April 16, 2021 Alert

Hi all,

Below are this week’s alerts for the Investment Network. Due to increasing time constraints, this will be our last Investment Network alert until further notice.  We cannot wait to start seeing everyone again in person soon!  Until then, best wishes. You can still follow my updates on LinkedIn.   – Nicole Kalajian (formerly Kuchera)

This Issue’s Topics:

  • JOB: First Trust Advisors L.P.: Deputy Chief Compliance Officer
  • Client Alert: IRS Revises CFC Practice Unit Guidelines
  • Client Alert: Are You Sure You Can Use the QPAM Exemption
  • Client Alert: DOL Issues Guidance on 2020 Investment Advice Exemption
  • 100 Women in Finance: Essential Insights on ESG
  • New SEC Marketing Rule: What You Should Know – Part II
  • CBA Futures & Derivatives Law Committee Meeting – Digital Assets: Recent Developments, Cases, and Regulatory Priorities
  • GAIM Ops Connect NY Edition
  • ACG Chicago: Family Investing Case Study: How Family Investment Teams Can Partner to Build Great Businesses
  • FREE: ACG & SAP: Maximizing the Value of MA through Technology
  • 6th Family Office FinTech Summit: The 2020s Toolkit for Family Offices
  • ICI: General Membership Meeting (GMM) and Operations and Technology Conference (OTC)
  • The Women in Law Summit Series: Driving Diversity in Law & Leadership

Job Opportunities:

First Trust Advisors L.P. (“FTA”): Deputy Chief Compliance Officer

Job Responsibilities:

  • Assist FTA’s Chief Compliance Officer in all aspects of compliance with respect to FTA’s advisory activities, including but not limited to:
  • Establishing and maintaining supervisory procedures and procedures designed to prevent violations of federal securities laws;
  • Supervising the annual review of policies and procedures and providing a written report to support the Rule 206(4) -7 review;
  • Developing and implementing periodic testing to assess the adequacy of the FTA’s policies and procedures;
  • Assisting the firm in implementing corrective actions as identified by the testing programs;
  • Managing regulatory and sweep examinations;
  • Maintaining all regulatory registrations and authorizations
  • Overseeing compliance training programs;
  • Ensuring timely and accurate regulatory reporting;
  • Overseeing the development and supervision of FTA Compliance staff; and,
  • Other duties as assigned.

Knowledge and Expertise Required:

  • Bachelor’s degree required;
  • 10+ years of experience in the investment consulting or investment management industry or relevant experience;
  • Working knowledge of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and other pertinent securities laws and regulations;
  • Knowledge of FINRA, NFA, CFTC rules strongly preferred;
  • Familiarity with ERISA;
  • Experience with US regulators, particularly the SEC, but also others such as the DOL, FINRA, CFTC, NFA;
  • Adaptability;
  • Leadership capability and ability to provide effective oversight;
  • Exceptional organizational and writing skills;
  • A proven ability to multi-task and work both independently and as a team player in a fast-paced, demanding environment;
  • Strong service orientation and ability to establish and maintain working relationships with peers, business units, leaders, a wide array of associates, and clients, while maintaining a strong compliance culture;
  • Must be flexible and committed to maintaining high ethical standards; and
  • Ability to understand complex regulatory requirements and create effective compliance programs.

Please send all resumes to kdehler@ftportfolios.com and kmaher@ftportfolios.com.


Stradley Ronon Client Alert: IRS Revises CFC Practice Unit Guidelines
April 07, 2021

IRS Revises Receipt of Dividends or Interest from a Related CFC Practice Unit

The IRS has revised its Practice Unit “Receipt of Dividends or Interest from a Related CFC.” The Practice Unit was revised to include the extension of the Section 954(c)(6) look-through rule for controlled foreign corporations (CFCs) with tax years beginning before Jan. 1, 2026. This extension was part of the Consolidated Appropriations Act of 2021. This Practice Unit supersedes Jan. 5, 2016, and Jan 28, 2020, Practice Units with the same title. (Section references are to the Internal Revenue Code of 1986, as amended.) The look-through rule under Section 954(c)(6) allows U.S. shareholders of CFCs to “reinvest” active foreign earnings of one CFC in a related CFC without current taxation, as long as the underlying income of the payor CFC would not otherwise have been subject to current U.S. taxation (i.e., as subpart F income or income effectively connected with a U.S. trade or business).

To read more, click here.

Stradley Ronon Client Alert: Are You Sure You Can Use the QPAM Exemption?
April 07, 2021

For many investment managers, the ability to act as “QPAM” is essential to managing retirement account assets. Indeed, status as a QPAM likely provides a sort of credentialing boost in the eyes of prospective plan clients and, more importantly, signals the investment manager’s ability to rely upon the “QPAM Exemption,” a highly versatile exemption used to cure various prohibited transactions under ERISA and Section 4975 of the Internal Revenue Code when it exercises discretion over plan assets. To be a QPAM, however, is not tantamount to satisfying the QPAM Exemption. Moreover, the QPAM Exemption itself is subject to myriad conditions, the failure to meet only one of which can wreak havoc on a compliance strategy. Here, we provide an overview and highlight potential trap doors in a Q&A format.

To read more, click here.

Stradley Ronon Client Alert: DOL Issues Guidance on 2020 Investment Advice Exemption
April 14, 2021

The U.S. Department of Labor (DOL) released a set of Frequently Asked Questions (FAQs) designed to clarify certain aspects of Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees (PTE 2020-02). The exemption enables investment advice fiduciaries to ERISA plans and IRAs to receive a wide range of compensation (e.g., commissions, 12b-1 fees, revenue sharing, etc.) as a result of the advice without running afoul of the applicable prohibited transaction rules. As described by the DOL, “[t]he exemption offers a compliance option to investment advisers, broker-dealers, banks, and insurance companies (financial institutions) and their employees, agents, and representatives (investment professionals) that is broader and more flexible than pre-existing prohibited transaction exemptions.” We summarize some of the key takeaways from the FAQs here.

