Archived Webcasts

02/14/2006

The Compliance Program

• Practical tips for improving your compliance policies and procedures. Common drafting errors.
• How to spot the holes in your compliance program.
• What’s “material,” really?
• Liability considerations when preparing a written annual report.
• What types of front-end, back-end, and forensic tests are working in practice?
• Using training, certifications, and delegations to leverage the CCO’s effectiveness.

Victoria Schonfeld, partner
Goodwin Procter LLP

Rob Stype, managing partner
ACA Compliance Group

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05/16/2006

Small Advisers

• The small firm compliance program: Applying a reasonable, risk-based approach.
  
• The special challenges of wearing multiple hats.
  
• Maximizing limited resources.
  
• Unique business continuity planning for small advisers.
  
• Special concerns when relying on a broker’s platform — best ex, disclosure issues, receipt of unsolicited non-28(e) products and services.

Mari-Anne Pisarri, partner
Pickard & Djinis LLP

Gary Watkins, partner
ACA Compliance Group

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05/23/2006

Selecting Brokers

• Pros and cons of developing a best ex committee.
  
• How many brokers should be on your approved list?
  
• Soft dollars: new guidance, new considerations.
• Troublesome brokerage arrangements that will draw SEC scrutiny.
  
• Did you get best ex? Evaluating commission rates and reviewing execution quality.
  
• Special situations: Utilizing a brokerage firm’s custody/trading platform. Trading in a wrap program. Affiliated brokers.
  
• Should you accept client directed brokerage requests?

Karrie McMillan, partner
Willkie Farr & Gallagher LLP

Barry Schwartz, partner
ACA Compliance Group

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06/20/2006

ERISA Advisers

• Identifying accounts subject to ERISA.
  
• ERISA fiduciary status: When do you have it? Why does it matter?
  
• Where the rubber hits the ERISA road: Cross trades, principal trades, affiliated products, affiliated brokers.
  
• Special proxy voting considerations.
  
• Working with pension consultants.

Sara Emley, partner
Buckley Kolar LLP

Dan Kleinman, associate
Morgan, Lewis & Bockius LLP

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07/25/2006

Everything Else

An overview of other regulatory requirements applicable to advisers:

• Proxy voting
  
• Participation in class action settlements
  
• Safeguarding/disposal of customer information
  
• Anti-money laundering Form LM-10 reporting
  
• 13Ds, Gs, and Fs
  
• Privacy notice

Karen Barr, general counsel
Investment Adviser Association

Rob Stype, managing partner
ACA Compliance Group

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08/08/2006

Beyond Funds: Wrap Fee Programs, Fee-Based Brokerage Accounts, and Multi-Style Portfolios

• Unique Schedule H disclosure issues.
  
• Satisfying best ex in the wrap context; trade order sequencing issues.
  
• Dealing with performance backup: The GIPS dilemma.
  
• Rule 3a-4 compliance in light of recent private litigation.
  
• Fee-based brokerage accounts: practical issues for dual registrants; competitive and strategic concerns for stand-alone advisers.
• Multi-style portfolios: the next big thing?

Monica Parry, of counsel
Morgan, Lewis & Bockius LLP

Gary Watkins, partner
ACA Compliance Group

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09/12/2006

The Gotchas

• Trading
  
• Advertising
  
• Custody
  
• Recordkeeping
  
• Proxy voting
  
• Disclosures
  
• Form ADV filing

Terrance O'Malley, partner
Fried, Frank, Harris, Shriver & Jacobson LLP

Ted Eichenlaub, partner
ACA Compliance Group

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11/13/2006

When There’s a Problem

• What distinguishes a minor problem from a major problem.
  
• Immediate steps to take in the face of a significant problem — and what not to do.
  
• Different approaches to handling different problems:
  
  • trade errors;
    
  • compliance violations;
    
  • regulatory violations;
    
  • rogue employees;
    
  • private law suits;
    
  • SEC enforcement proceedings.
• How to encourage self-reporting of mistakes.
  
• Employee discipline: Developing sanctions and enforcing procedures.
  
• When to call a lawyer.
  
• When — and how — to notify your regulator.
  
• The PR angle: Putting on your best face; dealing with the press.
  
