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 firms of every size. Everyday situations 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.
The first of six courses in the Advisers Act series highlights the structure of the Act, and the over-arching concept of fiduciary duty, and the duty that the Act confers on advisers to reasonably supervise persons associated with the adviser.
This session details core provisions of the Advisers 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 Advisers Act sections 201-203A and 207-224 as well as 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
- Address mandates that impact registration of investment advisers
- Assess the duty to supervise and how it impacts an adviser’s compliance policies and procedures and individual liability
For whom: Designed to increase the professional competence of investment adviser professionals with legal, compliance and management responsibilities
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