Business Continuity Planning

Instructors: TBD

Description: Business Continuity Planning (BCP) is much more than data storage and recovery. Disasters across the country in recent years have highlighted the importance of an effective BCP process to ensure that firms survive these and similar events, fulfill their fiduciary obligations to clients, adhere to regulations and maintain the safety of their employees.

Best practices dictate that firms develop, test and maintain a scenario-based plan that considers not only data integrity, but all mission-critical aspects of the business, including human assets. In the adopting release to the Compliance Programs Rules, the SEC referred to BCP as one of several areas that firms, “at a minimum,” are expected to address. The SEC routinely requests these plans during examinations and appears to be issuing deficiencies in this area with increased frequency.

This seminar will provide the framework for developing a sound BCP process with a special emphasis on some of the lessons that can be learned from recent disasters of varying magnitude as well as from examiner expectations.

Learning Objectives:

• Review the regulatory and compliance background of BCP to help manage compliance expectations
• Examine Disaster Recovery/Business Continuity Planning concepts to develop the most appropriate process that minimizes liability and improves safety for your firm
• Discuss actual Disaster Recovery/Business Continuity examples to help evaluate what processes might work effectively for your firm’s business and its employees

For whom:

• Chief Compliance Officers
• Business Continuity Planning Officers
• Compliance Staff at all levels
• IT personnel
• Legal counsel
• Management

Suggested Skill Level: Intermediate

Prerequisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Advisers Act of 1940, the Investment Company Act of 1940 and the Securities Exchange Act of 1934 to become familiar with the structure and terms.

Advisers Act: Framework of the Act - Duty to Supervise; Who Must Register; Exclusions and Exemptions; State and Federal Responsibilities

Description: 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 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.

Framework of the Act course highlights include:

• Overview of the Investment Advisers Act of 1940
• Section 201 -Findings
• Section 202 – Definitions and Related SEC Rules
• Section 203 – Registration of Investment Advisers and Related SEC Rules
• Section 203A - State and Federal Responsibilities and Related SEC Rules
• Sections 207-221
• Section 222 – State Regulation of Investment Advisers and Related SEC Rules

For whom:

• Chief Compliance Officers
• Compliance Staff at all levels
• Internal auditors
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to become familiar with the structure and terms.

Each Advisers Act course provides the instruction and tools to:

• Demonstrate a clear understanding of the structure, content and terms of the Advisers Act for quick, easy reference and response
• Prioritize work flow and assign tasks for establishing effective policy, procedures and internal controls and for minimizing risk and fines
• Pinpoint the SEC areas of concern that should drive required written compliance policies and procedures
• Understand the relationship among internal controls, internal reviews and the risk-based SEC examination program
• Examine the use of checklists, timetables, SEC Document Requests Lists, exception reports and staff interviews to implement a strong compliance program
• Discuss transactional, periodic and forensic testing of policies and procedures as tools of the risk assessment process
• Identify systemic problems to initiate and implement prompt corrective action
• Understand changes in the SEC examination process

Advisers Act: Books and Records –Today’s Requirements

Description: 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 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.

Books and Records course highlights include:

• Section 204 - Reports by Investment Advisers
• Rule 204-1 - Amendments to application for registration
• Rule 204-2 - Books and records to be maintained by investment advisers

For whom:

• Chief Compliance Officers
• Compliance Staff at all levels
• Internal auditors
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to become familiar with the structure and terms.

Each Advisers Act course provides the instruction and tools to:

• Demonstrate a clear understanding of the structure, content and terms of the Advisers Act for quick, easy reference and response
• Prioritize work flow and assign tasks for establishing effective policy, procedures and internal controls and for minimizing risk and fines
• Pinpoint the SEC areas of concern that should drive required written compliance policies and procedures
• Understand the relationship among internal controls, internal reviews and the risk-based SEC examination program
• Examine the use of checklists, timetables, SEC Document Requests Lists, exception reports and staff interviews to implement a strong compliance program
• Discuss transactional, periodic and forensic testing of policies and procedures as tools of the risk assessment process
• Identify systemic problems to initiate and implement prompt corrective action
• Understand changes in the SEC examination process

Advisers Act: Brochure Rule; Insider Trading; Code of Ethics; Contracts

Description: 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 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.

