ACA Compliance Group Archived Webcasts

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	Add to Cart
02/21/2006	Personal Trading and Gifts	Code of ethics: What’s required? What’s optional? Pros and cons of treating all employees as access persons. Recognizing proprietary accounts subject to personal trading restrictions. Reviewing holding and transaction reports. Examples of holding and transaction reports that indicate personal trading problems. What to consider when approving IPO and preclearance requests. Dealing with stragglers: when and how to sanction employees who are late to report. Determining when late filings become a “material” compliance violation. How to document your personal trading reviews. Gift and entertainment policies: What’s reasonable?	Judy Werner, CCO Gardner Lewis Asset Management LP Ted Eichenlaub, partner ACA Compliance Group	Add to Cart
03/14/2006	Custody	What types of organizations are qualified custodians? Using an affiliated broker as qualified custodian. Should you still undergo a surprise audit? When do account statements have to be sent? Should you check “yes” or “no” to the ADV custody question? Lessons from the Longo case.	Laurin Blumenthal Kleiman, partner Sidley Austin LLP Kristina Kneip, principal consultant, ACA Compliance Group	Add to Cart
03/21/2006	Advertising	What’s permitted — and what’s prohibited — in: letters and account statements sent to specific individuals; quarterly newsletters; responses to RFPs; article reprints; one-on-one meetings; seminars to prospects; interviews (talking to the press); paid radio and TV spots; and third-party marketers (solicitors, finders, etc.).	Aaron DeAngelis, CCO Brandywine Asset Management, LLC Ted Eichenlaub, partner ACA Compliance Group	Add to Cart
04/04/2006	Performance Advertising and GIPS	How do SEC examiners review performance? Selecting proper benchmarks. Using “target” performance. Testing: using dispersion analysis to identify outliers. Identifying changed market conditions that merit additional disclosure. Special considerations when using another firm’s or portfolio manager’s past performance. Backup records: what’s sufficient? GIPS considerations.	Karyn Vincent, CFA, founder Vincent Performance Services LLC Dan Smith ACA Compliance Group	Add to Cart
04/25/2006	Hedge Fund Advisers	Marketing: What can you really do? Special valuation considerations. Lessons from SEC enforcement cases. Side pockets. SEC registration issues. The importance of due diligence, post-Bayou. Soft dollars: Is it still safe for hedge funds to operate outside 28(e)? Unique custody issues: GAAP accounting; delivering financial statements; using prime brokers and others as qualified custodians? Dealing with fund of funds structures.	Paul Roth, partner Schulte Roth & Zabel LLP Jeff Morton, partner ACA Compliance Group	Add to Cart
05/09/2006	Valuation	When to fair value. Haircuts, smoothing, and other traps for the unwary. Liquidity caps. Disclosure. When you’ve got a valuation problem: Issues to consider (fees, performance, NAVs). Special custody concerns. Lessons from recent SEC enforcement cases. Update on the FASB valuation project. The best defense is a good offense: Documenting your valuation process.	Howard Altman, co-managing principal Rothstein Kass Jeff Morton, partner ACA Compliance Group	Add to Cart
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	Add to Cart
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	Add to Cart
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	Add to Cart
07/11/2006	Contracts and Form ADV	Special disclosure considerations: scope of services and authority; fee calculations; proxy voting; participation in class action settlements; valuation; pre-dispute arbitration. Disclosing conflicts of interest: Gifts, political donations/contributions and pension consultant arrangements. Client mandates: should you accept them? Working with outside counsel on developing ADV and contractual language. What to consider when reviewing your contracts and Form ADV. How to master the IARD system. Dealing with the states.	Elizabeth Knoblock, partner Mayer, Brown, Rowe & Maw LLP Gary Watkins, partner ACA Compliance Group	Add to Cart
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	Add to Cart
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	Add to Cart
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	Add to Cart
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	Add to Cart
