See Credit Details Below
Overview
Why You Should Attend
Legal and compliance personnel at investment advisers are dealing with a challenging and dynamic regulatory landscape, including a comprehensive new rule governing marketing activity, ongoing exam and enforcement scrutiny and a host of new rules that have been proposed by the US Securities and Exchange Commission. All in all, the SEC has set high expectations for advisers in identifying and responding to conflicts of interests and for providing robust and targeted client disclosures.
At the same time, the business landscape is dynamic with the emergence of digital advice, “break-away” broker dealers and continued innovation regarding advisory programs, including model-based programs.
At this program, attendees will get a solid foundation in the regulatory regime applying to investment advisers. Attendees will learn how the Investment Advisers Act of 1940 and state securities laws interact in governing the advisory industry. In addition to providing a solid foundation, the program will provide extensive discussion and analysis regarding “hot topics” facing advisers today.
A distinguished faculty will offer insights into recent developments, including the SEC’s adviser exam program and recent enforcement cases.
What You Will Learn
After completing this program, participants will be able to:
- Know who the regulators are and how they interact
- Discuss the lessons that can be learned from recent enforcement actions against advisers
- Better understand how the SEC’s new marketing rule impacts adviser advertising and solicitation activity
- List the SEC’s 2024-2025 exam priorities related to advisers
- Recognize how advisers need to respond to cyber breaches if the SEC’s proposed cyber rule for advisers is finalized
- Know how an adviser registers with the SEC
- Better understand what determines whether an adviser is SEC-registered or state-registered
- Describe an adviser’s fiduciary duty
- Summarize how conflicts of interest managed and disclosed
Who Should Attend
Attorneys and business professionals seeking to understand investment adviser regulation, should attend this program. Additionally, the program provides a refresher to those already working in the investment adviser industry.
Program Level: Basic
Prerequisites: An interest in investment adviser issues.
Advanced Preparation: None
Topics
Industries
Please note that the views and opinions expressed in this program represent those of individual speakers and do not necessarily reflect the views or positions of PLI.
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Credit Details
Credit Details For All Jurisdictions For This Program
| Jurisdiction | Status | Total | Credit Details |
|---|
An Overview of the Advisers Act and the SEC’s Regulation of Investment Advisers
Issa J. Hanna, Clifford E. Kirsch1:03:16Investment advisers are subject to comprehensive regulations under the Investment Advisers Act of 1940. Practitioners are often called upon to deal directly with the SEC and its staff on a wide variety of matters on behalf of their advisory clients. After completing this session, participants will be able to:
- Identify who is an Investment Adviser
- Learn how the SEC administers the Advisers Act
- Comprehend the extraterritorial reach of the Advisers Act
Issa J. Hanna, Clifford E. Kirsch
An Inside Look at the Investment Advisory Business
Richard L. Chen, Jessica Howell, Josh Rubin, Clifford E. Kirsch0:58:39Investment advisers come in many different shapes and sized from big to small and retail to institutional. After completing this session, participants will be able to:
- Recognize the distinction between institutional versus retail advisory services
- Describe the role of the custodian
- Consider the emergence of Fintech
- Have a better understanding of direct indexing
Panel Leader: Clifford E. Kirsch
Richard L. Chen, Jessica Howell, Josh Rubin
The Advisers Act Fiduciary Duty; Form ADV: What You Need to Know
Meghan Irmler, Priya Udeshi Crick, Clifford E. Kirsch1:00:10Investment Adviser Act practitioners need to be familiar with certain fundamental requirements that shape the advisory relationship and to which advisers are subject. After completing this session, participants will be able to:
- Comply with the anti-fraud rules
- Maintain the adviser’s fiduciary duty
- Draft and Maintain an Adviser’s Form ADV and related Disclosure requirements
Panel Leader: Clifford E. Kirsch
Priya Udeshi Crick, Meghan Irmler,
State Regulation of Investment Advisers
G. Philip Rutledge, Tracy M Soehle, Dylan White1:00:17State law and state securities regulators play a critical role in the adviser regulatory landscape. After completing this session, participants will be able to:
- Examine registration requirements
- Review and analyze state exam and enforcement authority
- Consider the NASAA’s 2023 agenda for state advisers
G. Philip Rutledge, Tracy Soehle, Dylan White
Advisers to Private Funds
Amber MD. Allen, Genna Garver, Jeff Himstreet0:59:51The Investment Advisers Act has targeted rules for advisers to private funds. Over the last couple of years, the SEC has been very active in proposing new rules to which advisers to private funds would be subject and proposing significant amendments to existing rules. Recent litigation challenges have caused big questions about the future of these new rules. After completing this session, participants will be able to:
- Explain the current treatment under the Advisers Act for Investment Advisers to private funds
- Discuss the SEC’s disclosure requirements
- Review future possible rulemaking
Amber Allen, Genna Garver, Jeff Himstreet
The SEC’s 2024-2025 Investment Adviser Exam and Enforcement Programs
Maurya C. Keating, Kristin A. Snyder1:15:05The SEC has undertaken an active exam program with respect to SEC registered advisers. After completing this session, participants will be able to:
- Discuss trends re the SEC’s ESG and AI focus
- Understand the SEC’s 2024-2025 Exam Priorities
- Review how to prepare for an SEC Exam
Maurya C. Keating, Kristin A. Snyder
