The Proposed SEC Reporting Modifications for Investment Companies: Keep Your Firms on Track
Overview:
With the continuous expansion and complexity of asset management industry, the U.S. Securities and Exchange Commission (SEC) has recently approved a proposal that would overhaul the reporting requirements applicable to registered investment companies and advisers. The proposal aims to enhance the type and quality of information all registered funds disclose, thus raising SEC's ability to carefully analyze, regulate and monitor portfolio report. The reporting modifications also enable SEC to identify potential risks and address regulatory concerns properly.
In this two-hour LIVE Webcast, a panel of key thought leaders, professionals and regulators organized by The Knowledge Group will provide the audience with an overview that will help them understand the critical elements of the approved proposal and its potential effects on investment companies and advisers. Speakers will also offer best practices in handling adoption issues, mitigating pitfalls and ensuring compliance with securities laws.
Key issues that will be covered in this course are:
- SEC Reporting Modifications for Investment Companies - An Overview
- New Reporting Requirements and Obligations
- Principal Components of the Proposal
- Adoption Issues and Challenges
- Potential Risks and Consequences for Funds
- SEC Examinations and Enforcement Actions
- Risk Mitigation Techniques
- Best Compliance Practices
Agenda:
SEGMENT 1:
Pamela Poland Chen, Special Counsel
Schulte Roth & Zabel LLP
- Introduction to SEC proposed amendments
- Background: why were they proposed?
- Discuss each of the forms and rule amendments
- New Form N-PORT (replacing N-Q)
- Amendments to Reg S-X
- New Rule 30e-3
- New Form N-CEN (rescinding N-SAR)
- Takeaways
SEGMENT 2:
Andrew R. Shedlock, Attorney
Foley & Mansfield
Looking Ahead: Compliance with Reg. S-P in Light of the Reporting Changes Proposed by the SEC
- The Dilemma: Reporting changes in Reg. S-X, Form N-PORT, and Form N-CEN interact with Reg. S-P requirements.
- Compliance with Full Disclosure Requirements and with Confidentiality Requirements
- The Goal of Legal Counsel
- Regulation S-P Requirements
- Overview of Proposed SEC Reporting Changes
- Changes Align with Two Concerns:
- How do funds work with brokers to obtain customer consent without violating customer confidentiality rules?
- How to maintain confidentiality of information disclosed electronically?
- Changes Align with Two Concerns:
- Part I: How Do Funds Work with Brokers to Obtain Customer Consent without Violating Customer Confidentiality Rules?
- Rule 30e-3 Overview
- Explanation of Rule 30e-3 Implied Consent and Notice Requirements
- Industry Opinion
- Explanation of Investment-by-Investment Consent
- Industry Opinion
- Explanation of How Notice Requirements Apply to Brokers
- Industry Opinion
- Financial Privacy Protections Concerns
- Part II: How to maintain confidentiality of information disclosed electronically?
- Form N-Port
- Industry Opinion
- Reg. S-X Amendments
- Industry Opinion
- Form N-CEN
- Industry Opinion
- Perils of Electronic Disclosure
- Industry Opinion
- Form N-Port
- Goal: Disclosure & Confidentiality.
Who Should Attend:
- Securities Lawyers
- Corporate Financial Officers
- Finance Managers
- Corporate governance/proxy advisory professionals
- Investment Advisers
- Investors
- Financial Advisers
- Chief Information Officers
- Other related/interested Professionals and Organizations
Andrew Shedlock is an attorney in the Minneapolis office of Foley & Mansfield, PLLP. His practice includes securities litigation, commercial …
Pamela Poland Chen is a special counsel with Schulte Roth & Zabel, where her practice focuses on the representation of investment companies, …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
145135
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
Total Credits:
2.0 CLE
2.0 CPE (Not eligible for QAS (On-demand) CPE credits)
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SPEAKERS' FIRMS:
About Foley & Mansfield
As a national law firm with approximately 150 attorneys in offices from coast to coast, Foley & Mansfield offers our legal expertise, creative solutions and extensive trial experience to clients across multiple jurisdictions. We are committed to a value-based business model, delivering results-oriented and cost-effective legal solutions to best meet our clients' needs. Through exemplary service and legal prowess both in and out of the courtroom, we have succeeded in becoming one of the nation's leading law firms, serving clients ranging in size from multi-million dollar corporations to small businesses and their owners.
Our trial lawyers have direct experience defending cases involving a myriad of claims, and are experienced in resolving both simple and complex disputes through both negotiation and litigation at the state, federal and appellate court levels. We realize that often the best defense is a solid offense, and we work closely with clients to develop strategies that mitigate risk and lay the groundwork for proper defense against potential actions.
In addition to experienced litigators and trial lawyers, our legal team includes seasoned transactional lawyers, with backgrounds that include business, public accounting and securities. From general business transactions to sophisticated commercial litigation matters, we help clients leverage knowledge and relationships to enhance their competitive advantage in the marketplace.
Website: https://www.foleymansfield.com/
About Schulte Roth & Zabel LLP
Schulte Roth & Zabel LLP is a full-service, multidisciplinary law firm with offices in New York, Washington, D.C. and London. As the market leader in the alternative investment area, our Investment Management Group provides trusted advice and counsel on fund formation, structuring, marketing and operations to leading private fund managers, including registered funds. In addition to our unparalleled investment management expertise, we have extensive experience advising investment companies on complex regulatory matters. We also handle government investigations and enforcement actions, white collar criminal investigations and private securities litigation, as well as mergers and acquisitions, real estate, restructuring and financing matters.
Website: https://www.srz.com/