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Event


UNDERSTANDING FIDUCIARY DUTIES AND A SWEEP OF CERTAIN ANTI-FRAUD PROVISIONS OF
THE ADVISERS ACT

Nov. 30, 2023 from 1:00pm 3:00pm Eastern
This session will examine the many permutations of the adviser’s fiduciary duty
as it has evolved and provide examples of how it impacts advisory operations.


Register now!



OVERVIEW

Course Description:

In 1963, the United States Supreme Court held in SEC v. Capital Gains Research
Bureau, Inc., that Section 206 of the Investment Advisers Act of 1940 imposes a
fiduciary duty on investment advisers by operation of law. Section 206 of the
Act (generally referred to as the “anti-fraud” provision) makes it unlawful for
an investment adviser to engage in fraudulent, deceptive, or manipulative
conduct. The general purpose of an investment adviser’s fiduciary duty is to
eliminate conflicts of interest, and to prevent an adviser from taking unfair
advantage of a client’s trust. The SEC has continuously made it clear subsequent
to Capital Gains that the Act imposes on investment advisers an affirmative duty
to their clients of utmost good faith, full and fair disclosure of all material
facts, and an obligation to employ reasonable care to avoid misleading their
clients. This course will examine the many permutations of an investment
adviser’s fiduciary duty as it has evolved and provide examples of how it
impacts advisory operations.

What does this mean? Certainly, an adviser’s fiduciary responsibility permeates
its entire business operation and every aspect of its client relationships. An
adviser’s fiduciary duty requires more than a mere attempt at compliance; it
requires that the adviser undertake reasonable ongoing and continuous efforts to
comply with its obligations under the Act and in its dealings with clients. This
session will examine the many permutations of the adviser’s fiduciary duty as it
has evolved and provide examples of how it impacts advisory operations.

This session will also address some of the more expansive SEC rules promulgated
pursuant to Section 206 that define the parameters of an adviser’s fiduciary
duties. Foremost among them, Rule 206(4)-1, “the Advertising Rule” prohibits
certain advertising practices by advisers.

Rule 206(4)-8 prohibits advisers to pooled investment vehicles (such as hedge
funds, private equity funds, or venture capital funds) from making false or
misleading statements to current or prospective investors in such funds. The
Rule, though superficially similar to other anti-fraud rules, is quite broad in
that it covers prospective or current investors, rather than clients of the
adviser, and it only requires a showing of negligence. The panel of industry
experts will examine the Rule’s background and text, articulate standards that
the SEC and courts might use to approach the questions the Rule raises, and
provide some basic guidelines to avoid tripping the Rule.

Another important component of Section 206 deals with principal and agency cross
transactions. The experts will unravel and clarify this arcane and technical
anti-fraud provision.


LEARNING OBJECTIVES

After attending this course, attendees should be able to:

 * Incorporate fiduciary duty requirements into the firm’s ongoing and
   continuous compliance obligations.
 * Provide examples of how fiduciary duty impacts advisory operations.
 * Identify extra disclosure requirements for pooled investment vehicles.
 * Distinguish between principal and agency cross transactions.
 * Use the specific SEC advertising rule and performance presentation
   requirements to accurately disclose the firm’s operations and performance.
 * Identify important and diverse SEC no-action letters covering advertising and
   performance to gain guidance beyond the rule requirements.


SPEAKERS

Coming soon!


WHO IS THIS FOR?

For whom: Designed to increase the professional competence of investment adviser
professionals with legal, compliance and management responsibilities.

Suggested Skill Level: Intermediate

Instructional Method: Group Internet-Based and Group Live

Prerequisites for participation: No prerequisites are required. However,
attendees can benefit by reviewing the Investment Advisers Act of 1940,
especially Section 206 and Rules 206(3)-2, 206(3)-3T, 206(4)-1 and 206(4)-8 to
become familiar with the structure and terms.

