There is no question the past year has wrought unparalleled upheaval on the financial services industry that is sure to have cascading effects for some time to come. The dizzying pace of profound developments will result in substantive reform of the existing regulatory structure and push the acceleration of new regulations. Now more than ever, you need “Sure Fire Guidance in Unsure Times” to stay on top of the changes that will shape the future of the compliance profession.
It’s more important than ever that you get the best compliance solutions you need throughout the year. That’s why we have put all 14 sessions from the 11th Annual IA Compliance Best Practices Summit online.
You’ll get answers to your most pressing questions from our roster of industry experts.
Have available important guidance when you need it. Watch the sessions online, anytime. Order access to the 11th Annual IA Compliance Best Practices Summit sessions.
Summit On Demand Session #1
Keynote Address: OCIE’s Lori Richards
As the director of the SEC’s Office of Compliance Inspections and Examinations, Lori Richards oversees 800 examiners, accountants and lawyers across the Commission’s 11 regional offices. Richards discusses the latest regulatory and compliance developments aimed at ensuring firms have the necessary safeguards in place. Learn how the SEC employs routine, sweep and cause exams to determine whether firms are implementing effective compliance programs. Richards reveals the compliance issues that are at the top of the SEC’s agenda, details how examiners identify deficiencies and outlines corrective actions advisers can take to address them.
Speaker: Lori Richards, Director, Office of Compliance Inspections and Examinations, SEC
Summit On Demand Session #2
How the Market Crises Are Shaping Compliance
“In these challenging times, CCOs play a vital role in overseeing compliance programs, including identifying and managing the risks that … investment advisers face in today’s complex markets,” said Andrew Donohue, director of the SEC’s Division of Investment Management. With the financial services industry experiencing unprecedented upheaval and widespread systemic change, our panel discusses how these changes will shape the compliance profession. In this fast-breaking environment, our panelists also covers the complex issues currently being addressed by compliance professionals. The federal government is taking actions to protect markets and shore up investor confidence—and maintaining strong compliance programs will be paramount. You will hear about the:
- Current state of the financial markets and the regulatory system;
- Potential impact of regulatory reform;
- Challenge of valuation in turbulent markets;
- Liquidity issues and the CCO’s role; Fallout from the regulatory reform efforts;
- and Much more.
Bonus: Hear disclosure best practices from an industry veteran on how to avoid being deficient when disclosing conflicts of interests, compensation arrangements, solicitations, fee structures and soft dollar arrangements.
Speakers: James Silk, Partner, Willkie Farr & Gallagher; Mary Keefe, Managing Director and CCO, Nuveen; John Schrier, Asset Management and Tax Attorney; Victor Frye, Counsel and CCO, ProFund Advisors, LLC
Summit On Demand Session #3
Soft Dollars and Best Execution: Key Suggestions to Satisfy Your Responsibilities
During this session, you will get critical guidance on the SEC’s changing view of soft dollars. Our panel discusses your responsibilities for best execution and how they are changing, particularly involving fixed income securities. You will go home with…
- Best practices for Form ADV disclosure;
- The latest on your responsibilities in reporting soft dollar conflicts;
- Pointers to determine if your approach falls within the safe harbor;
- Factors to weigh when ensuring you’re seeking best execution;
- A list of trading situations that should raise a red flag; and Suggestions for effectively tackling conflicts of interest.
Speakers: Rick Marshall, Partner, Ropes & Gray; J. Christopher Jackson, Director and Head of U.S. Retail Legal, Deutsche Asset Management; Monique Botkin, Senior Counsel, IAA
Summit On Demand Session #4
Form ADV, Part 2: Disclosure Changes Move Front and Center
Form ADV, Part 2 represents the core disclosure document for every registered investment adviser and proposed amendments to Part 2 represent substantial changes to that document. The movement to a plain-English narrative brochure from the “check-the-box” format will require a shift in current practice. Details about your firm’s business practices, conflicts of interest and disciplinary history will be a focus. During this critical panel you will learn:
- The make up of the 19 separate disclosure items;
- What new public disclosure will mean to your firm;
- How best to summarize material changes since your last update;
- The need for interim brochure updates;
- How much flexibility you will have with respect to the content and order of the brochure;
- and Much more.
