Committees

Committees

Legal and Regulatory Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Karen Aspinall, Pacific Investment Management Company LLC
Committee Vice Chair: Rana Wright, Harris Associates
IAA Staff Liaison: Gail Bernstein, gail.bernstein@investmentadviser.org
Meeting Frequency: Two times per year in-person (one via video conference in regional locations), and monthly conference calls most other months

The Legal and Regulatory Committee assists IAA staff in developing industry positions on U.S. regulatory proposals affecting investment advisers. The Committee also serves as a forum for IAA members to monitor regulatory developments and industry advocacy efforts, as well as to discuss implementation of new rules and other compliance-related issues. The Committee is designed for legal and compliance personnel who are willing and able to articulate their firm’s position on pending regulatory proposals.

Advertising Working Group

IAA Staff Liaison: Sanjay Lambasanjay.lamba@investmentadviser.org
Meeting Frequency: Periodic conference calls

The SEC’s published regulatory priorities include amending Rule 206(4)-1 (Advertising Rule) for investment advisers. The Working Group helps the IAA advocate for modernizing the current regulatory framework governing advertising by investment advisers, which is unnecessarily complex, overly broad in reach, and unduly prescriptive.

Audit Directors Working Group

Recent Meeting Notes
IAA Exchange

Working Group Chair: Jack Thomas, PNC Capital Advisors, LLC
IAA Staff Liaison: Paul Glennpaul.glenn@investmentadviser.org
Meeting Frequency: Quarterly conference calls

The Audit Directors Working Group focuses on key legal, regulatory, compliance, and operational issues affecting the internal audit practices of investment advisers. The group is intended to serve as a forum for Internal Audit personnel of IAA member firms to discuss industry trends, rules, and operations-related issues from their unique audit perspective.

Bank-Affiliated Asset Managers Compliance Forum

Recent Meeting Notes
IAA Exchange

IAA Staff Liaison: Laura Grossmanlaura.grossman@investmentadviser.org
Meeting Frequency: Periodic conference calls

The Bank-Affiliated Asset Managers Compliance Forum holds periodic calls to provide a forum for IAA members that are affiliated with a bank to discuss business implementation issues related to the Volcker Rule, the interplay among multiple regulators, affiliate issues, and other legal, regulatory, compliance, and operational issues unique to asset management affiliates of banking organizations. The Forum is designed to benefit legal, compliance and operational personnel.

CFTC Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Theresa Brunsman, Nuveen Asset Management
Committee Vice Chair: Hilary Coral, Franklin Advisers, Inc.
IAA Staff Liaison: Monique Botkinmonique.botkin@investmentadviser.org
Meeting Frequency: Quarterly conference calls

The CFTC Committee focuses on CFTC, NFA and other rules and regulations affecting commodity pool operators and commodity trading advisors, including those relying on exemptions from registration. The committee also provides the IAA with input and guidance to assist its advocacy with CFTC and NFA staff on the range of interpretive and compliance issues facing IAA members. The committee advocates for appropriate regulation with regulators on proposals affecting CPOs and CTAs, as well as on derivatives regulation affecting the buy-side. Committee members discuss implementation issues for new requirements affecting CPO/CTA regulation, derivatives trading, cross border issues, current operational issues, and industry best practices.

Custody Working Group

Recent Meeting Notes
IAA Exchange

IAA Staff Liaison: Laura Grossmanlaura.grossman@investmentadviser.org
Meeting Frequency: Periodic conference calls

The Custody Working Group discusses issues arising from the Custody Rule, including inadvertent custody and transactions that do not settle “delivery versus payment” (non-DVP). The Group holds periodic calls, often in conjunction with two other trade groups, to help the IAA advocate for new or clarified guidance. The Group also assists in providing comments to the SEC staff as it develops recommendations to amend the Custody Rule.

Cybersecurity/Data Privacy Compliance Forum

Recent Meeting Notes
IAA Exchange

IAA Staff Liaison: Laura Grossmanlaura.grossman@investmentadviser.org
Meeting Frequency: Periodic conference calls

The Cybersecurity/Data Privacy Compliance Forum discusses legal and regulatory issues and hears from guest speakers relating to cybersecurity preparedness, including governance, identification and assessment of cybersecurity risks, protection of networks and information, risks associated with remote customer access and funds transfer requests, risks associated with vendors and other third parties, detection of unauthorized activity, and the handling of cybersecurity threats. The Forum also shares information on data privacy issues, including the EU General Data Protection Regulation (GDPR), the California Consumer Privacy Act of 2018, and other state privacy laws. This Forum is aimed at legal and compliance personnel, rather than technical/IT personnel.

