Investment Management Institute 2016

Front Matter
Faculty Bios
Table of Contents to Vol. 1
Table of Contents to Vol. 2
Chapter 1. SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs (September 22, 2015)
Chapter 2. SEC Removes References to Credit Ratings in Money Market Fund Rule and Form (September 16, 2015)
Chapter 3. SEC Proposes New Derivatives Rules for Registered Funds and Business Development Companies (December 11, 2015)
Chapter 4. SEC Proposes Rules to Modernize and Enhance Information Reported by Investment Companies and Investment Advisers: Proposals Would Improve Quality and Accessibility of Information for Investors and Regulatory Monitoring (May 20, 2015)
Chapter 5. U.S. Securities and Exchange Commission, Division of Investment Management: IM Guidance Update—No. 2015–01: Acceptance of Gifts or Entertainment by Fund Advisory Personnel—Section 17(e)(1) of the Investment Company Act (February 2015)
Chapter 6. U.S. Securities and Exchange Commission, Division of Investment Management: IM Guidance Update—No. 2015–02: Cybersecurity Guidance (April 2015)
Chapter 7. U.S. Securities and Exchange Commission, Division of Investment Management: IM Guidance Update—No. 2015–03: Personal Securities Transactions Reports by Registered Investment Advisers: Securities Held in Accounts Over Which Reporting Persons Had No Influence or Control (June 2015)
Chapter 8. U.S. Securities and Exchange Commission, Division of Investment Management: IM Guidance Update—No. 2015–04: Employees’ Securities Companies and Escheatment (October 2015)
Chapter 9. J.P. Morgan to Pay $267 Million for Disclosure Failures (December 18, 2015)
Chapter 10. Third Avenue Trust and Third Avenue Management LLC; U.S. Securities and Exchange Commission, Notice of Application and a Temporary Order under Section 22(e)(3) of the Investment Company Act of 1940 (December 16, 2015)
Chapter 11. Mutual Fund Adviser Advertised False Performance Claims (November 16, 2015)
Chapter 12. Two UBS Advisory Firms Settle Charges Arising From Failure to Disclose Change in Investment Strategy: Settlement Will Return More Than $13 Million to Harmed Investors (October 19, 2015)
Chapter 13. SEC Charges Investment Adviser With Failing to Adopt Proper Cybersecurity Policies and Procedures Prior To Breach (September 22, 2015)
Chapter 14. SEC Charges Investment Adviser With Improperly Using Mutual Fund Assets to Pay Distribution Fees: First Case Brought Under Distribution-in-Guise Initiative (September 21, 2015)
Chapter 15. SEC Announces Fraud Charges Against Financial Adviser Accused of Greatly Exaggerating Assets Under Management and Investment Returns on Paid Radio Program (September 9, 2015)
Chapter 16. SEC Charges Advisory Firm With Fraud for Improperly Retaining Fees (September 2, 2015)
Chapter 17. SEC Charges Seattle-Area Hedge Fund Adviser With Taking Unearned Management Fees: Two Accountants Charged With Performing Deficient Audit of Fund (September 4, 2015)
Chapter 18. Citigroup Affiliates to Pay $180 Million to Settle Hedge Fund Fraud Charges (August 17, 2015)
Chapter 19. Guggenheim Partners Investment Management LLC Settles Charges it Failed to Disclose Conflict to Clients (August 10, 2015)
Chapter 20. SEC Charges Hedge Fund Advisory Firm With Conducting Fraudulent Fund Valuation Scheme (July 1, 2015)
Chapter 21. SEC Announces Cherry-Picking Charges Against Investment Manager: Case Arises From Enforcement Initiative Analyzing Large Volumes of Investment Advisers’ Trade Allocation Data (June 29, 2015)
Chapter 22. SEC Charges KKR With Misallocating Broken Deal Expenses (June 29, 2015)
Chapter 23. SEC Charges Investment Adviser and Mutual Fund Board Members With Failures in Advisory Contract Approval Process (June 17, 2015)
Chapter 24. Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, In the Matter of Commonwealth Capital Management, LLC, Commonwealth Shareholder Services, Inc., John Pasco, III, J. Gordon McKinley, III, Robert R. Burke, and Franklin A. Trice, III (June 17, 2015)
Chapter 25. SEC Charges Investment Adviser With Fraudulently Funneling Client Assets to Companies in Owner’s Interest (June 17, 2015)
Chapter 26. SEC Charges Nationwide Life Insurance Company With Pricing Violations (May 14, 2015)
Chapter 27. SEC Announces Fraud Charges Against Investment Adviser Accused of Concealing Poor Performance of Fund Assets From Investors (March 30, 2015)
Chapter 28. Order Instituting Cease-and-Desist Proceedings Pursuant to Section 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, In the Matter of Kornitzer Capital Management, Inc. and Barry E. Koster (April 21, 2015)
Chapter 29. Mutual Fund Liquidity Programs: Proposed SEC Rule 22e-4 (December 18, 2015)
Chapter 30. SEC Strategic Agenda Outline