Advance Preparation: None


CONTINUING EDUCATION CREDITS

NRS Continuing Education Guide

Recommended CPE Credit: 2 in the Regulatory Ethics field of study

Recommended IACCP® CE Credit: 2

Recommended CA MCLE Credit: 2

Recommended CFP® Credit: 2


OVERVIEW

Course Description:

In 1963, the United States Supreme Court held in SEC v. Capital Gains Research
Bureau, Inc., that Section 206 of the Investment Advisers Act of 1940 imposes a
fiduciary duty on investment advisers by operation of law. Section 206 of the
Act (generally referred to as the “anti-fraud” provision) makes it unlawful for
an investment adviser to engage in fraudulent, deceptive, or manipulative
conduct. The general purpose of an investment adviser’s fiduciary duty is to
eliminate conflicts of interest, and to prevent an adviser from taking unfair
advantage of a client’s trust. The SEC has continuously made it clear subsequent
to Capital Gains that the Act imposes on investment advisers an affirmative duty
to their clients of utmost good faith, full and fair disclosure of all material
facts, and an obligation to employ reasonable care to avoid misleading their
clients. This course will examine the many permutations of an investment
adviser’s fiduciary duty as it has evolved and provide examples of how it
impacts advisory operations.

What does this mean? Certainly, an adviser’s fiduciary responsibility permeates
its entire business operation and every aspect of its client relationships. An
adviser’s fiduciary duty requires more than a mere attempt at compliance; it
requires that the adviser undertake reasonable ongoing and continuous efforts to
comply with its obligations under the Act and in its dealings with clients. This
session will examine the many permutations of the adviser’s fiduciary duty as it
has evolved and provide examples of how it impacts advisory operations.

This session will also address some of the more expansive SEC rules promulgated
pursuant to Section 206 that define the parameters of an adviser’s fiduciary
duties. Foremost among them, Rule 206(4)-1, “the Advertising Rule” prohibits
certain advertising practices by advisers.

Rule 206(4)-8 prohibits advisers to pooled investment vehicles (such as hedge
funds, private equity funds, or venture capital funds) from making false or
misleading statements to current or prospective investors in such funds. The
Rule, though superficially similar to other anti-fraud rules, is quite broad in
that it covers prospective or current investors, rather than clients of the
adviser, and it only requires a showing of negligence. The panel of industry
experts will examine the Rule’s background and text, articulate standards that
the SEC and courts might use to approach the questions the Rule raises, and
provide some basic guidelines to avoid tripping the Rule.

Another important component of Section 206 deals with principal and agency cross
transactions. The experts will unravel and clarify this arcane and technical
anti-fraud provision.


LEARNING OBJECTIVES

After attending this course, attendees should be able to:

 * Incorporate fiduciary duty requirements into the firm’s ongoing and
   continuous compliance obligations.
 * Provide examples of how fiduciary duty impacts advisory operations.
 * Identify extra disclosure requirements for pooled investment vehicles.
 * Distinguish between principal and agency cross transactions.
 * Use the specific SEC advertising rule and performance presentation
   requirements to accurately disclose the firm’s operations and performance.
 * Identify important and diverse SEC no-action letters covering advertising and
   performance to gain guidance beyond the rule requirements.


SPEAKERS

Coming soon!


WHO IS THIS FOR?

For whom: Designed to increase the professional competence of investment adviser
professionals with legal, compliance and management responsibilities.

Suggested Skill Level: Intermediate

Instructional Method: Group Internet-Based and Group Live

Prerequisites for participation: No prerequisites are required. However,
attendees can benefit by reviewing the Investment Advisers Act of 1940,
especially Section 206 and Rules 206(3)-2, 206(3)-3T, 206(4)-1 and 206(4)-8 to
become familiar with the structure and terms.

Advance Preparation: None


CONTINUING EDUCATION CREDITS

NRS Continuing Education Guide

Recommended CPE Credit: 2 in the Regulatory Ethics field of study

Recommended IACCP® CE Credit: 2

Recommended CA MCLE Credit: 2

Recommended CFP® Credit: 2


Blog Navigating ethical dilemmas at your financial firm: Key takeaways from the
professional ethics webinar 11/21/23
Blog Enhance your compliance education and expertise with the NRS Investment
Adviser Certified Compliance Professional (IACCP®) Program 11/03/23
Blog Managing your firm’s reputation: The crucial role of compliance program
management at your firm 10/09/23

Home  /  Resources  /  Understanding Fiduciary Duties and a Sweep of Certain
Anti-Fraud Provisions of the Advisers Act
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