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Mutual Funds and Exchange Traded Funds Regulation (Third Edition)

Author(s): Clifford E. Kirsch
Practice Area: Banking and finance, Exchange-traded funds, Financial services, Investment companies, Investment fund management, Mutual funds, Regulation and compliance (Banking and finance), Securities and other financial products
Published: Nov 2011
Supplement Date: Sep 2021 i Other versions can be found in the Related Items tab.
ISBN: 9781402416910
PLI Item #: 32842

Mutual Funds and Exchange Traded Funds Regulation offers definitive and up-to-date legal and compliance information, helping practitioners to:

  • Satisfy prospectus disclosure and delivery standards
  • Draft airtight advisory, distribution, custodian, and other contracts
  • Structure sound compensation agreements
  • Exploit statutory safe harbors and other exemptions
  • Use SEC-approved methods of valuating mutual fund shares
  • Ensure marketing materials meet legal standards
  • Avoid conflicts of interest, insider trading, and legal traps created by electronic technologies
  • Satisfy inspectors’ information requests while safeguarding sensitive materials

This two-volume treatise is filled with practical advice on  complex issues involving valuation, distribution through intermediaries, structuring a 12b-1 plan, conducting a compliance review, and guarding against conflicts of interest. Current developments covered include the “Fiduciary Rule” adopted by DOL that significantly expands the types of activities deemed to be fiduciary investment advice;  registered investment companies, or “mutual funds,” that emphasize “alternative” investment assets and strategies (“Alt Funds”); and the issues involved in buying or selling a U.S. or U.K. investment adviser that has a mixed business, including both institutional accounts and funds.

Updated at least once a year, Mutual Funds and Exchange Traded Funds Regulation is an essential compliance tool for securities attorneys, mutual fund practitioners, compliance personnel, and risk officers in fund complexes, and a valuable reference for business professionals and 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