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Transitioning to the New Advertising Rules (IA) (Advanced) (Webinar)

October 26, 2021
11:15 AM - 1:15 PM PDT
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Course Description:

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 provided an 18-month transition period due to its sweeping changes, many firms are taking advantage of this time to modify policies and procedures to ensure full compliance by November 4, 2022 (the compliance date). With an all or nothing compliance option, firms need to understand the nature and scope of this tectonic shift to effectively transition through the many changes the new rule brings. This session will review the revolutionary changes and identify and discuss possible approaches firms may take to address them in their policies and procedures. Special attention will be paid to the challenges of an all or nothing transition and how firms may approach their decision on when to comply.

Learning Objectives

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 revise your current policies and procedures

This course is being taught as part of the Fall 2021 In-Person Compliance Conference. To learn more, visit our main conference webpage.

Mederic Daigneault
Senior Director, ConsultingNRS


Mederic is an attorney by training and currently serves as the Senior Director of Consulting. He joined NRS in 2004 and is based in the firm’s Connecticut office. Mederic works closely with investment management firms and their officers and senior staff to identify regulatory obligations, unique conflicts of interest and other risks to assist in the development, implementation and testing of comprehensive compliance programs tailored to firm practices.

Before joining NRS in 2004, Mederic practiced law as a corporate and securities attorney with a securities law firm. As an attorney, Mederic provided guidance and legal counsel to regional, national and international business entities and financial institutions, including investment advisers, private funds, insurers and broker-dealers concerning compliance with the laws and regulations that govern these businesses. Before entering law school, Mederic worked as an Annuity Account Manager at the Travelers Life & Annuity Co. where he maintained a Series 6 license with the NASD.

Mederic conducts on-site mock SEC examinations and compliance reviews of advisers of various sizes from ultra-large investment managers with global operations or intricate hedge fund complexes to smaller yet sophisticated firms with a handful of staff. Areas reviewed include, as applicable, the latest developments and “hot topics” in compliance regulation: risk assessments, annual reviews, cybersecurity, code of ethics and personal trading, insider trading, third-party due diligence, valuation, soft dollars, best execution, side-by-side management issues, business continuity planning and other areas.

During his time at NRS, Mederic has drafted or revised Forms ADV for hundreds of investment adviser firms at both the state and federal level including dozens of hedge fund and private equity fund managers. Mederic is a frequent speaker at NRS and industry conferences as well as topical live and desktop seminars sponsored by Fidelity, Schwab, Pershing, Sungard Systems, Victor Park (Alternative Asset Summit), Infovest21, the Connecticut Department of Banking, the California Hedge Fund Association, Financial Research Associates, LLC, the Hedge Fund Business Operations Association and others.

He is also an expert lecturer in the IA Certified Compliance Professional Program (IACCP) cosponsored by NRS and the Investment Adviser Association (IAA). Mederic contributes to and/or has been sought for comment or insights by leading industry publications, including, among others, The Wall Street Journal, The Hedge Fund Law Report and Financial Planning Magazine, on various compliance topics. Mederic authored The Core, Practical Advisers Act Compliance for the Private Fund Adviser, an Amazon #1 New Book (Category: Securities Law), published in late 2015, and was a contributing author and Editorial Board Member for Modern Compliance, Best Practices for Securities & Finance, Vol. II, published in 2017 by Wolters Kluwer.

Mederic is admitted to the bar in the states of Connecticut and New York. He received his law degree from Boston College Law School and graduated Phi Beta Kappa from Wesleyan University in Middletown Connecticut.


Michael McGrath
PartnerK&L Gates


Overview

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.

Professional Background

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.

Professional/Civic Activities

  • Boston Securities Analysts Society
  • CFA Institute

Admissions

  • California
  • Massachusetts

Education

  • J.D., Duke University School of Law, 2002
  • A.B., Stanford University, 1999

Pamela Pendrell
Partner and Chief Compliance OfficerGlobeFlex Capital


Pamela Pendrell joined GlobeFlex in 2004 and became the Chief Compliance Officer in 2013, leading the firm’s compliance effort. Prior to her role as CCO, Ms. Pendrell performed marketing and client service roles at GlobeFlex, including the oversight of performance and compliance reporting.

Prior to GlobeFlex, Ms. Pendrell worked at Pacific Corporate Group in a marketing capacity. Her industry experience began with AllianceBernstein in New York supporting their client service and marketing efforts. Ms. Pendrell earned her B.A. at Colgate University, where she graduated magna cum laude with high honors in History. She obtained the IACCP designation in 2015.

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 = pending approval
IACCP® = 120 minutes
CPE = 120 minutes

For more information, check out the NRS Continuing Education Guide.