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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Banking and Finance
  • schedule 90 minutes

Investment Adviser Compliance: Latest Developments, Changes Likely Coming Under the New Trump Administration

Private Fund Adviser Rules, Marketing and Custody Rules, ESG Requirements, SEC Examination and Enforcement Priorities

$347.00

This course is $0 with these passes:

CLE
ALL
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Description

Under the Biden administration, RIAs were subject to increased SEC scrutiny, regulation, and compliance reporting obligations. The SEC under a second Trump administration will likely lean towards less regulation, a shift in enforcement priorities, and possibly more interpretive guidance rather than regulation by enforcement.

On June 5, 2024, the Fifth Circuit in Nat'l Assoc. of Private Fund Mgrs. v. SEC vacated the Private Fund Adviser Rules adopted by the SEC in August 2023. The rules made significant changes to the business, operations, and practices of private fund advisers and the ruling was considered a big win for the private funds industry. It is unlikely that the SEC under the Trump administration will seek to reinstate these rules in any significant way.

The SEC's Marketing Rule, enacted in late 2020, significantly impacted RIAs' marketing materials and other investor communications, performance calculations, and related disclosures, requiring RIAs to revise their compliance policies and procedures and recordkeeping practices. Due to the industry's views and the increased burdens to RIAs, it is likely that the new Republican-led SEC will explore deregulation in this area.

Other SEC changes likely to occur under the new administration include: less dramatic overhaul of the Safeguarding Rule and instead, new proposed rules to address unresolved issues pertaining to how RIAs hold client assets; ESG rulemaking and public company disclosures will likely be rewritten, repealed, or amended; and continued implementation of anti-money laundering requirements for RIAs.

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

Presented By

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.

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Anne C. Choe
Simpson Thacher & Bartlett 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.

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Anne Choe
Willkie Farr & Gallagher, LLP
Credit Information

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


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, February 11, 2025

  • schedule

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

  1. Current regulatory framework around RIAs and exempt reporting advisers
  2. Future of the now vacated private fund adviser rules
  3. Status of the Marketing Rule
  4. Safeguarding Rule and the future of the SEC's proposed rules to overhaul the Custody Rule
  5. Anti-money laundering requirements for RIAs
  6. ESG rulemaking and reporting under the new administration
  7. SEC examination and enforcement priorities under a second Trump administration
  8. Practitioner takeaways

The panel will review these and other key issues:

  • Where is the SEC expected to focus its inspection of RIAs and exempt reporting advisers under the second Trump administration?
  • What are trends to watch in SEC enforcement related to investment advisers?
  • What are the possible next steps for the SEC regarding the now vacated private fund adviser rules?
  • What changes are likely to the Marketing Rule and Safeguarding Rule in the near term?