Investment Adviser Performance and Advertising
June 17, 2010
1:00 PM – 3:00 PM EDT
Presented by:
Bill Cavell — Executive Consultant, NRS
Rebecca Radford — Partner, K&L Gates
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