Brochure Rule, Insider Trading, Code of Ethics and Contracts course highlights include:

• Rule 204-3 - Written disclosure statements
• Section 204A - Prevention of Misuse of Non-public Information
• Rule 204A-1 - Investment adviser codes of ethics
• Section 205 - Investment Advisory Contracts and Related SEC Rules

For whom:

• Chief Compliance Officers
• Compliance Staff at all levels
• Internal auditors
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to become familiar with the structure and terms.

Each Advisers Act course provides the instruction and tools to:

• Demonstrate a clear understanding of the structure, content and terms of the Advisers Act for quick, easy reference and response
• Prioritize work flow and assign tasks for establishing effective policy, procedures and internal controls and for minimizing risk and fines
• Pinpoint the SEC areas of concern that should drive required written compliance policies and procedures
• Understand the relationship among internal controls, internal reviews and the risk-based SEC examination program
• Examine the use of checklists, timetables, SEC Document Requests Lists, exception reports and staff interviews to implement a strong compliance program
• Discuss transactional, periodic and forensic testing of policies and procedures as tools of the risk assessment process
• Identify systemic problems to initiate and implement prompt corrective action
• Understand changes in the SEC examination process

Title: Adviser’s Act: Anti-Fraud Rules Part I

Description: 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 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.

Anti-Fraud Rules Part I course highlights include:

• Section 206 Prohibited Transactions by Investment Advisers and Related SEC Rules
• Rule 206(3)-2 Agency cross transactions for advisory clients
• Rule 206(4)-1 Advertisements by investment advisers
• Rule 206(4)-8 Pooled investment vehicles

For whom:

• Chief Compliance Officers
• Compliance Staff at all levels
• Internal auditors
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to become familiar with the structure and terms.

Each Advisers Act course provides the instruction and tools to:

• Demonstrate a clear understanding of the structure, content and terms of the Advisers Act for quick, easy reference and response
• Prioritize work flow and assign tasks for establishing effective policy, procedures and internal controls and for minimizing risk and fines
• Pinpoint the SEC areas of concern that should drive required written compliance policies and procedures
• Understand the relationship among internal controls, internal reviews and the risk-based SEC examination program
• Examine the use of checklists, timetables, SEC Document Requests Lists, exception reports and staff interviews to implement a strong compliance program
• Discuss transactional, periodic and forensic testing of policies and procedures as tools of the risk assessment process
• Identify systemic problems to initiate and implement prompt corrective action
• Understand changes in the SEC examination process

Advisers Act: Anti-Fraud Rules - Part II

Description: 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 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.

Anti-Fraud Rules - Part II course highlights include:

• Rule 206(4)-2 Custody or possession of funds or securities of clients
• Rule 206(4)-3 Cash payments for client solicitations
• Rule 206(4)-4 Financial and disciplinary information that investment advisers must disclose to clients
• Rule 206(4)-5 Political Contributions by certain investment advisers (PROPOSED)
• Rule 206(4)-6 Proxy Voting

For whom:

• Chief Compliance Officers
• Compliance Staff at all levels
• Internal auditors
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to become familiar with the structure and terms.

Each Advisers Act course provides the instruction and tools to:

• Demonstrate a clear understanding of the structure, content and terms of the Advisers Act for quick, easy reference and response
• Prioritize work flow and assign tasks for establishing effective policy, procedures and internal controls and for minimizing risk and fines
• Pinpoint the SEC areas of concern that should drive required written compliance policies and procedures
• Understand the relationship among internal controls, internal reviews and the risk-based SEC examination program
• Examine the use of checklists, timetables, SEC Document Requests Lists, exception reports and staff interviews to implement a strong compliance program
• Discuss transactional, periodic and forensic testing of policies and procedures as tools of the risk assessment process
• Identify systemic problems to initiate and implement prompt corrective action
• Understand changes in the SEC examination process

Advisers Act: Anti-Fraud Rules Compliance Programs Rules and Mastering the Annual Review

Description: 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 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.

