, rules, and other compliance-related issues from their unique perspective. The Committee is designed for legal, compliance, operational, and other technical personnel who are interested in engaging with similarly situated personnel from other member firms and helping the IAA to formulate and articulate the industry’s position on relevant issues.
**The Digital Adviser Committee meets approximately four times a year by conference call.
Government Relations Committee
Recent Meeting Notes
Committee Chair: Jeff Schweon, Williams, Jones & Associates, LLC
Committee Chair: Peter Tuz, Chase Investment Counsel Corporation
IAA Staff Liaison: Neil Simon, neil.simon@investmentadviser.org
The Government Relations Committee advises the IAA regarding legislative advocacy before the U.S. Congress, including both lobbying by the IAA and related grassroots advocacy by IAA members. The Committee also provides input regarding legislative issues analysis and prioritization. The Committee meets by teleconference on a bi-monthly basis, unless developments warrant more frequent meetings. Individuals from member firms who have an interest in playing an active role in the IAA’s legislative advocacy program are eligible for membership on the Committee.
**The Government Relations Committee meets bi-monthly by conference call.
International Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Christine Morgan, T. Rowe Price Associates, Inc.
Committee Vice Chair: Tracy Soehle, Affiliated Managers Group, Inc.
IAA Staff Liaison: Sanjay Lamba, sanjay.lamba@investmentadviser.org
The International Committee focuses on regulatory developments affecting investment advisers and private funds around the world. The Committee meets on a quarterly basis to discuss international investing, compliance, and market access issues. In past meetings, Committee members have discussed and exchanged information on recent developments relating to the Foreign Account Tax Compliance Act (FATCA), implementation of the EU’s Alternative Investment Fund Managers Directive (AIFMD), and the new Markets in Financial Instruments Directive (MiFID II). The Committee also plays an important role in supporting the IAA’s international regulatory advocacy efforts by, for example, providing input on IAA comment letters to non-U.S. governmental bodies. Currently, there are more than 120 members of the IAA International Committee representing more than 65 IAA member firms.
**The International Committee meets monthly by conference call and twice a year in-person.
Legal and Regulatory Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Karen Aspinall, Pacific Investment Management Company LLC
Committee Vice Chair: Rana Wright, Harris Associates
IAA Staff Liaison: Gail Bernstein, Gail.bernstein@investmentadviser.org
The Legal and Regulatory Committee assists IAA staff in developing industry positions on U.S. regulatory proposals affecting investment advisers. The Committee also serves as a forum for IAA members to monitor regulatory developments and industry advocacy efforts, as well as to discuss implementation of new rules and other compliance-related issues. The Committee is designed for legal and compliance personnel who are willing and able to articulate their firm’s position on pending regulatory proposals.
**The Legal and Regulatory Committee meets three times a year in-person (one via video conference in regional locations), and has monthly conference calls most other months.
Private Equity Fund Advisers Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Carla Vogel, Sycamore Partners
Committee Vice Chair: Stephen Swanson, Invesco
IAA Staff Liaison: Monique Botkin, monique.botkin@investmentadviser.org
The Private Equity Fund Advisers Committee is designed to provide a forum for IAA members that manage private equity funds or private equity funds of funds to discuss legal, regulatory, compliance, and operational issues, as well as industry best practices, unique to their businesses. In particular, members have opportunities to discuss issues related to the SEC’s recent focus on private equity fund advisers, due diligence issues, fee disclosures, marketing and advertising issues, outside business activities, valuation, issues related to portfolio companies, and various other topics of interest to the Group’s members. This Group primarily benefits legal and compliance personnel.
**The Private Equity Fund Advisers Committee meets three times a year by conference call and once a year in-person.
Technology Innovation Committee
Recent Meeting Notes
IAA Exchange
Committee Chair: Jennifer Murphy, Western Asset Management
Committee Vice Chair: Alex Gavis, Fidelity Investments
IAA Staff Liaison: Gail Bernstein, Gail.berstein@investmentadviser.org
IAA Staff Liaison: Paul Glenn, Paul.glenn@investmentadviser.org
The Technology Innovation Committee is comprised of representatives of IAA member firms that are directly engaged in the use of new and emerging technologies in the investment adviser business, which may include machine learning/artificial intelligence, robotic process automation, block chain/distributed ledger technology, digital assets and cryptocurrencies and other new tools and innovations.
The Committee assists IAA staff in anticipating the need for regulatory guidance related to these technologies, monitoring regulatory developments, and establishing industry positions on regulatory proposals and other issues affecting investment advisers.
The Committee also serves as a forum for its members to discuss industry trends, lessons learned, implications for human capital, experience with third party tools/services, and other technology innovation-related issues from their unique perspective, consistent with the IAA’s Antitrust Policy.
The Committee is designed for two distinct groups: 1) legal and compliance professionals and 2) business, operational, and technical professionals who are interested in engaging with similarly situated professionals from other member firms and helping the IAA to formulate and articulate the industry’s position on relevant issues. Membership is by invitation only and includes firms actively engaged in technology innovation and related matters.
**The Technology Innovation Committee meets approximately four times a year by conference call and once a year in-person. The Committee may also convene to meet with regulators from time to time.
Working Groups & Forums
Audit Directors Working Group
Recent Meeting Notes
IAA Exchange
Working Group Chair: Jack Thomas, PNC Capital Advisors, LLC
IAA Staff Liaison: Paul Glenn, paul.glenn@investmentadviser.org
The Audit Directors Working Group focuses on key legal, regulatory, compliance, and operational issues affecting the internal audit practices of investment advisers. The group is intended to serve as a forum for Internal Audit personnel of IAA member firms to discuss industry trends, rules, and operations-related issues from their unique audit perspective.