Chapter 31. Testimony on “Examining the SEC’s Agenda, Operations, and FY 2017 Budget Request” by SEC Chair Mary Jo White, Before the Committee on Financial Services United States House of Representatives, Washington, D.C. (November 18, 2015)
Chapter 32. Surfing the Wave: Technology, Innovation, and Competition—Remarks at Harvard Law School’s Fidelity Guest Lecture Series, by SEC Commissioner Kara M. Stein (November 9, 2015)
Chapter 33. Remarks to the ALI CLE 2015 Conference on Life Insurance Company Products, by Dave Grim, Director, Division of Investment Management, U.S. Securities and Exchange Commission, Washington, D.C. (November 2, 2015)
Chapter 34. Testimony on “Oversight of the SEC’s Division of Investment Management” by David W. Grim Director, Division of Investment Management, U.S. Securities and Exchange Commission, Before the Subcommittee on Capital Markets and Government Sponsored Enterprises, United States House of Representatives, Committee on Financial Services, Washington, D.C. (October 23, 2015)
Chapter 35. Keynote Address at the Managed Fund Association: “Five Years On: Regulation of Private Fund Advisers After Dodd-Frank”, by SEC Chair Mary Jo White, MFA Outlook 2015 Conference, New York, NY (October 16, 2015)
Chapter 36. How Can the Markets Best Adapt to the Rapid Growth of ETFs, Public Statement by SEC Commissioner Luis A. Aguilar (October 15, 2015)
Chapter 37. Opening Remarks at the 75th Anniversary of the Investment Company Act and Investment Advisers Act, “The Investment Company Act and Investment Advisers Act Standing the Test of Time” by SEC Chair Mary Jo White (September 29, 2015)
Chapter 38. Comment Letter by SEC Commissioner Daniel M. Gallagher to the Honorable Thomas E. Perez, Secretary, U.S. Department of Labor, Re: Fiduciary Proposal (July 21, 2015)
Chapter 39. Mutual Funds—The Next 75 Years, Remarks by SEC Commissioner Kara M. Stein at Brookings Institution, Washington, D.C. (June 15, 2015)
Chapter 40. Remarks Before the Exchequer Club of Washington, D.C., by SEC Commissioner Michael S. Piwowar, Washington, D.C. (May 20, 2015)
Chapter 41. Bank Regulators at the Gates: The Misguided Quest for Prudential Regulation of Asset Managers: Remarks at the 2015 Virginia Law and Business Review Symposium by SEC Commissioner Daniel M. Gallagher at the University of Virginia School of Law, Charlottesville, VA (April 10, 2015)
Chapter 42. Remarks at the 2015 Mutual Funds and Investment Management Conference by SEC Commissioner Michael S. Piwowar (March 16, 2015)
Chapter 43. Remarks to 2015 IAA Compliance Conference, by Dave Grim, Acting Director, Division of Investment Management, U.S. Securities and Exchange Commission, Arlington, VA (March 6, 2015)
Chapter 44. Remarks to PLI Investment Management Institute 2015, by Dave Grim, Acting Director, Division of Investment Management, U.S. Securities and Exchange Commission, New York, NY (March 5, 2015)
Chapter 45. Conflicts, Conflicts Everywhere—Remarks to the IA Watch 17th Annual IA Compliance Conference: The Full 360 View, by Julie M. Riewe, Co-Chief, Asset Management Unit, Division of Enforcement, U.S. Securities and Exchange Commission, Washington, D.C. (February 26, 2015)
Chapter 46. Challenges for the Global Asset Managers: Selected New Notable Provisions or Regulatory Trends (December 22, 2015)
Chapter 47. Compliance and Inspections Outline
Chapter 48. U.S. Securities and Exchange Commission: Office of Compliance Inspections and Examinations—National Exam Program: Examination Priorities for 2015
Chapter 49. U.S. Securities and Exchange Commission: Office of Compliance Inspections and Examinations—National Exam Program: Risk Alert—Examinations of Advisers and Funds That Outsource Their Chief Compliance Officers; Volume V, Issue 1 (November 9, 2015)
Chapter 50. U.S. Securities and Exchange Commission: Office of Compliance Inspections and Examinations—National Exam Program: Risk Alert—OCIE’s 2015 Cybersecurity Examination Initiative; Volume IV, Issue 8 (September 15, 2015)
Chapter 51. U.S. Securities and Exchange Commission: Office of Compliance Inspections and Examinations—National Exam Program: Risk Alert—Retirement-Targeted Industry Reviews and Examinations Initiative; Volume IV, Issue 6 (June 22, 2015)
Chapter 52. U.S. Securities and Exchange Commission: Office of Compliance Inspections and Examinations—National Exam Program: Risk Alert—Cybersecurity Examination Sweep Summary; Volume IV, Issue 4 (February 3, 2015)
Chapter 53. NSCP Letter to SEC Re: Enforcement Liability for Compliance Officers (August 18, 2015)
Chapter 54. 2015 National Society of Compliance Professionals, National Conference: Keynote Address, by Andrew Ceresney, Director, Division of Enforcement, U.S. Securities and Exchange Commission, Washington, D.C. (November 4, 2015)