Anti -Fraud Rules Compliance Programs Rules and Mastering the Annual Review course highlights include:

• Rule 206(4)-7 Compliance procedures and practices

Compliance professionals must be ever mindful of the ongoing mandates embodied in Rule 206(4)-7 under the Investment Advisers Act and Rule 38-1 under the Investment Company Act to maintain, review, test and modify written compliance policies and procedures that are reasonably designed to detect violations and weaknesses in internal controls and compliance systems. Commonly referred to as the “Compliance Programs Rules”, the rules specifically require that advisers and funds implement and maintain policies and procedures designed to detect, prevent and correct compliance problems in key areas of their operations and to conduct an at least annual review to gauge their effectiveness. This seminar will identify essential internal controls and compliance testing and documentation procedures within the structure of a "real-world" practical compliance program. Also being covered is how to conduct periodic or annual compliance reviews that identify and address compliance gaps or risks, including the level of detail appropriate for an annual review report.

For whom:

• Chief Compliance Officers
• Compliance Staff at all levels
• Internal auditors
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to become familiar with the structure and terms.

Each Advisers Act course provides the instruction and tools to:

• Demonstrate a clear understanding of the structure, content and terms of the Advisers Act for quick, easy reference and response
• Prioritize work flow and assign tasks for establishing effective policy, procedures and internal controls and for minimizing risk and fines
• Pinpoint the SEC areas of concern that should drive required written compliance policies and procedures
• Understand the relationship among internal controls, internal reviews and the risk-based SEC examination program
• Examine the use of checklists, timetables, SEC Document Requests Lists, exception reports and staff interviews to implement a strong compliance program
• Discuss transactional, periodic and forensic testing of policies and procedures as tools of the risk assessment process
• Identify systemic problems to initiate and implement prompt corrective action
• Understand changes in the SEC examination process

Form ADV Part 1 and Regulatory Reporting
February 18, 2010
1:00 PM - 3:00 PM EST

Experts will systematically walk through Form ADV Part 1 – including the latest revisions relating to the recent Custody Rule amendments. Form ADV instructions require SEC and state registered investment advisers to submit an Annual Updating Amendment to Form ADV Part 1 filing via the IARD system within 90 days of their firm's fiscal year-end. This session will review what’s required as part of this mandatory electronic filing, as well as provide guidance on correlating the information reported in Form ADV Part 1 to disclosures in Form ADV Part II. Inaccurate and/or inadequate Form ADV disclosures are consistently cited in the SEC's and many states' list of 'Top Ten Deficiencies’.

In addition to a detailed overview of Form ADV Part 1, Schedule D, and applicable Form ADV Part 1 Instructions, instructors will help you fully understand Annual Amendment filing requirements, appreciate the meaning of certain key words and terms and avoid making common mistakes.

This session will also provide a brief summary of Form 13F, Schedule 13D and Schedule 13G reporting procedures under the Securities Exchange Act of 1934 and the applicability of these filings to certain investment advisers.

Instructors will focus on:

• Understanding Annual Amendment filing requirements, and avoid making common mistakes.
• Provide insight and clarity into the information being sought in Form ADV Part 1 to ensure your firm is accurately reporting such information.
• Establish a team approach to develop and maintain a Form ADV Part 1 that complies with regulations and is consistent with your firm's Form ADV Part II, policies and procedures, advisory contracts, client communications and advertising.
• Understanding the basic mechanics of Form 13F, Schedule 13D and Schedule 13G reporting requirements.

