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Mastering the Investment Advisers Act of
1940: Parts 1, 2 and 3
Understanding the intricacies and
implications of the Investment Advisers Act of 1940
(Advisers Act) is fundamental to the core
responsibilities of any investment adviser compliance
professional. A section-by-section review of the
Advisers Act brings renewed focus to the root source of
each requirement, many of which are likely to be
encountered in compliance departments of every size
firm. Everyday situations and case studies are
incorporated to bring the Advisers Act to life,
including practical advice about writing, implementing
and maintaining policies to create strong internal
controls that work within your firm’s business
operations.
Part 1: Sections 201 through 205 and Related SEC
Rules
Highlights include:
-
Overview of the Investment Advisers
Act of 1940
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Definitions
-
Who Must Register
-
Exclusions and Exemptions from
Definition of Investment Adviser
-
State and Federal Responsibilities
-
Reports by Investment Advisers,
which includes in depth coverage of Books and
Records and Disclosure Statements
-
Prevention of Insider Trading and
Anti-fraud Provisions (Investment Advisers Codes of
Ethics)
-
Investment Advisory Contracts
Part 2: Sections 206 through 222 and
Related SEC Rules
Highlights include:
-
Prohibited Transactions by
Investment Advisers, the focus of recent regulatory
activity
-
Performance Fees
-
Exemption from Performance Fee
Prohibition
-
Agency Cross Transactions
-
Advertising
-
Custody
-
Client Solicitations
-
Disclosure to Clients
-
Proxy Voting
-
Compliance Programs Rules
Part 3: Compliance Programs:
Requirements, Responsibility and Thinking Like an SEC
Examiner
All SEC-registered investment advisory firms and
investment companies are required to adopt and implement
compliance policies and procedures, review those
policies and procedures annually, and designate a Chief
Compliance Officer. Experts will guide you through the
complex task of developing policies and procedures that
your firm can live with, as well as the more difficult
task of implementing those policies and procedures,
while remaining SEC-compliant in all facets of the
firm’s business. Course instructors will walk you
through the annual review requirements and SEC
Examination process to highlight the impact of the rule
on the role of the compliance professional and
consequential implications for building and maintaining
an adequate compliance and supervisory program
Learning Objectives:
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Demonstrate a clear understanding of
the structure, content and terms of the Advisers Act
for quick, easy reference and response
-
Use the framework of the Advisers
Act to prioritize work flow and assign tasks for
establishing effective policy, procedures and
internal controls, and for minimizing risk and fines
-
Further develop judgement needed to
apply appropriate regulations and rules to assure
complete coverage of compliance tasks
-
Build a risk averse compliance and
supervisory program with internal controls
-
Understand the role,
responsibilities and potential liability of the
Chief Compliance Officer (CCO)
-
Identify the rudiments of an annual
compliance review
-
Pinpoint the SEC areas of concern
that should drive required written compliance
policies and procedures
-
Understand the interaction between
the rule and the risk-based SEC examination program
-
Create checklists and timetables
that ensure complete compliance
-
Explain the relationship among
internal controls, internal reviews and the
examination process to better determine your firm’s
compliance risk and to take actions to minimize your
firm’s exposure to more frequent examinations,
enforcement investigation, and fines
-
Demonstrate an understanding of the
examination process from first notice to final
follow-up to avoid unnecessary interruption of your
firm’s business
-
Become familiar with each document
on the SEC Document Request List to increase your
firm’s preparedness, minimize retrieval time during
an examination and maximize a favorable examination
outcome
-
Identify SEC current priorities to
help the firm focus on areas likely to be examined
in depth
These three all-day courses serve as the
anchors of the Investment Adviser Compliance Certificate
Program. |