Digital Adviser Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Ben Alden, Betterment
IAA Staff Liaison: Paul Glennpaul.glenn@investmentadviser.org
Meeting Frequency: Quarterly conference calls

The IAA Digital Adviser Committee is comprised of representatives of IAA member firms that are directly engaged in the provision of digital advice to investors. The Committee assists IAA staff in monitoring regulatory developments and establishing industry positions on regulatory proposals and other issues affecting digital investment advisers. The Committee also serves as a forum for these IAA members to discuss industry trends, rules, and other compliance-related issues from their unique perspective. The Committee is designed for legal, compliance, operational, and other technical personnel who are interested in engaging with similarly situated personnel from other member firms and helping the IAA to formulate and articulate the industry’s position on relevant issues.

DOL Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Kimberly Novotny, Franklin Templeton Investments
IAA Staff Liaison: Sarah Buescher
, sarah.buescher@investmentadviser.org
Meeting Frequency: Periodic conference calls

The DOL Committee assists IAA staff in developing industry positions on U.S. regulatory and legislative proposals affecting retirement plan and IRA clients. The Committee also serves as a forum for IAA members to monitor Department of Labor and other regulatory developments, as well as to discuss implementation of new rules and compliance-related issues. The Committee discusses specific regulatory and legislative developments affecting retirement plan clients.

Fiduciary Working Group

Recent Meeting Notes

IAA Staff Liaison: Sarah Buescher, sarah.buescher@investmentadviser.org
Meeting Frequency: Periodic conference calls

The Fiduciary Working Group provides members the opportunity to discuss interpretive and operational issues arising from the SEC’s Interpretation on the Investment Adviser Fiduciary Duty. Members also help the IAA develop requests for guidance and clarification, as needed.

Form ADV Implementation Working Group

Recent Meeting Notes
IAA Exchange

IAA Staff Liaison: Monique Botkinmonique.botkin@investmentadviser.org
Meeting Frequency: Periodic conference calls

The Form ADV Implementation Working Group gives IAA members an opportunity to share interpretive and operational questions regarding Form ADV. The Group also helps the IAA develop requests for guidance or clarification from the SEC staff.

Form CRS Implementation Group

IAA Exchange

IAA Staff Liaison: Sanjay Lambasanjay.lamba@investmentadviser.org
Meeting Frequency: Monthly conference calls

The Form CRS Implementation Group gives IAA members an opportunity to share interpretive and operational questions regarding implementation of recent amendments to Form ADV. New Part 3 of Form ADV requires that a relationship summary be delivered to new and existing retail investors beginning in June 2020. Members also help the IAA develop requests for SEC guidance or clarification, as needed.

FSOC/Prudential Regulation Working Group

Recent Meeting Notes

IAA Staff Liaison: Laura Grossmanlaura.grossman@investmentadviser.org
Meeting Frequency: Periodic conference calls

The FSOC/Prudential Regulation Working Group provides the IAA with input on issues related to the potential prudential regulation of investment advisers in light of perceived systemic risks to the financial system. This Group considers written comments to the Financial Stability Oversight Council (FSOC) and international organizations such as the FSB, IOSCO, and the IMF. This Group also assists in advocacy efforts with respect to stress testing and other relevant initiatives.

GIPS Compliance Forum

Recent Meeting Notes
IAA Exchange

Forum Chair: Grace Man, Franklin Templeton
IAA Staff Liaison: Paul Glennpaul.glenn@investmentadviser.org
Meeting Frequency: Quarterly conference calls

The Global Investment Performance Standards (GIPS) Compliance Forum discusses legal and regulatory issues relating to performance measurement and reporting. Forum members discuss questions and issues relating to GIPS, its application, and implications at advisory firms. The Forum provides opportunities for members to consider and react to any CFA Institute proposals or GIPS innovations. The Forum shares information, discusses best practices, and sometimes hears from guest speakers. This Forum is aimed at legal and compliance personnel and employees that work with GIPS at firms claiming GIPS compliance or intending to do so.

Government Relations Committee

Recent Meeting Notes

Committee Chair: Peter Tuz, Chase Investment Counsel Corporation
IAA Staff Liaison: Neil Simonneil.simon@investmentadviser.org
Meeting Frequency: Bi-monthly conference calls

The Government Relations Committee advises the IAA regarding legislative advocacy before the U.S. Congress, including both lobbying by the IAA and related grassroots advocacy by IAA members. The Committee also provides input regarding legislative issues analysis and prioritization. The Committee meets by teleconference on a bi-monthly basis, unless developments warrant more frequent meetings. Individuals from member firms who have an interest in playing an active role in the IAA’s legislative advocacy program are eligible for membership on the Committee.