Form ADV Part 2 and Identifying and Disclosing Conflicts of Interest
February 23, 2010
1:00 PM – 3:00 PM EST

Disclosure, disclosure, disclosure. You’ve heard it many times, but do you understand how to disclose your firm’s vital information to clients in ways that will withstand regulatory scrutiny? Expert instructors will systematically walk through Form ADV Part II and help you learn what the SEC wants you to disclose and why. In addition, learn procedures to help assure that information in your firm’s Form ADV Part II is consistent with Form ADV Part 1, marketing materials, and advisory agreements.

The SEC is now in the process of digesting the public comments that have been submitted in response to the proposed amendments to Part II. The long-anticipated amendments are designed to provide clients with narrative brochures containing plain English descriptions of an investment adviser’s business, services, and conflicts of interest. The proposed changes also would require advisers to file their brochures electronically, and the brochures would be available to the public through the IAPD website. Regardless of the outcome of this protracted rule-making process, it is clear that plain English disclosure of adviser conflicts of interest is a regulatory imperative that should command the attention of compliance professionals in the current regulatory environment. We'll take you past basic disclosure to an understanding and appreciation of what regulators mean when they talk about 'full and fair' disclosure. Your firm's Form ADV is a cornerstone of your firm’s fiduciary duty to its clients.

Instructors will focus on:

• Movement away from the current “check-the-box” format and related disclosure schedules to a free-form, plain English, narrative brochure.
• Enhanced conflicts of interest disclosure. Identifying conflicts of interest and enhanced disclosure about actual and potential conflicts of interest such as the use of affiliated brokers, soft dollars, side-by-side management of accounts that pay performance fees, and receipt of compensation from issuers of financial products the adviser recommends to clients.
• Providing insight and clarity into the information being sought in Form ADV Part II to ensure your firm is accurately reporting such information.
• Establish a team approach to develop and maintain a Form ADV Part II that complies with regulations and is consistent with your firm's Form ADV Part 1, policies and procedures, advisory contracts, client communications and advertising.

Investment Adviser Performance and Advertising
Understanding the Advertising Rule, Performance Presentation, and related SEC No-Actions Letters
March 2, 2010
1:00 PM – 3:00 PM EST

Investment adviser advertising continues to be one of the top problem areas identified by the SEC. Advertising and performance often present complex issues for all advisers, as well as many traps for the unwary, frequent exam deficiencies and, in the worst cases, potential for SEC enforcement actions. The SEC has devoted considerable attention to how and under what circumstances investment advisers may advertise their services and present performance to clients. This session is designed to help advisers avoid the common pitfalls and understand the fundamental advertising rule requirements and the many SEC no-action letters covering testimonials, partial client lists, websites, presenting gross and net performance and the numerous required, and recommended, disclosures for advertising and performance materials.

Learning Objectives:

• Examine the specific SEC advertising Rule as well as performance presentation and recordkeeping requirements.
• Review and understand the important and diverse SEC no-action letters covering advertising and performance to gain guidance beyond the rule requirements.
• Discuss practical tips for an effective review/checklist for advertising & performance materials as well as policies and procedures.

For Whom:

• Chief Compliance Officers
• Internal auditors
• Compliance Staff at all levels
• Marketing personnel
• Legal counsel
• Management

Suggested Skill Level: Basic to Intermediate

Instructional Method: Group - Internet Based and Group Live

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940, especially Section 206 & Rules 206(4) – 1 (Advertisements) & 204-2 (Books & Records) to become familiar with the structure and terms.

Continuing Education Credits: Recommended CPE Credit: 2

Post-Madoff Focus on Custody: Understanding the New Amendments to the SEC Custody Rule
March 4, 2010
1:00 PM – 3:00 PM EST

One of the many outgrowths of the Madoff debacle is the SEC's proactive focus on the safe and sound custody of client assets. Compliance with the safekeeping and other provisions of the Advisers Act custody rule, Rule 206(4)-2, will be front and center for SEC examiners in 2010, especially in light of the changes to the custody rule that were adopted by the Commission on December 30, 2009. The Adopting Release for the final rule amendments provides specific guidance regarding the types of internal controls that advisers should consider implementing with respect to the safekeeping of client assets. Examples include controls over the movement of client assets, testing the effectiveness of the firm’s controls over the safekeeping of client assets, and particular attention to the deduction of advisory fees directly from client accounts. SEC examiners will also be expecting that advisers conduct periodic reconciliation and asset verification and have policies and procedures in place to address how they will monitor qualified custodians and verify that client statements are being delivered.

