BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Thursday, February 16, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will examine the current regulatory and enforcement landscape for investment advisers. The panel will discuss recently proposed SEC rules regarding oversight of third-party service providers, the amended Marketing Rule, the private fund adviser rule proposal, reporting requirements for advisers of ESG-focused funds, and current Division of Examinations priorities. The panel will also discuss issues of particular concern for exempt reporting advisers.

Faculty

Adam S. Aderton
Partner
Willkie Farr & Gallagher, LLP

Mr. Aderton’s practice focuses on regulatory enforcement matters and white collar defense. He has particular experience in regulatory inquiries and litigation involving the asset management industry, including matters involving private equity funds, hedge funds, venture capital funds, mutual funds, ETFs, business development companies, and separately managed accounts. In addition to representing clients in connection with SEC and other government examinations, investigations, and litigations, Mr. Aderton provides compliance counseling to asset managers.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Anne C. Choe
Partner
Willkie Farr & Gallagher, LLP

Ms. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), private funds (hedge funds, private equity funds and venture capital funds) and their sponsors and investment managers. Ms. Choe has in-depth knowledge of the various securities and other laws applicable to pooled vehicles and regularly counsels investment advisers and family offices on a variety of SEC regulatory filings and compliance matters.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

Investment advisers are subject to increasing SEC scrutiny and regulation under the current regulatory regime. Compliance reporting obligations have become more challenging and complex on several fronts.

The amended Marketing Rule is significantly impacting RIAs' marketing materials and other investor communications, performance calculations, and related disclosures. RIAs need to review and revise their Form ADV, compliance policies and procedures, and recordkeeping practices.

On Oct. 26, 2022, the SEC proposed new Rule 206(4)-11 which, if adopted, would prohibit registered investment advisers from outsourcing certain services or functions without first meeting certain due diligence and monitoring requirements.

On May 25, 2022, the SEC issued proposed rules for advisers to private funds that consider ESG factors as part of their investment strategy. The proposed rules would require advisers employing ESG strategies to report additional information and more detailed disclosures about those strategies.

In March, the Division of Examinations published its examination priorities for 2022. These included the calculation and allocation of fees and expenses, preferential treatment of certain investors in funds that have liquidity issues, compliance with the Custody Rule, and disclosures pertaining to cross trades, principal transactions, or distressed sales.

Listen as our authoritative panel discusses the latest developments in investment adviser compliance and reporting.

Outline

  1. General regulatory framework around RIAs and exempt reporting advisers
  2. The amended Marketing Rule
  3. Proposed private fund adviser rule
  4. Proposed rule regarding outsourcing of investment adviser functions
  5. Additional disclosure obligations required for ESG-focused funds
  6. Current Examinations hot buttons for RIAs and ERA

Benefits

The panel will review these and other key issues:

  • What is this SEC doing with respect to the Marketing Rule?
  • Under the new proposed Rule 206(4)-11, what additional due diligence and monitoring must be done before outsourcing a "covered function"?
  • Where has the SEC expected to focus its inspection of registered investment advisers and exempt reporting advisers in 2022?
  • What are trends to watch in SEC enforcement related to investment advisers?
  • What additional reporting obligations are required of investment advisers of ESG-focused funds under the proposed regs?