March 11, 2021 Alert

Hi all,

Below are this week’s alerts for the Investment Network.  Enjoy! 

This Issue’s Topics:

  • Job Opportunity: Stradley Ronon: Financial Services Litigation – Staff Attorney or Counsel
  • NFA Moving Forward with Supervisory Framework for Outsourcing Arrangements
  • NFA Proposes New Reporting Requirements for Commodity Pool Operators
  • FINRA Provides Guidance on Common Sales Charge Discounts and Waivers for Investment Company Products
  • CI: 2021 Virtual Mutual Funds and Investment Management Conference
  • CBA Futures And Derivatives Law Committee Meeting: SRO Enforcement Trends
  • 100 Women in Finance Webinar: Fireside Chat with Naseem Sagati Aghili, Meredith Jackson and Vicki Marmorstein
  • PLANSPONSOR Webinar: Considering ESG Factors in Investment Selection

Job Opportunities:

Stradley Ronon: Financial Services Litigation – Staff Attorney or Counsel
New York Office

Stradley Ronon Stevens & Young, LLP is seeking a litigation attorney to join our Financial Services Litigation Group in our New York office. This is a non-partnership track role. It is a unique opportunity to have consistent client contact and independently manage cases from inception to close. The ideal candidate will have 5 years of commercial litigation experience (including drafting pleadings, discovery and trial preparation), and will be barred and in good standing in New York and New Jersey. Experience in consumer finance related litigation is a major plus.

For more information, click here or here (LinkedIn).  When applying, please indicate you heard about the opportunity from Nicole Kalajian and this Investment Network alert. 

Publications:

NFA Moving Forward with Supervisory Framework for Outsourcing Arrangements

National Futures Association (“NFA”) is moving forward with the adoption of an additional interpretive notice to Compliance Rules 2-9 (“Supervision”) and 2-36 (“Requirements for Forex Transactions”) that requires CFTC-registered firms that outsource regulatory obligations to implement a written supervisory framework governing the outsourcing arrangements.

The interpretive notice will go into effect 10 days after submission to the CFTC, assuming there is no CFTC objection.

For more information, click here.

NFA Proposes New Reporting Requirements for Commodity Pool Operators

Pursuant to Section 17(j) of the Commodity Exchange Act (“CEA”), as amended, NFA has submitted to the Commodity Futures Trading Commission (“CFTC”) the proposed adoption of NFA Compliance Rule 2-50 and the related Interpretive Notice entitled NFA Compliance Rule 2-50: CPO Notice Filing Requirements.

The rule would require each CPO Member to provide prompt notification, in the form and manner prescribed by NFA no later than 5 p.m. (CT) of the next business day upon the occurrence of one of the following events, in accordance with the related Interpretive Notice entitled CPO Notice Filing Requirements:

  • CPO Member operates a commodity pool that is unable to meet a margin call(s);
  • CPO Member operates a commodity pool that is unable to satisfy redemption requests in accordance with its subscription agreements;
  • CPO Member operates a commodity pool that has halted redemptions and the halt on redemptions is not associated with pre-existing gates or lockups, or a preplanned cessation of operations; or
  • CPO Member receives notice from a swap counterparty that a pool the CPO Member operates is in default.

NFA is invoking the “ten-day” provision of Section 17(j) of the CEA and plans to make NFA Compliance Rule 2-50 and the proposed Interpretive Notice effective as early as 10 days after receipt of this submission by the CFTC, unless the CFTC notifies NFA that the CFTC has determined to review the proposal for approval.

To read the full proposal, click here.

FINRA Provides Guidance on Common Sales Charge Discounts and Waivers for Investment Company Products

Financial Industry Regulatory Authority (“FINRA”) has issued a Regulatory Notice on common sales charge discounts and waivers for investment company products.  The notice is intended to:

  • remind firms of their obligation to understand and, as appropriate, apply sales charge discounts and waivers for eligible customers;
  • provide an overview of common sales charge discounts and waivers;
  • share frequently observed findings in examinations and enforcement matters; and
  • note considerations firms should review to improve their compliance programs.

The notice states that it does not create new legal or regulatory requirements or new interpretations of existing requirements.

To read the notice, click here.

Events:

ICI: 2021 Virtual Mutual Funds and Investment Management Conference
March 15, 17 and 19, 2021

Hear from the Experts and Earn CLE and CPE Credits!

ICI’s Mutual Funds and Investment Management Conference is excited to be back—virtually—for 2021.  Sponsored by ICI and the Federal Bar Association, this year’s conference will take place as a three-day series. Don’t miss your opportunity to hear directly from regulators and other experts about how asset managers can navigate today’s changing landscape.

Featured Speakers:

  • Allison Herren Lee of the SEC
  • Rashmi Airan
  • Scott E. Page of University of Michigan
  • Eric J. Pan of ICI
  • Anna Palmer of Punchbowl News
  • Jake Sherman of Punchbowl News

For more information, click here.

CBA Futures And Derivatives Law Committee Meeting: SRO Enforcement Trends
Wednesday, March 17, 2021, 12:15- 1:30 P.M. CT

Topic:

  • SRO Enforcement Trends

Speakers:

  • Frances Mendieta of Ice Futures U.S.
  • Matthew Kluchenek of Mayer Brown
  • Natalie Petric of CME Group
  • Cynthia Cain Ioannacci of NFA
  • Conor Weber of Bank of America (Moderator)

MCLE credit available.  You MUST register to attend this committee meeting.

For more information, click here.

100 Women in Finance Webinar: Fireside Chat with Naseem Sagati Aghili, Meredith Jackson and Vicki Marmorstein
Thursday, March 18, 2021, 12:00 P.M. CT

The General Counsel at an asset management firm is charged with monitoring the investment and marketing professionals who act within regulated bounds. What does it take to rise to the top and earn the respect of your colleagues?

At this event, moderated by Vicki Marmorstein of Latham & Watkins LL, you will gain insights into how Naseem Sagati Aghili, General Counsel and Secretary of Ares Management Corporation and Meredith Jackson, General Counsel of the TCW Group, use their leadership positions to support other women in the asset management sector. Hear their perspectives on risk management issues, as well as the current and future state of the financial services industry.

Please email your questions to administration@100women.org by Tuesday, March 16, 2021 or you may submit them during the webinar

You may include a non-member guest with your RSVP.  For more information, click here.

PLANSPONSOR Webinar: Considering ESG Factors in Investment Selection
Thursday, March 18, 2021, 1:00 P.M. CT

For several presidential administrations now, there has been some back and forth about the place for environmental, social and governance (“ESG”) investing in retirement plans. Last year, the DOL proposed controversial regulations seeming to suppress the use of ESG investments in retirement plans; however, when final regulations came out, the DOL’s stance was softened.

At this webinar in which you will learn:

  • What the DOL’s latest regulations say about the use of ESG investments in retirement plans.
  • How retirement plan sponsors can abide by their fiduciary duties when making investment selections based on ESG factors.
  • The different ways plan sponsors can include ESG investments in retirement plans.

Speakers will include:

  • George Michael Gerstein of Stradley Ronon
  • Neal Weaver of Leafhouse Financial
  • Eraj Zaidi of ISS ESG
  • Rebecca Moore (Moderator) of PLANSPONSOR Digital

For more information, click here.

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