Our expert speakers will discuss the specific provisions and mandated timelines set forth in the recent amendments to the custody rule (and the compliance implications for your firm), including the annual surprise examination for investment advisers, the internal control examination for advisers or certain related persons that are qualified custodians, and amendments to Form ADV that will require investment advisers to report more detailed information about custody practices.

The session will also cover such core elements of the rule as the definition of custody, use of qualified custodians and delivery of account statements, special new provisions for pooled investment vehicles and privately-offered securities, unintended custody and relevant SEC no-action relief, and controls to protect against personnel misappropriating client assets.

Learning Objectives:

• Understand the core elements of the new custody rule requirements and compliance timelines
• Learn how to avoid and address having unintended custody
• Understand the scope of an adviser’s duty in this area and what constitutes prudent best practices
• Determine appropriate policies and procedures

For Whom: Investment advisers, legal counsel, compliance professionals

Suggested Skill Level: Intermediate

Instructional Method: Group - Internet Based

Pre-requisites for participation: Attendees should have a basic understanding of the provisions and terminology contained within the Advisers Act of 1940

Continuing Education Credits: Recommended CPE Credit: 2

Investment Adviser Codes of Ethics – Requirements and Best Practices
Monitoring Personal Securities Trading and Gifts and Entertainment
March 9, 2010
1:00 PM – 3:00 PM EST

Ethics is not an option; it’s a requirement. Since the adoption of the SEC Rule on Codes of Ethics, every registered investment adviser firm must adopt codes of ethics that establish standards of conduct and address conflicts that arise from personal trading issues. Many state advisers have also adopted a Code of Ethics either in response to state mandates or as an industry best practice. Instruction and guidance for this course focus on identifying the required components of standard codes of ethics and learning how to draft plans for implementing firm-wide ethics policies and procedures that both help remind adviser personnel of their obligations to clients and avoid conflicts of interest.

Learning Objectives:

This course offers you the opportunity to

• Understand and implement the requirements of SEC Rule 204A-1: Investment Adviser Codes of Ethics
• Explain processes for monitoring and controlling personal securities trading by adviser personnel to avoid potential conflicts and possible ethics violations
• Review requirements for ADV disclosure and recordkeeping
• Comprehend the processes for administering and tailoring a code of ethics for your firm

For Whom: Chief Compliance Officers, Ethics Officers, Compliance Staff at all levels, Management, Legal counsel, Auditors

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940, especially Rule 204A-1, to become familiar with the structure and terms.

Continuing Education Credits: Recommended CPE Credit: 2

Ethical Decision-Making and Lessons Learned from SEC Enforcement Cases
March 11, 2010
1:00 PM – 3:00 PM EST

The Investment Advisers Act of 1940 is based on the central premise that investment advisers are fiduciaries to their clients. As a fiduciary, an investment adviser has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of its clients. The fiduciary nature of an investment adviser’s obligations creates an ethical component to essentially all of the firm’s activities.

Business ethics for business organizations, including investment advisers, can be defined as written and unwritten codes of conduct and values that govern decisions and actions of individuals within an organization, as well as the organization as a whole. An organization’s ethical culture sets standards for determining the difference between good and bad decision-making and behavior. However, the distinctions between moral right and wrong are not always so clear. Such situations can lead to ethical dilemmas and compromise your firm’s mission to adequately fulfill its fiduciary duty as an investment adviser.