11/28/2006	Mutual Fund Advisers and Sub-advisers	The CCO / board relationship: How CCOs are reporting to boards; how boards are evaluating CCOs. Heightened board review of adviser compensation. Monitoring broker selection vis a vis sales. How the changing look of fund disclosure is affecting fund advisers.	Matthew Chambers, partner Wilmer Cutler Pickering Hale & Dorr LLP Nick Prokos, senior principal consultant ACA Compliance Group	Add to Cart
11/30/2006	ACA’s Mutual Fund Annual Compliance Review Survey Results - 2006	Best Practices in conducting the Annual Review Review Methodologies Employed by Fund and Adviser CCOs Service Provider Oversight Presentations to the Board Fund Board Assessments	Victor Siclari, partner Reed Smith LLP Nick Prokos, senior principal consultant ACA Compliance Group	Add to Cart
12/12/2006	SEC Examinations	Understanding the SEC's examination process. How to prepare now for your next exam. Tales from the front: Real-life stories of situations that advisers have confronted during recent exams. Negotiating the scope of unreasonable requests. When your examiner is wrong: Escalating an issue within the SEC. Responding to deficiency letters: The importance of tone. Should a lawyer get involved? What do examiners want to see? Dealing with other interested constituencies (fund boards, other clients, consultants) regarding exam results	John Grady, CEO Constellation Investment Management Company Jeff Morton, partner ACA Compliance Group	Add to Cart
01/09/2007	The Future of Soft Dollar Practices	Concerned that your current soft dollar practices and disclosures are adequate in light of the SEC’s recent soft dollar interpretive release? During your next SEC exam, examiners will undoubtedly test your soft dollar activities to ensure that they are consistent with the new standards. This web cast will: Discuss how to apply the new three-step analysis for determining whether a particular product or service falls within the safe harbor Explain how SEC examiners review soft dollar activities Provide guidance on how advisers should document soft dollar activities Review common mistakes that advisers make when using soft dollars	Bob Bagnall,Partner Wilmer Cutler Pickering Hale and Dorr, LLP Robert Stype,Managing Partner ACA Compliance Group	Add to Cart
01/25/2007	The SEC's New Focus on Inside Information	The SEC has announced that insider trading will be a focus area for SEC exams in 2007. Look for SEC examiners to focus on how advisers receive investment information, advisers’ affiliations and contacts in the industry, and how advisers test for trading patterns based upon non-public information. This web cast will: Discuss what may be viewed as "non-public" information Review common ways in which advisers receive non-public information Provide guidance on developing effective information barriers Discuss ways to test for trading on non-public information	Harry Weiss, Partner Wilmer Cutler Pickering Hale and Dorr, LLP Jeff Morton, Partner ACA Compliance Group	Add to Cart
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	Add to Cart
03/13/2007	What's in Your Code of Ethics	An adviser's fiduciary duty to always act in a client's best interest, absent disclosure to the contrary, is epitomized in an adviser's code of ethics. Today's codes of ethics go beyond requiring reporting of personal securities transactions and preventing the misuse of material non-public information: They set the overall standard of conduct that advisers expect their personnel to meet in the conduct of an advisory business. This web cast will: Discuss who needs to report personal trading information Include a mini-case study on how to review personal trading activities Review common sanctions for violations Discuss best practices with respect to gifts and entertainment and political and charitable contributions Provide guidance to advisers that have employees holding outside directorships or similar positions	Judy Werner Chief Compliance Officer, Gardner Lewis Asset Management, LP Kristina Kneip Senior Consultant, ACA Compliance Group	Add to Cart
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	Add to Cart
05/08/2007	The Rules of Marketing	Advertising is key to obtaining and maintaining business for most advisers. But it's also one of the most highly regulated areas by the SEC. Advisers face a variety of SEC and staff positions when marketing performance, using testimonials, highlighting past specific recommendations, and engaging solicitors. This web cast will: Differentiate SEC and GIPS performance advertising requirements Cover key no-action letters and other SEC staff positions Discuss the "Do's" and "Don'ts" of marketing for traditional and hedge fund advisers Discuss the most common advertising pitfalls Review advertising-related books and records requirements Highlight recent SEC enforcement actions involving marketing by advisers	Larry Stadulis Partner, Stradley Ronon Stevens & Young, LLP Kristina Kneip Senior Consultant, ACA Compliance Group	Add to Cart
