For a compliance officer, finding the right software to manage the compliance program is tough. The initial ask is to find an affordable system that can automate manual processes, allow collaboration and oversight between compliance staff and supervised persons, record compliance testing and monitor results, send reminders when deadlines are looming, and preserve the integrity of your records by incorporating an audit trail. The system should be easy to use, administer and customize.
Current “software as a service” offerings provide affordable, customizable programs that can be used by all types of registered investment advisers, including private equity and hedge fund managers, retail advisers and institutional asset managers.
Read my top ten considerations in selecting a compliance program management system here.
On August 21, 2019, in a 3-2 vote, the SEC voted in favor of publishing guidance regarding the proxy voting responsibilities of investment advisers. The guidance, structured in a question-and-answer format, provides examples to help facilitate IAs’ compliance with their proxy voting responsibilities under the Investment Advisers Act of 1940, as amended (Advisers Act), and Rule 206(4)-6 thereunder. Importantly, the SEC encourages IAs and proxy advisory firms (PAFs) to review their policies and practices before next year’s proxy season to ensure they are consistent with the guidance.
Read more here.
Securities lawyers need to have a firm grasp of not only the federal securities laws, but also how the SEC works to administer these laws. Join us on October 17th, at this half-day program, to learn about the federal securities laws and the operating divisions at the SEC that administer those laws, as well as the other agencies that the SEC interacts with on a regular basis.
Securities Law and Practice 2019
The Certified Financial Planner (CFP) Board recently adopted a new fiduciary standard for CFP professionals to act in the best interest of their clients at all times when providing financial advice. Although the CFP Board announced that it would not enforce the new requirements until June 30, 2020, broker-dealers and investment advisers should begin considering whether or not they should take any action to help ensure that their associated persons who are CFP professionals comply with the new fiduciary standard, including:
- the specific fiduciary duties owed to a CFP’s client, including the duty to avoid or fully disclose material conflicts of interest
- considerations for firms regarding whether, and if so how, to supervise the new standard
- enforcement of the new fiduciary standard of conduct
Read more here.