The expert instructors for this session will analyze both the conceptual scope and practical reach of an adviser’s fiduciary duty to its clientele and how the SEC applies this standard to your compliance program and the conduct of your firm’s employees. The session will also cover identification and resolution of conflicts of interest, best practices for inculcation of a strong ethical culture of compliance throughout your firm, the respective roles of management and compliance in driving this process, and a survey of instructive SEC enforcement cases.

Learning Objectives:

This Ethics courses offers the opportunity to

• Participate in a dialogue about ethical decision-making to enhance your and your firm’s ethical awareness
• Review examples of ethical decision-making to critique potential decisions
• Use SEC enforcement cases to identify, analyze and discuss ways to resolve universal ethical dilemmas and challenges.

For Whom: Chief Compliance Officers, Ethics Officers, Compliance Staff at all levels, Management, Legal counsel, Auditors

Suggested Skill Level: Intermediate

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940, especially Rule 204A-1, to become familiar with the structure and terms.

Continuing Education Credits: Recommended CPE Credit: 2

Preparing for an SEC Examination: Identifying Priorities for 2010

March 16, 2010
1:00 PM – 3:00 PM EST

Presented by:
Mike Xifaras- Consultant IA Services, NRS
Michael Sherman- Associate, Dechert LLP

In reaction to the tumultuous market events and scandals of 2009, the U.S. Securities and Exchange Commission has intensified investment adviser examinations as evidenced by the following:

• Increasing surprise examinations
• Rigorous pre-exam due-diligence and aggressive examinations
• Questioning compliance budgets and cost cutting
• Coordinating exams of dually registered firms between both investment advisers and broker-dealers
• Hiring more experienced examiners with special expertise and providing more training
• Focusing on verification of client assets

Examiners are more skeptically probing in new areas, interviewing additional people, asking different questions, and have expanded the scope of requested documents and reports. Legal and industry experts will detail the examination process from the unexpected first notice to the final follow-up, and explain how strong internal controls that are put in place now can help your firm be prepared on short notice for these tougher examinations. Understand what the SEC is looking for and how to manage the examination once the SEC is onsite. Additional topics to be covered include the firm’s rights during the examination process, common problems the SEC encounters during examinations, and effective strategies for dealing with deficiencies found during an examination.

Learning Objectives:

After completing this course, you should be able to:

• Understand how the current market and regulatory environments will affect SEC examinations of investment advisers.
• Learn how to handle the new SEC examination focus on confirming client account balances in managed accounts.
• Demonstrate an understanding of the federal and state examination processes from first notice to final follow-up to avoid unnecessary interruption of the firm’s business.
• Become familiar with the SEC Document Request List to increase the 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
• Understand the link between internal controls and SEC examinations
• Learn how to limit regulatory risk on both a personal and firm level
• Receive tips that help support a successful exam outcome

For Whom: Chief Compliance Officers, Auditors, Compliance Staff at all levels, IT personnel, Legal counsel, Management

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No advance preparation or prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 to become familiar with the structure and terms.

Continuing Education Credits: Recommended CPE Credit: 2

Safeguarding Information- Regulation S-P and other Privacy Mandates

March 18, 2010
1:00 PM – 3:00 PM EST

Presented by:
Valerie Baruch-Assistant General Counsel, IAA
Beth Kiesewetter-Associate, Morgan, Lewis & Bockius LLP

Investment adviser and broker-dealer firms cannot conduct business without gathering and maintaining customer information. The regulators are mandating strict controls and procedures to help ensure that this information does not fall into the wrong hands.

In March 2008, the SEC proposed amendments to Regulation S-P, the privacy and safeguarding regulation that applies to investment adviser, broker-dealers and investment companies. The proposed amendments would set forth more specific requirements for safeguarding information and responding to information security breaches, and broaden the scope of the information covered by Regulation S-P’s safeguarding and disposal provisions.

Some experts have observed that the threat of identity theft has only increased in the wake of the global financial crisis. In its examinations, SEC staff focuses heightened attention on a firm’s information security or “safeguarding” controls for protecting client information.