06/12/2007	Understanding Fair Valuation and When it is Necessary	With the recent boom of advisers investing in illiquid securities, the issue of fair valuation has once again become a hot topic. While we wait for additional SEC staff guidance, SEC examiners are looking at how advisers fair value securities, focusing on the fairness, independence, and objectiveness of the valuation process. This web cast will: Raise issues associated with valuing certain securities such as private equity, fixed income, PIPES, side pockets, private funds, and foreign securities Discuss the effects of proper valuation on advisory fees, performance, and NAVs Review various types of documentation that advisers should maintain to support fair value determinations Discuss SEC enforcement proceedings involving fair valuation	Laurin Blumenthal Kleiman Partner, Sidley Austin, LLP Ted Eichenlaub Partner, ACA Compliance Group	Add to Cart
06/18/2007	2007 Compliance Testing Survey Webcast	ACA Compliance Group, the Investment Adviser Association, IM Insight, and Amy Yuter of Old Mutual (US) Holdings Inc. recently conducted a groundbreaking survey focusing on compliance testing techniques in the investment management industry. Based on responses by more than 450 CCOs and compliance professionals, the results provide a comprehensive picture of best practices in the investment management industry. We invite all those who participated in the survey to join us in a free webcast on Monday, June 18 from 1:00 PM EST to 2:00 PM. The webcast presenters, Karen Barr of the Investment Adviser Association and Jeff Morton of ACA Compliance Group will summarize the results of the survey, providing insight about industry best practices, emerging trends, and hot issues. In addition, they will discuss best practice tips for communicating details about your testing program to regulators.	Karen Barr General Counsel Investment Adviser Association Jeff Morton, Partner ACA Compliance Group	Add to Cart
07/10/2007	How do Advisers Seek to Obtain Best Execution	One of the most common questions asked by advisers is "What is best execution?" The second most common: "How do I obtain it? Or at least demonstrate that I am seeking it?" The SEC has never provided a formal definition of what constitutes "best execution", but in practice, there are many qualitative and quantitative factors that should be considered when determining whether best execution is being achieved. This web cast will: Discuss trading practices that affect best execution, such as directed brokerage arrangements, soft dollars, cross-trades, and commission recapture arrangements Identify factors that advisers should consider when evaluating brokerage Highlight how to use market statistics published by brokers and market centers to review execution quality Provide guidance on documenting a "periodic" and "systematic" review Discuss whether a "best execution committee" is appropriate and who should be on it Discuss best execution in the context of trading mutual funds, ETFs, and fixed income securities Discuss SEC enforcement proceedings involving best execution	Michael Butowsky Partner, Mayer Brown Rowe & Maw, LLP Robert Stype Partner, ACA Compliance Group	Add to Cart
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	Add to Cart
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	Add to Cart
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	Add to Cart
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	Add to Cart
12/11/2007	An Adviser’s Guide to Surviving a SEC Exam	You just got the call that the SEC will be there Monday morning to inspect your advisory firm. Now what? Pushing anxiety aside, you clear your calendar for the next few days and begin to prepare to mounds upon mounds of documents. This web cast will: Provide tips on how to prepare for an SEC examination Describe the different types of SEC exams and what may result from the exams Explain what FOIA protection is and whether you should request it Go over the “Do’s” and “Don’ts” during an SEC exam	Stephanie Monaco Partner, Mayer- Brown, LLP Daniel Y. Smith, CFA, Senior Consultant ACA Compliance Group	Add to Cart