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Securities Compliance Podcast: Compliance in Context

Podcast Season 3 Episode 1

On Episode 1 of Season 3 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes welcomes Jeff Blumberg — Partner at Faegre Drinker and Chair Elect of the NSCP.  The conversation spans Form PF, rule amendments for private funds under the Advisers Act, and what Jeff deems to be problem points for private funds in the future.  In the Headlines section, Patrick covers President Biden’s recent Executive Order on Digital Assets, as well as the recent leadership changes underway at the SEC.   Finally, he wraps up the show with another installment of Outtakes, where a recent disciplinary action can provide the perfect punch list to make sure your broker-dealer firm is meeting its requirements to obtain best execution. 

Season 3, Episode 1 Topics:

Interview

  • 6:20 – General Remarks on Chair Gensler’s comments before the ILPA

  • 12:40 – New Reporting Requirements in Form PF

  • 17:40 – Sections 5 and 6 in the New Form PF

  • 20:40 – Response to the Proposed Amendments in Reporting Requirements

  • 22:30 – The Ongoing Importance of Documenting Process

  • 25:16 – Impressions from the SEC’s January 2022 Risk Alert

  • 33:41 – The New Rule Amendments for Private Funds under the Advisors Act

  • 40:04 – Changes to Side Letter Provisions

  • 44:15 – The Comments Period Time Crunch

  • 46:18 – Looking Forward for Private Funds

  • 51:20 – Jeff’s Favorite 2022 Super Bowl Commercial

Headlines

  • 1:09 – The Digital Assets Executive Order from President Biden

  • 4:26 – Leadership Changes at the SEC

Outtakes 

  • 53:50Using FINRA settlements to understand best execution standards for broker-dealer firms

Quotes

10:30 “A lot of these rule proposals they are coming up with, these are solutions looking for a problem, because a lot of these suggestions are already being pushed by the institutional investing population.” ~ Jeff Blumberg

16:37 “If the SEC could justify the time and expense these managers are going through to put this information together and say here is what we learned by looking at last quarter’s Form PF filings, that would absolutely be something the industry would appreciate.” ~ Jeff Blumberg

23:41 “I’ve never seen the SEC come in and say you didn’t get best execution.  What I’ve seen is them say you don’t have a process for pursuing best execution.  I think you have the same kind of situation here, which is, it’s not so much they’re going to say this was material so you’re going to get in trouble; they’re  going to say we think it’s material, you didn’t, but because you took a reasonable process and put it in place, the next time the same thing comes up you should treat it as material.” ~ Jeff Blumberg


About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Senior Counsel and leader of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify and Stitcher.


The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.
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Susan M. Kurz
Chief Marketing & Client Development Officer
skurz@calfee.com
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513.502.8950 (mobile)

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