Chapter 55. Opening Remarks at the Compliance Outreach Program for Broker-Dealers, by SEC Chair Mary Jo White, Washington, D.C. (July 15, 2015)
Chapter 56. Statement on Recent SEC Settlements Charging Chief Compliance Officers With Violations of Investment Advisers Act Rule 206(4)-7, by SEC Commissioner Daniel M. Gallagher (June 18, 2015)
Chapter 57. The Role of Chief Compliance Officers Must be Supported, Public Statement by Commissioner Luis A. Aguilar, U.S. Securities and Exchange Commission (June 29, 2015)
Chapter 58. Remarks at NRS 30th Annual Fall Investment Adviser and Broker-Dealer Compliance Conference, by Andrew J. Donohue, Chief of Staff, U.S. Securities and Exchange Commission, San Diego, CA, (October 14, 2015)
Chapter 59. Anti-Money Laundering: An Often-Overlooked Cornerstone of Effective Compliance, Remarks by Kevin W. Goodman, National Associate Director, Broker-Dealer Examination Program, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission, at the Securities Industry and Financial Markets Association Conference (June 18, 2015)
Chapter 60. Private Equity: A Look Back and a Glimpse Ahead, Remarks by Marc Wyatt, Acting Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission, at the Private Equity International Conference, New York, NY (May 13, 2015)
Chapter 61. Custody Rule Violators Settle Charges (November 19, 2015)
Chapter 62. Order Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 as to Christopher Kelly, In the Matter of Sands Brothers Asset Management, LLC, Steven Sands, Martin Sands and Christopher Kelly (November 19, 2015)
Chapter 63. SEC Charges Private Equity Firm and Four Executives With Failing to Disclose Conflicts of Interest (November 3, 2015)
Chapter 64. Order Instituting Administrative Cease-and-Desist Proceedings Pursuant to Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, In the Matter of Fenway Partners, LLC, Peter Lamm, William Gregory Smart, Timothy Mayhew, Jr., and Walter Wiacek, CPA (November 3, 2015)
Chapter 65. Initial Decision Release No. 851, Administrative Proceeding: File No. 3-16195, In the Matter of Judy K. Wolf (August 5, 2015)
Chapter 66. Order Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934, Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940, and Section 9(b) of the Investment Company Act of 1940 Against Parallax Investments, LLC, John P. Bott II, and Robert Falkenberg, In the Matter of Parallax Investments, LLC, John P. Bott, II, and F. Robert Falkenberg (August 6, 2015)
Chapter 67. SEC Charges Hedge Fund Advisory Firm With Conducting Fraudulent Fund Valuation Scheme (July 1, 2015)
Chapter 68. Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940 and Section 9(b) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, In the Matter of Alphabridge Capital Management, LLC, Thomas T. Kutzen, and Michael J. Carino (July 1, 2015)
Chapter 69. Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940, and Section 9(b) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, In the Matter of Pekin Singer Strauss Asset Management Inc., Ronald L. Strauss, William A. Pekin, and Joshua D. Strauss (June 23, 2015)
Chapter 70. Investment Advisory Firm’s Former President Charged With Stealing Client Funds (June 15, 2015)
Chapter 71. Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing a Cease-and-Desist Order, In the Matter of SFX Financial Advisory Management Enterprises, Inc. and Eugene S. Mason (June 15, 2015)
Chapter 72. SEC Charges BlackRock Advisors With Failing to Disclose Conflict of Interest to Clients and Fund Boards (April 20, 2015)
Chapter 73. Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, In the Matter of Blackrock Advisors, LLC and Bartholomew A. Battista (April 20, 2015)
Chapter 74. SEC Announces Charges Against Compliance Director Accused of Defrauding Investors and Stealing Brokerage Firm Assets (May 28, 2015)
Chapter 75. Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, and Sections 15(b) and 21C of the Securities Exchange Act of 1934, In the Matter of William Quigley (May 28, 2015)
Chapter 76. Opportunities for Hedge Fund Managers in the Registered Funds Space
Chapter 77. Allocation of Investment Opportunities
Chapter 78. Bankruptcy Court Approves Non-Market Cramdown Rate on Momentive Secured Creditors, Schulte Roth & Zabel LLP Alert (October 15, 2014)
Chapter 79. Recent Trends in SEC Investment Management Enforcement Actions: A Summary Chart (December 1, 2015)
Chapter 80. Enforcement Trends and Themes
Chapter 81. DOL Proposed Fiduciary Rule: Impact on Mutual Funds in IRAs (December 15, 2015)
Chapter 82. Fiduciary Advice (March 2016)
Chapter 83. Key Ethics and Professional Responsibility Issues (November 30, 2015)
Chapter 84. Bloomberg BNA: Securities Regulation & Law Report, 47 SRLR 2182: Derivatives Lawyers: Red Flags—See Something, Do Something (November 16, 2015)
Index