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Investment Adviser Compliance and Reporting: Latest Developments

Oversight of Service Providers, Amended Marketing Rule, ESG Reporting Requirements, SEC Examination Priorities

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, February 16, 2023

Recorded event now available

or call 1-800-926-7926

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.

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.

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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?

Faculty

Aderton, Adam
Adam S. Aderton
Partner
Willkie Farr & Gallagher

Mr. Aderton’s practice focuses on regulatory enforcement matters and white collar defense. He has particular...  |  Read More

Choe, Anne
Anne C. Choe
Partner
Willkie Farr & Gallagher

Ms. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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