** The Audit Directors Working Group meets quarterly by conference call.
Bank-Affiliated Asset Managers Compliance Forum
Recent Meeting Notes
IAA Exchange
IAA Staff Liaison: Laura Grossman, laura.grossman@investmentadviser.org
The Bank-Affiliated Asset Managers Compliance Forum holds periodic calls to provide a forum for IAA members that are affiliated with a bank to discuss business implementation issues related to the Volcker Rule, the interplay among multiple regulators, affiliate issues, and other legal, regulatory, compliance, and operational issues unique to asset management affiliates of banking organizations. The Group is designed to benefit legal, compliance and operational personnel.
Custody Working Group
Recent Meeting Notes
IAA Exchange
IAA Staff Liaison: Laura Grossman, laura.grossman@investmentadviser.org
The Custody Working Group discusses issues arising from the SEC staff’s February 2017 Inadvertent Custody Guidance Update. These issues include SEC staff’s views that (i) advisers could have “inadvertent” custody if a client’s agreement with the client’s custodian provides that that adviser has certain authority, even if the advisory agreement itself does not confer that authority on the adviser; and (ii) the authorized trading exclusion from the custody rule does not apply to transactions beyond those that settle “delivery versus payment.” The Working Group holds periodic calls, often in conjunction with two other trade groups, to help the IAA advocate for new or clarified guidance.
Cybersecurity Compliance Forum
Recent Meeting Notes
IAA Exchange
IAA Staff Liaison: Laura Grossman, laura.grossman@investmentadviser.org
The Cybersecurity Compliance Forum discusses legal and regulatory issues relating to cybersecurity preparedness, including governance, identification and assessment of cybersecurity risks, protection of networks and information, risks associated with remote customer access and funds transfer requests, risks associated with vendors and other third parties, detection of unauthorized activity, and the handling of cybersecurity threats. The Group holds periodic conference calls to share information, discuss best practices, and hear from guest speakers. This Group is aimed at legal and compliance personnel, rather than technical/IT personnel.
Form ADV Working Group
Recent Meeting Notes
IAA Exchange
IAA Staff Liaison: Monique Botkin, monique.botkin@investmentadviser.org
The Form ADV Working Group gives IAA members an opportunity to share interpretative and operational questions regarding implementation of the new amendments to Form ADV Part 1A adopted by the SEC in August 2016. The member calls will also help the IAA develop requests for guidance or clarification, as needed. The Working Group plans to hold regular calls through the first or second quarter of 2018, which will cover the time period that most advisers will have filed their first update using the amended Form ADV.
FSOC/Prudential Regulation Working Group
Recent Meeting Notes
IAA Staff Liaison: Laura Grossman, laura.grossman@investmentadviser.org
The FSOC/Prudential Regulation Working Group provides the IAA with input on issues related to the potential prudential regulation of investment advisers in light of perceived systemic risks to the financial system. This Group considers written comments to the Financial Stability Oversight Council (FSOC) and international organizations such as the FSB, IOSCO, and the IMF. This Group may also assist in advocacy efforts with respect to SEC initiatives on stress testing, transition plans, and enhanced data reporting for separate accounts.
GIPS Compliance Forum
Recent Meeting Notes
IAA Exchange
Forum Chair: Grace Man, Franklin Templeton
IAA Staff Liaison: Paul Glenn, paul.glenn@investmentadviser.org
The Global Investment Performance Standards (GIPS) Compliance Forum discusses legal and regulatory issues relating to performance measurement and reporting. Forum members can discuss questions and issues relating to GIPS, its application, and implications at advisory firms. The forum may provide opportunities for members to consider and react to any CFA Institute proposals or GIPS innovations. The forum holds quarterly conference calls to share information, discuss best practices, and sometimes hear from guest speakers. This forum is aimed at legal and compliance personnel and employees that work with GIPS at firms claiming GIPS compliance or intending to do so.
**The GIPS Compliance Forum meets quarterly by conference call.
Hedge Fund Working Group
Recent Meeting Notes
IAA Exchange
IAA Staff Liaison: Monique Botkin, Monique.botkin@investmentadviser.org
The Hedge Fund Working Group is designed to provide a forum for IAA members that manage hedge funds or hedge funds of funds to discuss legal, regulatory, compliance, and operational issues, as well as industry best practices, unique to their businesses. This Group primarily benefits legal and compliance personnel.
**The Hedge Fund Working Group meets by conference call.
Smaller Advisers Compliance Forum
Recent Meeting Notes
IAA Exchange
IAA Staff Liaison: Paul Glenn, paul.glenn@investmentadviser.org
The Smaller Advisers Compliance Forum provides opportunities for members of firms with limited personnel and budgets to network and discuss compliance issues. This group holds quarterly conference calls and meets regionally in person in connection with certain local IAA compliance workshops and at the IAA Leadership Conference.
**The Smaller Advisers Compliance Forum meets quarterly by conference call.
Social Media Compliance Forum
Recent Meeting Notes
IAA Exchange
Forum Chair: Jack Thomas, PNC Capital Advisors, LLC
IAA Staff Liaison: Sanjay Lamba, sanjay.lamba@investmentadviser.org
The Social Media Compliance Forum focuses on regulatory and compliance issues arising from the use of social media by investment advisers or their personnel. The Group meets two or more times per year by conference call to share issues, progress, or tips on social media compliance matters. The calls are frequently supplemented by a presentation by an industry expert. IAA also maintains a “community page” for the Group, which allows Group members to post questions and share helpful resources. This Group primarily benefits legal and compliance personnel.
**The Social Media Compliance Forum meets approximately three times a year by conference call.