The results are in for the ACA ICAC Compliance Benchmarking survey! 53 firms; large and small participated in the survey which will provide you with benchmarks to compare your compliance program with your peers. Topics covered include policies and practices in the following areas:
| Date |
Topic |
Description |
Presenter |
|
|
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
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- 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
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Selecting Brokers
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- 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
|
A closer look at the most common mistakes that advisers make in the following areas:
- 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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|