• What the SEC’s Division of Enforcement looks for when bringing cases

James Anderson, partner
Wilmer Cutler Pickering Hale & Dorr LLP

Carl Rizzo
ACA Compliance Group

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02/13/2007

Identifying Conflicts of Interests

The SEC expects advisers to identify their conflicts of interest and assess risks associated with their advisory business. These tasks are not as simple as they sound, particularly since each adviser has unique factors that must be considered in its attempt to identify conflicts and risks. This web cast will:

• Discuss key risk areas identified by the SEC
• Provide tips on how to conduct and document a risk assessment
• Review the most common conflicts of interest
• Discuss best practices in mitigating conflicts and risks
• Explain why disclosure may or may not “cure” the issue

Lindi Beaudrault
Partner, Alston & Bird, LLP

Ted Eichenlaub
Partner, ACA Compliance Group

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04/10/2007

Forensic Testing, Unplugged

You've got a compliance program in place. How should you go about testing it? The SEC has strongly suggested that advisers conduct "forensic testing" of their policies and procedures, looking for patterns or trends over time that may suggest weaknesses in their compliance program. This web cast will:

• Discuss common testing methods in the key areas that are most often reviewed by the SEC
• Instruct advisers how to document testing and results
• Provide guidance in selecting who should conduct the testing
• Discuss the limits of "testing" the compliance programs of sub-advisers or other third-party service providers

Robert Van Grover
Partner, Seward & Kissel

Jeff Morton
Partner, ACA Compliance Group

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08/14/2007

It's a Disaster….How do I Recover?

Hurricanes, earthquakes, blizzards, and fires. By now, most advisers know to prepare for these common disasters, depending upon their location. But what about the loss of a key employee? The absence of a substantial number of employees because of a flu or labor unrest? What if one of your sub-advisers incurs a disaster? These lesser-known disasters can test the limits of your disaster recovery plan. This web cast will:

• Discuss potential recovery solutions for common and uncommon disasters
• Review methods to test and document the effectiveness of a disaster recovery plan
• Provide tips for training employees about disaster recovery issues
• Discuss the benefits of hot sites and off-site storage locations
• Provide guidance to advisers in creating a disaster recovery team

Dr. Jeff Williams
President, Binomial International, Inc

Kim Hill
Consultant, ACA Compliance Group

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09/11/2007

Most Common Pitfalls Made by Advisers

Year after year, SEC examiners tell us that advisers make the same mistakes over and over again. The most common deficiencies involve common areas, such as books and records, portfolio management, advertising, brokerage arrangements, and personal trading. This web cast will:

• Discuss the top deficiencies found by the SEC in investment adviser examinations
• Suggest ways to correct deficiencies
• Provide guidance on identifying pitfalls before they happen
• Explain how to recognize conflicts or issues that may be the root cause of a pitfall
• Discuss SEC enforcement proceedings involving recidivism

Michele Gibbons
Partner, Mayer Brown Rowe & Maw, LLP

Daniel Y. Smith, CFA, Senior Consultant
ACA Compliance Group

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10/09/2007

Oops, A Trading Error….Now What?

All advisers make trading errors. It’s how they handle them that sets them apart in the SEC’s eyes. Typically, advisers will always make the client whole in the event of an error…but must they? This web cast will:

• Examine how the SEC views trade error accounts
• Provide common examples of trade error resolutions
• Explore factors that should be considered when calculating a trade error
• Highlight SEC staff positions and key no-action letters
• Discuss how an adviser should document a trade error and its resolution
• Highlight recent SEC enforcement proceedings involving trade errors

Ethan Johnson
Partner, Morgan Lewis & Bockius, LLP

Ivan Harris
Partner, Morgan Lewis & Bockius, LLP

Barry Schwartz
Partner, ACA Compliance Group

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11/13/2007

Electronic Recordkeeping/Required Books and Records to be Maintained by Advisers

Sloppy recordkeeping can lead to regulatory problems. As a registered investment adviser, you are required to maintain certain books and records related to your advisory business. Not only must advisers maintain these documents, they also must be ready to produce them in a timely manner, upon request by the staff. However, advisers are allowed to take advantage of modern technology to manage and store their records efficiently and less expensively. This web cast will:

• Review the broad categories of required books and records
• Discuss how the electronic age has affected recordkeeping practices
• Review technology requirements for maintaining records electronically
• Review the retention period for maintaining various books and records and common methods of their destruction thereafter
• Discuss best practices regarding the maintenance and safekeeping of books and records
  
• Go over the requirements that advisers must follow when emailing documents required to be delivered by law
• Examine SEC enforcement proceedings involving record keeping

John McGuire
Partner, Morgan Lewis & Bockius, LLP

Barry Schwartz
Partner, ACA Compliance Group

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