Experience
SEC Enforcement Investigations Concerning Regulation Best Interest Compliance
Counsel to broker-dealers and registered representatives in Regulation Best Interest investigations led by SEC's Chicago and DC/HO offices.
SEC Enforcement Investigations Concerning Transaction Fees, Revenue Sharing, and 12b-1 Fees
Representation of SEC-registered investment advisers in investigations led by the SEC's Chicago, Los Angeles, Denver and DC/HO offices into the advisers' 12b-1 fees, transaction fees, revenue sharing from advisory clients participating in a bank sweep program, and other fees practices.
SEC Full and Limited Scope Examinations of Investment Advisers
Representation of SEC-registered investment advisers in connection with full and limited scope examinations conducted by the following SEC offices: Boston, Chicago, Denver, New York, Philadelphia and DC/HO.
SEC Custody Rule Matters in Connection with SEC Examinations
Representation of SEC-registered investment advisers and dual registrants in examinations focused on the SEC Custody Rule (currently Rule 206(4)-2). Relevant experience includes examinations with audit exception issues (for private fund advisers) and related person custodian relationships (for dual registrants).
Counseling Clients Regarding State ESG Disclosure Rules
Representation of broker-dealers in states that have finalized or are considering adopting ESG disclosure, and at times notification rules.
SEC Enforcement Investigation of Private Equity Fund Manager
Represented SEC-registered investment adviser to private equity funds in an investigation led by the SEC's New York office in the adviser's valuation practices.
SEC Enforcement Investigation of Portfolio Manager
Represented SEC-registered investment adviser sponsoring alternative investments in an investigation led by the SEC's Atlanta office.
Counseled Client in Post-SEC Settlement Undertakings
Advised parent company of several affiliated investment advisers in connection with undertakings after SEC settlement and in conjunction with follow-up exemptive order.
Prepare Clients for SEC and FINRA Examinations
Collaborate with compliance consulting firms to conduct mock examinations of broker-dealers and investment advisers under attorney-client privilege in anticipation of SEC and FINRA examinations.
Counseled Client Regarding Conflicts of Interest
Advised SEC-registered investment adviser in connection with risk assessment of conflicts of interest identification and evaluation process, including elimination, mitigation and disclosure of conflicts.
Conducted Review and Analysis of State IAR Registrations
Advised SEC-registered investment adviser regarding strategic review of state investment advisory representative (IAR) registrations.
Counsel Regarding SEC Marketing Rule Implementation, Updating Marketing Rule Programs
Advised SEC-registered investment advisers in connection with implementation of SEC Marketing Rule, including with regard to presenting performance and building new testimonial/endorsement/referral programs. Counseling investment advisers on a regular basis on matters regarding hypothetical performance specifically and performance presentation more generally.
Counseled Client in Standards of Care Analysis
Advised dually registered investment adviser and broker-dealer in strategic review of business lines as part of Regulation Best Interest implementation and enhancements to Advisers Act compliance. Also advised client on intersection of Regulation Best Interest, ERISA prohibited transactions exemptions, and state fiduciary regulations.
Advised Clients in Regulation Best Interest Implementation
Advised several broker-dealers regarding implementation of Regulation Best Interest, including analysis of conflicts of interest, disclosures and internal controls, with a focus on compensation practices.
Multistate Notice Filing Remediation
Advised private securities issuer regarding remediation for notice filings to state securities regulators.
Advised Global Bank in Cloud Storage Transition
Advised global bank regarding SEC and FINRA regulatory obligations in connection with multi-country transition of records to cloud storage and also coordinated U.S. team providing securities, banking and mortgage advice for transition to cloud storage.
Structured Relationships Between Multiple Advisers
Counseled several offshore financial services companies regarding optimal structuring of co-advisory, sub-advisory or consultative relationships between offshore parent and U.S. onshore operations, including U.S. registered and exempt investment adviser subsidiaries.
Advised Real Estate Fund Regarding Regulatory Obligations
Advised real estate fund on regulatory compliance matters under the Advisers Act, including registration eligibility and regulatory requirements once registered.