Featured Speaker: Dan Kahl, Branch Chief, Division of Investment Management, SEC; Mari-Anne Pisarri, Partner, Pickard & Djinis; Christine Carsman, Senior Vice-President and Chief Regulatory Counsel, Affiliated Managers Group; Valerie Baruch, Assistant General Counsel, IAA
Summit On Demand Session #5
Luncheon Address: A Regulatory Update from IM’s Donohue and TM’s Sirri
With the backdrop of the ongoing market turmoil, two SEC division heads details their collective perspectives on SEC developments and offer insight on priorities in their ever-evolving programs. IM Director Andrew Donohue and Trading and Markets Director Erik Sirri discusses the top regulatory initiatives that their respective staffs are working on. You will hear about proposed plans to modernize the provisions of the Investment Advisers and Exchange Acts to keep pace with today’s rapidly changing marketplace.
Speakers: Andrew Donohue, Director, Division of Investment Management, SEC; Erik Sirri, Director, Division of Trading and Markets, SEC
Summit On Demand Session #6
Business Continuity Planning: Combining Policy and Practice
Some disasters take you totally by surprise. Others – like an approaching storm – give you just enough time to avoid a potentially calamitous result. In either case the difference between business-as-usual and starting all over again can depend on your business continuity plan. This session combines policy with practice. Hear how the SEC expects you to carry out your BCP responsibilities, and also gain practical guidance from an adviser who saved his 20-year-old business during Hurricane Ike thanks to his BCP. Panelists will share:
- The 10 topics that should be covered in every BCP;
- Suggestions for how to test your plan to ensure it’s practical;
- How to identify uncommon risks to your business;
- Ways to assess the readiness of your critical service providers;
- What your legal requirements are when it comes to your BCP;
- and Communications strategies that can prove to be your firm’s lifeline.
Featured Speaker: Mavis Kelly, Assistant Director, Office of Compliance Inspections and Examinations, SEC; Terrance O’Malley, Partner, Fried Frank; Jan Apthorp, Compliance Team Member, Lee Financial Corporation; Gary Clemmons, Owner/CCO, Texas Capital Management
Summit On Demand Session #7
Compliance Program Testing: Small-Size Firms (AUM Under $1 billion)
Many smaller firms face difficult challenges in crafting a workable compliance testing program. They often have constrained resources and their CCO’s are forced to wear many hats. This session speaks to you. Our panel shares examples of how smaller firms can achieve their compliance responsibilities within the constraints of their size. Three compliance pros reveal how their firms assess compliance risks, devise solutions to test their vulnerabilities and document solutions. Find out how to…
- Prepare a risk-control matrix to prioritize which areas to focus on;
- Monitor calculations of your firm’s fees;
- Jump-start your efforts with ideas for new forensic tests;
- Overcome risks raised when your client retains discretion;
- and Document your testing in a way examiners can understand.
Speakers: Andrew Knowland, CCO, Foster Dykema Cabot & Co.; Michelle Kennedy, Senior Consultant, Compass Compliance Services, LLC; John Bjork, CCO, Investment Advisory, U.S. Bancorp Investments
Summit On Demand Session #8
Codes of Ethics: Fine-Tuning Tips to Impress Examiners and Boost Compliance
2009 will bring more half-day and telephone SEC exams, increasing the number of annual inspections the SEC can undertake. Count on this — examiners will be poring over your firm’s code of ethics. That’s why you must put in the time to ensure your code reflects current and emerging risks. Insider trading … gifts and entertainment abuses … personal trading lapses … conflicts of interest. As the list of SEC hot-topics expands, your code must stay relevant:
- Find out why recent enforcement cases tell a story you need to hear;
- Know the often-overlooked personal trading red flags;
- Recognize how best to report potential conflicts of interest;
- Be ready for examiner questions regarding preventing insider trading;
- Gain pointers to rein in gift and entertainment practices;
- and Discover best practices for keeping your code current and vital.
Speakers: Dan Kahl, Branch Chief, Division of Investment Management, SEC; Elizabeth Knoblock, partner, Mayer Brown; John Gilner, Vice President and CCO, T. Rowe Price Associates; Jennifer Choi, Assistant General Counsel, IAA
Summit On Demand Session #9
Regulation S-P: Adapting Security Protections to Comply with Changing SEC Rules
This session addresses the SEC’s proposed revisions to Reg S-P and gives you the latest on SEC policy, current enforcement actions and best practices that firms are using to safeguard sensitive client information. Practical guidance will cover tips for securing laptops that contain sensitive client information and how to protect even thumb drives loaded with confidential data. You will hear . . .