Hedge Fund Working Group

Recent Meeting Notes
IAA Exchange

IAA Staff Liaison: Monique Botkinmonique.botkin@investmentadviser.org
Meeting Frequency: Quarterly conference calls

The Hedge Fund Working Group is designed to provide a forum for IAA members that manage hedge funds or hedge funds of funds to discuss legal, regulatory, compliance, and operational issues, as well as industry best practices, unique to their businesses. This Group primarily benefits legal and compliance personnel.

International Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Christine Morgan, T. Rowe Price Associates, Inc.
Committee Vice Chair: Tracy Soehle, Affiliated Managers Group, Inc.
IAA Staff Liaison: Sanjay Lamba, sanjay.lamba@investmentadviser.org
Meeting Frequency: Quarterly conference calls and sometimes once per year in-person

The International Committee focuses on regulatory developments affecting investment advisers and private funds around the world. The Committee discusses international investing, compliance, and market access issues. In past meetings, Committee members have discussed and exchanged information on recent developments relating to the Foreign Account Tax Compliance Act (FATCA), implementation of the EU’s Alternative Investment Fund Managers Directive (AIFMD), and the new Markets in Financial Instruments Directive (MiFID II). The Committee also plays an important role in supporting the IAA’s international regulatory advocacy efforts by, for example, providing input on IAA comment letters to non-U.S. governmental bodies. Currently, there are more than 120 members of the IAA International Committee representing more than 65 IAA member firms.

Private Equity Fund Advisers Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Carla Vogel, Sycamore Partners
Committee Vice Chair: Stephen Swanson
, Invesco
IAA Staff Liaison: Monique Botkinmonique.botkin@investmentadviser.org
Meeting Frequency: Three times per year by conference call and once per year in-person

The Private Equity Fund Advisers Committee is designed to provide a forum for IAA members that manage private equity funds or private equity funds of funds to discuss legal, regulatory, compliance, and operational issues, as well as industry best practices, unique to their businesses. In particular, members have opportunities to discuss issues related to the SEC’s recent focus on private equity fund advisers, due diligence issues, fee disclosures, marketing and advertising issues, outside business activities, valuation, issues related to portfolio companies, and various other topics of interest to the Committee’s members. This Committee primarily benefits legal and compliance personnel.

Smaller Advisers Compliance Forum

Recent Meeting Notes
IAA Exchange

IAA Staff Liaison: Paul Glennpaul.glenn@investmentadviser.org
Meeting Frequency: Quarterly conference calls

The Smaller Advisers Compliance Forum provides opportunities for members of firms with limited personnel and budgets to network and discuss compliance issues. In addition to quarterly conference calls, members meet regionally in person in connection with certain local IAA compliance workshops.

Social Media Compliance Forum

Recent Meeting Notes
IAA Exchange

Forum Chair: Jack Thomas, PNC Capital Advisors, LLC
IAA Staff Liaison: Sanjay Lambasanjay.lamba@investmentadviser.org
Meeting Frequency: Two or more conference calls per year

The Social Media Compliance Forum focuses on regulatory and compliance issues arising from the use of social media by investment advisers or their personnel. The Forum shares issues, progress, or tips on social media compliance matters. Calls are frequently supplemented by a presentation by an industry expert. This Forum primarily benefits legal and compliance personnel.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

Technology Innovation Committee

Recent Meeting Notes
IAA Exchange

Committee Chair: Jennifer Murphy, Western Asset Management
Committee Vice Chair: Alex Gavis, Fidelity Investments
IAA Staff Liaison: Gail Bernsteingail.bernstein@investmentadviser.org 
IAA Staff Liaison: Paul Glennpaul.glenn@investmentadviser.org
Meeting Frequency: Quarterly by conference call and once per year in-person

The Technology Innovation Committee is comprised of representatives of IAA member firms that are directly engaged in the use of new and emerging technologies in the investment adviser business, which may include machine learning/artificial intelligence, robotic process automation, blockchain/distributed ledger technology, digital assets and cryptocurrencies and other new tools and innovations.

The Committee assists IAA staff in anticipating the need for regulatory guidance related to these technologies, monitoring regulatory developments, and establishing industry positions on regulatory proposals and other issues affecting investment advisers.

The Committee also serves as a forum for its members to discuss industry trends, lessons learned, implications for human capital, experience with third party tools/services, and other technology innovation-related issues from their unique perspective, consistent with the IAA’s Antitrust Policy.

The Committee is designed for two distinct groups: 1) legal and compliance professionals and 2) business, operational, and technical professionals who are interested in engaging with similarly situated professionals from other member firms and helping the IAA to formulate and articulate the industry’s position on relevant issues. Membership is by invitation only and includes firms actively engaged in technology innovation and related matters.