Investment Adviser's Legal and Compliance Guide, 3rd Edition (1-year Online Subscription)

Chapter 1. Maintaining SEC Registration and Related Filings

• Form ADV
• State Notice Filings; Licensing of IA Representatives
• SEC Filings Under the Exchange Act

Chapter 2. Marketing Advisory Services

• Advertising Generally
• Advertising Performance Information
• Client Referral Arrangements
• Pay-to-Play Arrangements
• Representation of Qualifications

Chapter 3. Establishing and Maintaining the Client Relationship

• Brochure Delivery Requirements
• Advisory Contracts
• Custody of Client Assets
• Proxy Voting
• Privacy (Regulation S-P)
• Cybersecurity
• Anti-Money Laundering

Chapter 4. Managing Client Accounts

• Suitability
• Client Investment Objectives
• Best Execution
• Soft Dollar Practices
• Allocation of Investment Opportunities
• Aggregation of Client Orders
• Principal and Cross Transactions
• Affiliated Brokerage
• Trade Error Corrections
• Federal and State Law Investment Limits
• Retirement Investor Accounts
• Securities Valuations
• Short Selling in Connection with Public Offerings

Chapter 5. Compliance Oversight

• The Compliance Infrastructure
• Supervisory Procedures
• Prevention of Insider Trading
• Prevention of Market Manipulation
• Codes of Ethics
• Supervision of Sub-Advisers
• Business Continuity Plans
• Operational Compliance

Chapter 6. Private Funds, and Specialty Products

• Introduction to Private Funds
• Private Fund Adviser Registration
• Investment Company Issues
• Private Placements and the “Bad Actor” Prohibition
• Marketing and Communications
• Maintaining Private Funds
• Portfolio Management Issues
• Recordkeeping
• Form PF Reporting
• Incentive-Based Compensation Oversight
• Specialty Products – Wrap Fee Programs
• Electronic Advice

Chapter 7. Recordkeeping Requirements

• Required Books and Records
• E-mail Retention
• Current Basis
• Location and Duration of Record Retention
• Method of Retention

Chapter 8. SEC Compliance Examinations

• Examination Authority
• Types of Examinations
• Identification of Risks
• The Risk-Targeted Examination Process
• Areas Covered During Risk-Targeted Examinations
• Risk-Targeted Examination Results
• Managing a Risk-Targeted Examination—Practical Considerations
• Enforcement
• Whistleblower Rules

APPENDICES:

• Compliance Requirements Summary Chart
• Registered Investment Adviser Record Retention Chart
• Registered Investment Adviser Compliance Calendar
• Advertisement Review Checklist
• Investment Adviser Association’s Best Practices for Investment Adviser Codes of Ethics
• Frequently Asked Questions on Form ADV and IARD
• Staff Responses to Questions About Part 2 of Form ADV
• Frequently Asked Questions on Form PF
• Division of Investment Management: Frequently Asked Questions About Form 13F
• Clover Capital Management, Inc. No-Action Letter (Oct. 28, 1986)
• Staff Responses to Questions About the Custody Rule
• Staff Responses to Questions About the Pay to Play Rule
• SMC Capital, Inc. No-Action Letter (Sept. 5, 1995)
• Letter from the Office of Compliance Inspections and Examinations: To Registered Investment Advisers, on Areas Reviewed and Violations Found During Inspections
• Examination Information for Investment Advisers
• Auchincloss & Lawrence Incorporated No-Action Letter (Apr. 5, 1974)
• Heitman Capital Management, LLC No-Action Letter (Feb. 12, 2007)
• Interpretive Release Concerning the Scope of Section 28(e) of the Securities Exchange Act of 1934 Release No. 34-23170, (Apr. 23, 1986)
• Commission Guidance Regarding Client Commission Practices Under Section 28(e) Release No. 34-54165, (July 18, 2006)
• Lerner, Charles No-Action Letter (Nov. 14, 1988)
• Interpretation of Section 206(3) of the Investment Advisers Act of 1940 Release No. 1732 (July 17, 1998)
• Investment Advisers Act of 1940
• Rules Under the Investment Advisers Act of 1940

INDEX