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Vedder Thinking | Events Deborah Eades, Joseph M. Mannon to Speak on A New Look at The Advisers Act for NRS


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July 19, 2011

A New Look at The Advisers Act: The State/Federal Regulatory Divide, Private Adviser Exemption, Supervision Requirements

Speakers: Deborah Bielicke Eades and Joseph M. Mannon of Vedder Price will be speaking on A New Look at The Advisers Act: The State/Federal Regulatory Divide, Private Adviser Exemption, Supervision Requirements for National Regulatory Services.

Description: Understanding the intricacies and implications of the Investment Advisers Act of 1940 is fundamental to the core responsibilities of any investment adviser compliance professional. A section-by-section review of the Act brings renewed focus to the root source of each requirement, many of which are likely to be encountered in compliance departments of every size firm. Everyday situations are incorporated into the seminar to bring the Act to life, including practical advice about writing, implementing and maintaining policies to create strong internal controls that work within your firm's business operations.

This session will focus on provisions of the Act that define, among other things, who qualifies as an "investment adviser", governs who must register as an investment adviser with the SEC and who is prohibited or exempted from registering, and the SEC/state division of labor regarding the regulation of investment advisers. The SEC rulemaking initiatives to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be covered and include: the new $100 million asset under management threshold for SEC registration; uniform calculation of regulatory AUM; multi-state adviser exception; pension consultant exception, and elimination of the "private adviser" exemption. The duty that the Act confers on advisers to reasonably supervise persons associated with the adviser will also be examined. This session will cover the following Sections of the Act: 201-203A; 207-222 and related SEC rules.

Learning Objectives:

After attending this course, attendees should be able to:

  • Use a holistic understanding of the breadth and scope of the Act to further understand its individual sections and rules
  • Outline concepts that help define the scope of the Act
  • Define how the Act allocates regulation of investment advisers to the SEC and the states
  • Use the impending changes to the Act as the result of the implementation of the Dodd-Frank Act mandates to assess the impact on the firm
  • Assess the duty to supervise and how it impacts an adviser's compliance policies and procedures and individual liability

For Whom: Chief Compliance Officers, Compliance Staff at all levels, Internal Auditors, Legal Counsel, Management

Suggested Skill Level: Basic to Intermediate

Instructional Method: Group-Internet-Based and Group Live

Pre-requisites for participation: No prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 to become familiar with the structure and terms.

Continuing Education Credits:
See NRS Continuing Education Guide
Recommended CPE Credit: 2

Date and Time:
July 19, 2011, 8:30 a.m. to 10:30 a.m. (CT)

The Gleacher Center
The University of Chicago Booth School of Business
450 North Cityfront Plaza Drive
Chicago, Illinois 60611


Deborah Bielicke Eades


Joseph M. Mannon