Regulatory Compliance E-newsletter - November
Posted On 11/10/2014 2:13:00 PM
Feature of the Month
Conference Highlights from the NRS Fall Conference and a Look Ahead
The NRS 29th Annual Fall Compliance Conference, in Scottsdale, Arizona brought together over 300 compliance leaders for three days of jam-packed content, networking, debate and discussion. Regulators, compliance practitioners, attorneys and other industry experts led panels that explored the most pressing compliance issues – some of our highlights included:
- Finding out why Emotional Intelligence has such a dramatic impact on a compliance professional’s likelihood of success
- Practical, scenario based learning sessions including step-by-step guides for those who have never been examined (but can now expect to be) and for everyone new to compliance
- Hearing directly from Ted Urban, Securities Industry Regulatory Consultant, about Supervision and how the lessons he learned apply to everyone in the industry
- An extended session on CyberSecurity issues and a roundtable dedicated to those who are still self-confessed ‘technophobes’
As we review the lessons learned from the NRS Fall 2014 Conference, the NRS team has been busy drafting a Spring 2015 Conference agenda that reflects the direction the compliance industry is headed in the near future.
Ensure you don’t miss the NRS 30th Annual Spring Compliance Conference in Fort Lauderdale, Florida, where we will provide you with the critical knowledge and skills needed to maximize your resources to develop and maintain a dynamic and flourishing compliance program. To review the draft agenda and for more information please visit NRS Spring 2015 Conference.
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NRS ComplianceGuardianTM Can Manage Your Policies and Procedures and Services
With a heightened SEC interest in adviser compliance programs, it is more critical than ever to make sure that your policies and procedures prevent, detect and correct securities law violations.
NRS ComplianceGuardianTM offers a Model Documents library, Code of Ethics and various attestations that you can customize and implement to create a complete compliance program. Establishing written policies and procedures as well as a code of ethics is important, but what is more important is to test the effective implementation through the annual compliance review; and track and correct any deficiencies. ComplianceGuardian also includes an Annual Review Tool that can be used by firms to test the included policies and procedures.
The SEC is focused on identifying and charging firms, as well as individuals that fail to maintain compliance programs. See how ComplianceGuardian can help your firm remain compliant when you request a demo today.
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Investment Adviser Certified Compliance Professional® (IACCP®) Program
As a compliance professional, you know that staying up to date on the latest compliance rules, regulations and trends is the key to minimizing your firm’s risk and expanding your knowledge base. Did you also know you can simultaneously earn the IACCP designation while you provide your advisory firm with timely regulatory and compliance information to help protect the firm and its clients?
The NRS Investment Adviser Certified Compliance Professional (IACCP) program, co-sponsored with the Investment Adviser Association (IAA), is a professional education program granting the designation, IACCP®, to individuals who complete an online and/or in-person instructor-led program of study, pass a certifying examination, and meet its work experience, ethics and continuing education requirements. Since the program’s inception, 482 compliance professionals have earned this industry-wide designation.
The NRS IACCP program:
- Provides live instruction - both online and onsite in San Francisco, Chicago and Boston - to help you understand federal and state securities regulatory requirements and compliance best practice
- Helps participants apply what they learn as they learn it
- Provides access to the extensive NRS Resource Center that allows IACCP candidates to manage their program curriculum and access a library of various reference material
- Signals recognition of advanced compliance knowledge and skill level to help differentiate program participants from other compliance professionals
- Allows firms that train compliance personnel to add another cost- and time-effective risk management tool
- Demonstrates the firm’s commitment to an educated workforce and a strong culture of compliance
- Supports the community of compliance professionals
- Helps advance compliance as a profession
Whether you are a seasoned professional or thinking about a career in compliance, the NRS IACCP program delivers the education, tools, support and credibility needed to manage both a successful compliance program and your compliance career.
To learn more, view the IACCP Program Overview and the 2014 and 2015 NRS Education calendars or call an NRS representative at 1-860-435-0200.
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See How the Investment Adviser Market Has Changed
On October 14, 2014, National Regulatory Services (NRS) and the Investment Adviser Association (IAA) issued their 14th annual report, Evolution Revolution, an in-depth study that analyzes annual updates filed by investment advisers registered with the Securities and Exchange Commission. The 2014 report is based on information on file with the SEC as of April 7, 2014.
This year’s report notes that total regulatory assets under management (RAUM) reported by all investment advisers as of April 7, 2014 was $61.7 trillion, representing a substantial increase from the $54.8 trillion RAUM reported in April 2013. The total number of SEC-registered investment advisers increased from 10,533 in April 2013 to 10,895 in April 2014. These advisers employ more than 700,000 persons and serve almost 28 million clients.
Other key findings of the report include:
- The number of clients that advisers serve increased by 9.3% year-over-year.
- Individuals continue to comprise the largest categories of clients of SEC-registered advisers. In 2014, 6,484 (59.5%) investment advisers reported having at least some high- net worth clients and 5,601 (51.4%) reported having at least some non-high-net worth clients.
- Most SEC-registered investment advisers are small businesses. In 2014, more than half of all advisers (57.1%) reported having ten or fewer full-time and part-time non-clerical employees and 87.9% reported having fewer than 50 such employees.
- More than one-third of all SEC-registered advisers (36.2%) reported that they manage at least one private fund. Private fund advisers reported a total of 28,429 private funds with collective RAUM of $9.5 trillion – up 11.8% from 2013.
- Hedge funds comprise 40% of all reported private funds while private equity funds comprise approximately 33%
Since the first report in 2001, Evolution/Revolution has identified significant trends and developments based on information that investment advisers are required to file with the SEC. This includes information on assets under management, employees, advisory and other business activities, clients, custody, disciplinary history and other data.
Download a pdf copy of the Evolution Revolution report.
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