Introduction to the Advisers Act: Framework; Registration, Exclusions and Exemptions; Exempt Reporting Advisers; Private Fund Advisers and More
A key focal point of this session will be the recent SEC rulemaking initiatives to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that will include:
- The $100 million asset under management threshold for SEC registration and the expanded breadth of state jurisdiction
- Uniform calculation of regulatory AUM
- Multi-state adviser exception
- Pension consultant exception
- Elimination of the “private adviser” exemption
The duty that the Act confers on advisers to reasonably supervise persons associated with the adviser will also be examined.
This session will also cover core provisions of the Act that define, among other things, who qualifies as an “investment adviser”, governs who must register as an investment adviser with the SEC and who is prohibited or exempted from registering and the SEC/state division of labor regarding the regulation of investment advisers. This session will cover Sections of the Act: 201-203A; 207-224 and related SEC rules.
After attending this course, attendees should be able to:
- Gain a holistic understanding of the breadth and scope of the Act to further understand its individual sections and rules
- Outline concepts that help define the scope of the Act
- Define how the Act allocates regulation of investment advisers to the SEC and the states
- Adapt to the impending changes to the Act as the result of the implementation of the Dodd-Frank Act mandates to assess the impact on your firm
- Assess the duty to supervise and how it impacts an adviser’s compliance policies and procedures and individual liability
For Whom: Chief Compliance Officers, Compliance Staff at all levels, Internal Auditors, Legal Counsel and Management
Suggested Skill Level: Basic
Instructional Method: Group Internet-Based and Group Live
Prerequisites for Participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 to become familiar with the structure and terms.
Advance Preparation: None
Continuing Education Credits: TBD
NRS Continuing Education Guide