US Regulations for European Investment Firms

May 24, 2016 - 3:15 am
Investment Adviser

The Latest Regulatory Updates Straight from the US Regulators

With speakers from the SEC, the FBI, the Department of Justice and the NFA.

To recieve 50% off your registration please apply the VIP Code: FKM63355ACA or click here for the discount to be automatically applied. 


8:15 - 9:00 Registration and Refreshments
9:00 - 9:10 Chairperson’s Opening Remarks
9:10 - 9:45
SEC Priorities and Changes
The Office of Compliance Inspections and Examinations (OCIE) is responsible for examination of all Investment Advisers and Investment Companies registered with the SEC. Because of the limitation of resources, in the last three years, OCIE has published its priorities in order to facilitate better compliance practices among registrants. This session will cover a quick over view of OCIE’s organization and resources, some demographic information about registrants, and discuss current examination priorities and initiatives for investment advisers and investment companies, with a particular emphasis on priorities relating to hedge fund and private equity advisers.
  • OCIE overview
  • Adviser and Investment company demographics, including foreign registrants
  • Current examination priorities and initiatives
  • Priorities focused on hedge fun and private equity advisers

Jane Jarcho,
National Associate Director,
U.S Securities and Exchange Commission
9:45 - 10:20
SEC Enforcement –what is it and how do you deal with it?
The SEC’s Division of Enforcement conducts investigations into possible violations of the U.S. federal securities laws, and prosecutes the Commission's civil suits in the federal courts as well as its administrative proceedings. The Asset Management Unit is a specialized unit within the Division of Enforcement that is dedicated to investigating and pursuing misconduct across the asset management industry. Since its formation in 2010, the Asset Management Unit has brought enforcement actions against investment advisers – including advisers to mutual funds, hedge funds, and private equity funds – covering a broad range of issues and conduct. This session will provide background on the SEC’s Division of Enforcement, the Asset Management Unit and its mission and priorities, and discuss certain SEC enforcement actions that impact the asset management industry.
Anthony Kelly,
Assistant Director,
U.S Securities and Exchange Commission
10:20 - 11:00

SEC Regulatory reporting requirements in practice

  • A high level overview of the regulatory impact on registering with SEC and the different types of registrations
  • Form ADV and the common mistakes / misunderstandings
  • The proposed amendments to Form ADV
  • An overview of Form PF
  • Common questions and misunderstandings on Form PF


11:00 - 11:15
Morning Coffee
11:15 - 11:45
NFA – Issues and Priorities
Since January 2013, many European hedge fund managers have had to register with the U.S regulators as Commodity Pool Operators and Commodity Trading Advisors. National Futures Association has commenced on-site examinations of UK CPOs and CTAs. This session will provide information on the NFA examination process, key regulatory issues and an update on new and proposed NFA and CFTC regulations, including:
  • Cyber Security
  • Annual Affirmation of Pool Exemptions and NFA Bylaw 1101
  • Pool Quarterly Reports and Form CTA-PR
  • Annual Self Examination Questionnaire
  • Preparing for and Managing On-Site Examinations
  • Trends in enforcement actions 

Patricia Cushing,
Director, Compliance,
National Futures Association
11:45 - 12:25
Addressing the Fund Marketing and Distributing Challenges Arising from the US Markets and US Customers 
  • Offering private funds in the US
  • Registration of investment advisers
  • Broker-dealer considerations
  • Swaps and swap counterparties
  • Compliance issues facing non-US advisers in the US markets
  • Communications with the public

Jay Baris,
Morrison & Foerster
12:25 - 1:25 Lunch
1:25 - 2:05
Understanding Cyber Security Risk and the implications for a Fund Manager 
There has been a lot of media coverage of the ‘cyberthreat’ and a number of high profile breaches at some big name organisations but how does the cyberrisk apply to a fund manager? This session will review the risks as they apply to a typical manager and consider how to build a cybersecurity programme to address these risks whilst also satisfying regulatory guidelines.
This will include:
  • Understanding the cyber security threat and vulnerabilities for a typical fund manager
  • Insight into real-life cyber security breaches within the sector
  • A review of the regulators’ stance on cyber security risk and understanding what this means for regulated firms
  • How to go about quantifying cyber security risk
  • Recommendations for addressing cyber security risk in a proportionate manner

James Tedman,
Managing Director,
ACA Aponix (Europe)
2:05 - 2:45
Optimising Fund Structures
  • Analyzing the legal,regulatory, operational and marketing considerations of US funds.
  • Outlining portfolio management limitations across the various fund structures.
  • Comparing United States mutual funds to the European UCITS regime.
  • Discussing offshore funds and the benefits of master/feeder structures.
  • Evaluating the cost, time and effortrequired to establish and maintain each of the various fund structures.
2:45 - 3:00
Afternoon Coffee 
3:00 - 3:35

What constitutes an effective compliance programme?

  • Program design: Is the program specifically tailored to the risks?
  • Leadership: Tone at the top. Does management enforce and support the compliance program
  • Resources: Does the company dedicate adequate resources to implement the compliance program?
  • Internal controls: Does the company conduct independent reviews to ensure the program is operating as it should/
  • Lessons from recent enforcement actions
  • Recent developments in U.S. policies

Randall Warden,
Trial Attorney,
U.S Department of Justice
3:35 - 4:15
The FBI on Wall Street
This presentation provides an understanding of how the FBI became involved in the SEC’s seminal and sweeping investigation into insider trading conduct in the hedge fund industry. Topics covered include; collusion with expert networks, case studies, compliance best practices, use of sophisticated techniques (wire taps/undercover operations), and recruitment of cooperators. 
David Chaves,
Special Agent,
Federal Bureau of Investigation
4:15- 4:55
International Perspectives on Regulatory Developments in the OTC Derivatives Markets
European asset managers are currently involved in compliance with the reporting,risk management and clearing obligations of EMIR and assessing how theirtrading strategies may be required to change once MiFID II and MiFIR come into force. Despite these extensive EU obligations, European asset managers should not lose sight of their US regulatory obligations. This session will address current and upcoming regulatory obligations of European asset managers engaging in OTC derivatives and the cross-border challenges of compliance, and including:
  • Which OTC derivatives are covered under EU and US regulation?
  • What is the current regulatory state of play for OTC derivatives?
  • What differences exist between the SEC and CFTC’s regulatory scheme for OTC derivatives that is applicable for European asset managers?
  • What is the latest on the scope and timing of the margin rules for OTC derivatives?
  • How can compliance with both a US and EU mandatory clearing obligation be achieved? A mandatory trading obligation?
  • Does a European asset manager’s activity in OTC derivatives subject it to registration with the eitherthe CFTC or SEC such as an investment adviser, commodity trading adviser, commodity pool operator, swap dealer, major swap participant, etc.?
  • What should European asset managers be doing now to demonstrate best practices ofregulatory compliance?

Carolyn Jackson,
4:55 - 5:05 Chairperson’s closing remarks