- When you have to report suspected violations of Reg S-P;
- Innovative safeguards you can deploy to identify e-attacks;
- Why regulators are taking a tough stance against violations;
- What constitutes public versus non-public sensitive information;
- The importance of standardizing firm communications;
- Tips for destroying sensitive data;
- and What reps are allowed to take with them when they leave your firm.
Speakers: Kris Easter, Branch Chief, Office of Compliance Inspections and Examinations, SEC; Helen Goff Foster, Counsel, Manatt; Knut Rostad, CCO, Rembert Pendleton Jackson; Paul Glenn, Counsel, IAA
Summit On Demand Session #10
Portfolio Management Processes: Compliance Enhancement Tips
The SEC has stated that an adviser’s compliance policies and procedures should address its portfolio management processes, including the consistency of portfolios with clients’ investment objectives and investment suitability. OCIE recently noted that deficiencies in the portfolio management area were cited in more than 10% of their examinations. This panel provides tips for setting up policies and procedures to address client investment guidelines, trading restrictions, firm investment policies, and oversight of sub advisers and other third party providers.
Speakers: Gene Gohlke, Associate Director, Office of Compliance Inspections and Examinations, SEC; Greg McShea, CCO and General Counsel, Legg Mason Capital Management; Mark Perlow, Partner, K&L Gates; Karen Barr, General Counsel, IAA
Summit On Demand Session #11
Compliance “Hot Topics”: A Look Ahead
In today’s dynamic environment, substantial regulatory change is inevitable. And with a new administration taking root in Washington, substantial reform of the financial services industry is in the offing. Learn what priorities are likely to rise to the surface at the Commission. This is a session for the proactive compliance professional seeking up-to-the-minute analysis of forthcoming rulemaking and regulatory change. Our panel will cover such ground as:
- The status of committees examining the current regulatory structure;
- Books and records reform under the Advisers Act;
- The potential for further disclosure reform;
- 12b-1 fee reform;
- and Other hot button issues.
Speakers: Robert Plaze, Associate Director, Division of Investment Management, SEC; Stephanie Monaco, Partner, Mayer Brown; David Tittsworth, Executive Director, IAA; Neil Simon, V.P. for Government Relations, IAA
Summit On Demand Session #12
Luncheon Address: The View From an Vanguard Founder John Bogle
Named as one of the “world’s 100 most powerful and influential people” by Time Magazine, Jack Bogle is the founder and retired CEO of The Vanguard Group. Under his leadership Vanguard grew to be the second largest mutual fund company in the world. The founder of the first index mutual fund, Bogle has authored a number of financial services industry books. Bogle, who argues for an approach to investing defined by simplicity and common sense, discusses the uncertainty surrounding financial markets in his inimitable, no-nonsense style.
Featured Speaker: John C. Bogle, founder and former CEO of the Vanguard Group and President of Vanguard’s Bogle Financial Markets Research Center
Summit On Demand Session #13
ERISA Plan Advisers: A Regulatory Update
The Department of Labor continues to focus on investment advisers to pension plans. This session will address the latest developments, including the DOL proposals to require advisers to amend all of their contracts with ERISA clients to provide compensation and conflict of interest disclosure and to require more fee and expense information to be provided to 401(k) plan participants.The panel also will cover enforcement guidance regarding gifts and entertainment. In addition, you will learn about other disclosure rules in effect in 2009 that will significantly affect advisers with ERISA clients.
Speakers: Lou Campagna, Chief, Division of Fiduciary Interpretations, U.S. Department of Labor; Jenny Eller, Principal, Groom Law Group; Cheryl Hesse, Senior Vice President and Senior Counsel, Capital International, Inc.; Karen Barr, General Counsel, IAA
Summit On Demand Session #14
SEC Examinations: What to Expect and How to Prepare
How the SEC zeroes in on those advisory firms and issues most deserving of its attention is of critical importance to compliance professionals. OCIE conducts over 1,300 exams of advisers in a given year. In fiscal 2008, advisers received deficiency letters two-thirds of the time, no further action was taken in 30% of these exams and 3% of adviser exams had serious findings and were referred to enforcement. Our panel will help you avoid becoming a statistic by:
- Detailing the extension of limited scope inspections;
- Covering the status of a dual-registrant pilot program;
- Revealing enforcement referral factors;
- Suggesting where you can get the latest request letter;
- Presenting best practices for exit interviews/conference calls;
- and Much more.
Speakers: John Walsh, Chief Counsel, Office of Compliance Inspections and Examinations, SEC; Lawrence Lafer, Managing Director, Global Compliance, The Bank of New York Mellon Corporation; Harry Weiss, Partner, WilmerHale