This session will discuss the basics of information security and how to map a firm’s policies and procedures to its particular risk profile. Other important topics to be addressed include:

• State-mandated data protection and breach notification requirements, including the Massachusetts identity theft regulations that went into effect on March 1, 2010;
• Responding to information security breaches and adopting vendor management best practices; and
• Implications of the new SEC Regulation S-AM (compliance date is now June 1, 2010) and the FTC Red Flag Rules (compliance date is now June 1, 2010).

Learning Objectives:

After completing this course you should be able to:

• Understand Regulation S-P requirements concerning privacy notice delivery and be able to create firm-wide policies and procedures concerning privacy practices
• Learn about strong internal controls to identify and assess the red flags of identity theft, effective safeguards for controlling these risks, responses to information breaches and recommended steps for preventing them, and reasonable monitoring and testing of your safeguarding program.
• Identify areas of current SEC focus that are likely to surface during an SEC examination, and obtain guidance on how to achieve a successful examination outcome in the area of information security
• Learn about the efforts on the part of the states and the FTC to impose broader and more specific requirements on firms that collect personal information.

For Whom: Chief Compliance Officers, Internal auditors, Compliance Staff at all levels, Marketing personnel, Legal counsel, Management, Information Officers

Suggested Skill Level: Basic to Intermediate

Pre-requisites for participation: No advance preparation or prerequisites are required. However, attendees can benefit by reviewing the SEC Regulation S-P and proposed amendments to become familiar with the structure and terms.

Continuing Education Credits: Recommended CPE Credit: 2

Ethics: Mastering Critical Skills for High Performance Compliance Professionals

April 19, 2010
4:00 PM – 6:30 PM EST

Presented by:
Ann Oglanian, CEO of ReGroup LLC

Compliance professionals all over the country are struggling with how to get what you need for a successful compliance program. Strategic planning is a powerful business process that will help you organize your thinking, your work and your success – it will help you gain credibility and give you a rock solid basis for requesting the resources you need to be successful. It works because the process translates fundamental business planning into compliance risk assessment and budgeting. Learn how to present your compliance program in the business terms your peers will understand – and help your boss understand your successes. This straight-forward strategic planning process will give you what you need to effectively prioritize and organize and measure your efforts.

This session will show you how to:

• Create a common language to evaluate your compliance program
• Use risk management techniques to prioritize your results
• Turn data into useful information
• Conduct a strategic planning session
• Support resource requests
• Assign the right resources to the right risks with confidence
• Format results into a powerful business document that can guide your key initiatives throughout the year
• Ensure that your initiatives are aligned with business goals
• Get management buy-in
• Measure the contribution of compliance to your firm

The materials for this workshop include a PowerPoint presentation format you can use as a basis to describe your strategic plan to business leaders.

Professional Ethics for Compliance Professionals

April 22, 2010
8:00 AM – 11:00 AM EDT

Presented by:
Ann Oglanian, President and CEO, ReGroup, LLC
Kurt Wachholz, CCO, Wellspring Wealth Management

You have your Code and have applied the Rule, now what? Moving beyond the code, how do you address ethical dilemmas in your firm? This intermediate level ethics workshop utilizes scenario-based training and group discussion to engage attendees in analyzing and responding to real-world ethical issues confronted by compliance professionals and the various members of the firm.

Learning Objectives:

• Understand the nature of ethical dilemmas and conflicts of Interest
• Understand ethics as it applies to the roles within the organization
• Learn the Language of Ethics – How do you communicate it within the organization
• Develop techniques for identifying ethical situations and methods for mitigating
• Learn how to improve your ethics program while earning your CE credits.

For Whom: Chief Compliance Officers, Legal Counsel, Compliance Staff at all levels, Management

Suggested Skill Level: Intermediate

Instructional Method: Group - Internet Based and Group Live

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and specifically the Code of Ethic Rule to become familiar with the structure and terms.

Continuing Education Credits: Recommended CPE Ethics Credit: 2