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Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law (Third Edition)

Author(s): Clifford E. Kirsch
Practice Area: Asset management, Banking and finance, Broker-dealers, Fees (Investment advisers), Financial services, Investment advisers, Regulation and compliance (Banking and finance), Securities and other financial products
Published: Dec 2011
Supplement Date: Aug 2021 i Other versions can be found in the Related Items tab.
ISBN: 9781402416903
PLI Item #: 32841

Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law guides practitioners through the maze of statutory, SEC, and state standards impacting investment advisers, as well as provides advice on the practical aspects of building a practice. This book clarifies key status issues that determine registration and disclosure duties as well as liability exposure. It provides guidance and instruction on how to:

  • File and update Form ADV
  • Draft advisory contracts
  • Follow stringent advertising guidelines
  • Structure compliant soft-dollar arrangements
  • Meet best execution requirements and other practice standards
  • Satisfy record-keeping rules

The third edition of Investment Adviser Regulation describes Regulation S-AM, which tightens the privacy requirements on client financial information; various proposals on harmonizing broker-dealer and financial adviser regulation; proposals on increased fiduciary responsibilities; the need for the development of improved risk management systems as a result of recent market disruptions; and the Yates Memo, which sets forth the “six key steps to strengthen [DOJ’s] pursuit of individual corporate wrongdoing,” and its implication on recent FCPA prosecutions.

Updated at least once a year, Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law is an essential resource for investment advisers, securities attorneys, compliance personnel, and federal and state regulators, and a useful reference for today's investors.
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Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland (now Eversheds Sutherland) in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.


Eversheds Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Eversheds Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Eversheds Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.  Eversheds Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Eversheds Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Eversheds Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

Professional Activities

Member, New York City Bar Association

Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania

Former Chair, FINRA Variable Products Committee

Former Board Member, National Society of Compliance Professionals