Mutual Fund Regulatory Compliance
February 23, 2012 - New York City
Registration Fee: US$895.00 Register Instructor
Many classes sell out; we suggest registering at least one week in advance to ensure availability.
Intermediate Level, 7 CPE Credits
Instructor: Stanley D. Monsowitz
Hours: 9:00 am - 4:30 pm; Registration/Breakfast begins at 8:30 am
To understand today’s Mutual Funds, or any other Investment product, is to also understand today’s world post Madoff, post Dodd-Frank and the host of new Rules and Regulations.
This 1-day program is the 3rd day of a 3-day Mutual Fund Training program designed to give the participant a complete understanding of the workings of the Legal, Regulatory and Compliance issues facing the industry today – in 2011. We will spend time tying all the information you have learned about Mutual Funds into very specific Legal requirements. We will discuss the very current state of Post-Madoff Enforcement of the new Rules and Regulations that were created as a result of Dodd-Frank. We will list the SEC relevant cases and the specific Regs for Compliance. We will discuss Rule 10b10 and how it is now enforced and how it is becoming more relevant in 2011.
We will also discuss the requirements to be in full Compliance with all the new Rules and Regulations surrounding Registered Investment Products.
We will then end with a discussion of Mutual Funds within the framework of Investment Products, and how they will be viewed going forward.
Session 1: Dodd-Frank
Throughout the course the participants will be introduced to a variety of terms. This terminology or glossary is discussed throughout the course. By the end of the session the course participant will understand:
- The Players
- RIA registration and supervision
- Registration of municipal advisers and solicitors
- The Markets
- Derivatives
- Short-sale reporting and regulation
- Money market funds
- The Process
- Proxy vote reporting
- Shareholder nominations
- Distribution
- Accredited investor definition
- Enforcement and Litigation
- Whistleblowers
- Private rights of action
Session 2: Compliance & Regulatory Basics
By the end of the session the course participant will be able to identify and elaborate on:
- The Mutual Fund Players
- The Laws
- The Paper (Requirements)
- Advisor Restrictions & Compliance Requirements
- Including Role of the Board of Directors
- Investment Restrictions
- Prospectus & SAI
- Trading Regulations
- Custody Regulations
- Proxy Voting
- Identification of Conflicts of Interest & how mitigated
- Code of Ethics Required
- Marketing Requirements
- Materials – Rule 482
- FINRA Requirements
- Recordkeeping Requirements
Session 3: Compensation for Mutual Fund Sales
By the end of the session the course participant will be able to understand and discuss, from the Regulatory and Compliance requirements:
- Loads
- Breakpoints
- Rule 12b-1 Fees
- Multi-Class and Master Feeder Funds
- Revenue Sharing
Session 4: Other Investment Company Products
By the end of the session the course participant will be able to understand and discuss, from the Regulatory and Compliance requirements:
- Closed-End Funds
- Unit Investment Trusts (UIT’s)
- Exchange Traded Funds (ETF’s)
- Variable Insurance Products
- Section 529 Plans
Session 5: Final Review
- Final Discussions & Questions
- Review Glossar