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Unpacking Changes to Advertising and Solicitor Rules for Investment Advisers
The sweeping revision of the advertising and solicitor rules is perhaps the most dramatic change in IA regulation since the adoption of the Compliance Program Rule in 2003. While the SEC has allowed over a year before compliance with the new rules are required, many firms will want to take advantage of many of its provisions as soon as possible. You need to understand the nature and scope of this tectonic shift now if you want to effectively guide your firm through the many changes the new rule brings. This session will review the revolutionary changes the new rule brings and identify and discuss possible consequences (intended and otherwise) that will come as firms begin to rely on the new rule. Special attention will be paid to the proposed changes in the rules governing the use of solicitors.
After attending this session, you should be able to:
- Explain to your marketing staff how your current advertisements can change under the new rule
- Analyze the opportunities (and potential pitfalls) that can come with this risk-based rule
- Examine and, if needed, revise your current solicitation procedure
This virtual course is being taught as part of the Spring 2021 Virtual Compliance Conference. To learn more, visit our main conference webpage.
Partner, Troutman Pepper Hamilton Sanders LLP
Genna Garver provides targeted, practical advice to investment advisers and their proprietary private investment funds. The private funds Genna advises implement a variety of investment strategies and structures, including hedge funds, private equity funds, private credit funds and funds of funds and other managers. Genna also represents institutional investors, funds of funds and family offices in connection with their private fund investments. Her clients appreciate the close personal attention she provides to help them navigate the complex maze of investment regulation.
Genna routinely advises clients on formation and offering matters for both domestic and offshore funds; SEC and state investment adviser, broker-dealer and private fund regulation; Investment Advisers Act compliance programs, annual reviews and ongoing compliance matters; and regulatory examinations and investigations. She also has extensive experience representing financial institutions in a variety of transactional and regulatory matters.
A sought-after speaker and author, Genna regularly presents at industry events on various aspects of securities law. She is also actively involved in numerous women’s and diversity initiatives in the financial services industry and is an active participant and committee member for in 100 Women in Finance, the New York Alternative Investment Roundtable, and the National Association of Compliance Professionals.
Related Practices and Industries
- Investment Funds
- Private Equity
- Financial Services
- Coronavirus (COVID-19) Task Force
Professional and Community Involvement
- Member, New York Alternative Investment Roundtable, 2019-Present
- Member, 100 Women in Finance, 2010-Present
- Scholarship Committee, 2010-2020
- CT/Westchester Committee, 2020-Present
Rankings and Recognitions
- Highlighted as Change-maker by DRIVEN Professionals, March 2020
- Top 25 EB-5 Attorneys, EB5Investor, 2013
- Team Member, Corporate Board Member magazine and FTI Consulting Inc., one of “America’s Best Corporate Law Firms,” 13th Annual Legal Industry Study, 2013
- New York
- Northeastern University School of Law, J.D.
- Bowdoin College, B.A., cum laude
Partner, K&L Gates
Michael McGrath is a partner in the firm’s Boston office. He practices in the areas of investment management, securities, and commodities law, including the representation of institutional investment firms, registered investment companies, private equity and hedge funds.
Mr. McGrath counsels SEC, CFTC, NFA, and FINRA regulation. His practice is focused on helping financial institutions design their compliance programs, supporting trading and investment management issues including best execution, soft dollars, control of nonpublic information, and derivatives trading, and assisting with SEC and NFA staff examinations.
Mr. McGrath also has extensive experience counseling clients on regulatory matters that relate to strategic business decisions, including:
- transactional, regulatory, and operational issues arising from mergers and reorganizations of investment funds and their investment advisers;
- optimal corporate and operational structures related to affiliated investment managers, cross-border operations, and joint ventures;
- the development of novel alternative investment strategies and the offering of such strategies through various types of investment vehicles; and
- emerging regulatory issues related to crowdfunding, social media, cybersecurity, and financial technology.
Mr. McGrath is a CFA charterholder.
Prior to joining K&L Gates in 2011, Mr. McGrath was a Vice President and Senior Counsel with Allianz Global Investors, where he provided counsel in several different areas including: compliance with regulatory requirements, mergers and reorganizations of business units, the formation and offering of private funds and mutual funds, and the negotiation of investment management agreements, side letters, trading agreements, and derivatives documentation.
Publications and Speaking Engagements
Michael regularly contributes articles for K&L Gates client alerts and for business trade journals in the financial services industry in publications such as The Investment Lawyer and The Hedge Fund Law Report. He is a frequent speaker at leading conferences hosted by investment industry trade associations such as the Investment Adviser Association, the National Society of Compliance Professionals, Financial Research Associates, and the National Regulatory Service. He speaks on investment adviser, investment company, and hedge fund regulatory and compliance issues, as well as the impact of emerging technologies on the investment industry.
- Boston Securities Analysts Society
- CFA Institute
- J.D., Duke University School of Law, 2002
- A.B., Stanford University, 1999
Director, Private Fund Services, NRS
Max joined NRS in 2007 as a Consultant in the Investment Adviser Services Department and is based in our Massachusetts branch office. Max delivers comprehensive compliance solutions to all types of investment management firms, with special emphasis on private fund advisers, including hedge funds, funds of funds, private equity and debt funds, venture capital funds, real estate funds and other pooled investment vehicles.
Max earned his Juris Doctor degree Cum Laude from Boston College Law School in 2002. He is a member of the State Bar of Massachusetts.
After graduating from law school, Max accepted a corporate associate position with Choate Hall & Stewart LLP. During his tenure at Choate Hall, Max specialized in secured financing transactions, mergers and acquisitions, and bankruptcy litigation.
Max received his Bachelor of Arts degree Summa Cum Laude, graduating Phi Beta Kappa from Tufts University with majors in International Relations and Eastern European Studies.
For Whom: Designed to increase the professional competence of Investment Advisers.
Suggested Skill Level: Advanced
Maximum Recommended Credit Hours for this session will include CLE, CFP, IACCP® and CPE.
CA MCLE = 120 minutes
CFP = 2.0 credits
IACCP® = 120 minutes
CPE = 120 minutes
For more information, check out the NRS Continuing Education Guide.