To read more, click here.


100 Women in Finance: Essential Insights on ESG
Wednesday, April 21, 2021, 11: 00 A.M. CT

Environmental, Social and Governance (ESG) strategies are rapidly evolving to meet investor demand, bolstered by significant regulatory tailwinds. Learn the latest in regulatory developments and how to actively engage with stakeholders on ESG issues. Explore the ethics of ESG short selling, the latest in ESG product development and opportunities for growth.

Please email your questions to educayman@100women.org by Friday, April 16, 2021 or you may submit them during the webinar.Speakers:

  • Elyse Greenspan of Wells Fargo Securities, LLC
  • Madelyn Lando of Wells Fargo Securities, LLC
  • Rebecca Palmer of Waystone
  • Geneviève Piché of Wells Fargo Securities, LLC
  • Catherine Houts (Moderator) of KPMG

For more information, click here.

Foreside and Stradley Ronon Webinar:  New SEC Marketing Rule: What You Should Know – Part II
Wednesday, April 21, 2021, 12:00 P.M. CT

On May 4, 2021, the new SEC Marketing Rule (206(4)-1) will become effective with a November 4, 2022 compliance date. The new Marketing Rule represents the first substantive amendments to the Advertising Rule since its adoption in 1961 and includes significant changes to the Cash Solicitation Rule. These amendments will have vast implications for the compliance and business practices of nearly every registered investment advisor.

In this practical fireside chat webinar, our experts will address the most common questions we hear about the new rule, including:

  • What controls must your firm have in place before you begin advertising testimonials or endorsement
  • What are the most significant impacts of the Marketing Rule on private fund advisors
  • What are the consequences of the Marketing Rule on dual IA/BD registrants
  • What are the potential compliance traps the Marketing Rule presents, and how your firm can avoid them
  • What could go wrong with advertising performance


  • Les Abromovitz of Foreside
  • Craig Moreshead of Foreside
  • Sara P. Crovitz of Stradley Ronon Stevens & Young, LLP

For more information, click here.

Chicago Bar Association Futures & Derivatives Law Committee Meeting
Wednesday, April 21, 2021, 12:15-1:30 P.M. CT

TOPIC: Digital Assets: Recent Developments, Cases, and Regulatory Priorities


  • Jim Lundy of Faegre Drinker
  • James Brady of Katten Muchin

IL MCLE credit available.

To register, click here.

GAIM Ops Connect NY Edition
April 27, 2021 and May 25, 2021

This virtual GAIM Ops Connect series will bring together COOs, CCOs, institutional investors, private equity compliance professionals, counsel, CFOs, and Heads of ODD.

This is the largest gathering of ops and compliance decision-makers in one place at one time. GAIM Ops NY Edition represents a true reflection of the alternatives industry, from the biggest funds to emerging managers. Make meaningful connections – Build new relationships and strengthen existing ones in facilitated networking sessions. Meet the contacts and clients key to your business.

40+ speaker-led roundtables is one of the reasons GAIM Ops NY Edition is the industry’s favorite event.  Join speaker led roundtables for interactive conversations on the topics that matters to you.

For more information, click here.

ACG Chicago: Family Investing Case Study: How Family Investment Teams Can Partner to Build Great Businesses
Thursday, April 29, 2021, 4:00-6:00 P.M. CT

Join leaders of Pritzker Private Capital, Concentric Equity Partners and Duchossois Capital Management for a discussion of how family investment firms can work together to build high-growth businesses for long-term success.

In October 2020, the Pritzker, Steans and Duchossois family investment groups joined together to recapitalize Energy Distribution Partners (EDP), a founder-led business backed by family capital and a leader in propane and fuel distribution. These three teams partnered with EDP management to support the company’s organic and acquisition growth strategies. Speakers will highlight lessons learned from their collaboration, the shared values that led to this partnership and their views on the opportunity for family capital in today’s market.


  • Paul Carbone of Pritzker Private Capital
  • Michael Flannery of Duchossois Group
  • Eric Kieras of Pritzker Private Capital
  • Frank Reppenhagen of Concentric Equity Partners

For more information, click here.

FREE: ACG & SAP: Maximizing the Value of MA through Technology
Tuesday, May 4, 2021, 9:00 A.M.-5:30 P.M. CT

Find out how some of the biggest names in the industry such as The Blackstone Group, Moderna, and HGGC have added value to their portfolio companies and learn how technology played a key role.

ACG & SAP are coming together for a one-day, virtual event to review important value creation strategies. Hear directly from the executives who created successful outcomes for their companies, and those who have helped along the way. Learn how to harness technology to overcome common pain-points and pitfalls that companies often experience while trying to achieve growth.

Topics will include:

  • Increasing value through the use of AI and IIoT
  • Improving sourcing, purchasing, billing, and IT during M&A
  • Avoiding common pitfalls and pain-points during M&A processes
  • Increasing company value with analytics

Hear from industry leaders such as:

  • Martin Brand of Blackstone Private Equity Group
  • David Meline of Moderna
  • Steve Young of HGGC
  • Rich Lawson of HGGC
  • Tom Bohn of ACG
  • Greg Petraetis of SAP North America
  • Nick Maglaris of SAP North America

Collaborate with fellow participants during open networking sessions and through pre-scheduled, one-on-one meetings. The two event participants who hold the most meetings will win one of two signed mini football helmets, one by Steve Young and the other by Tyrel Davis.

For more information, click here.

6th Family Office FinTech Summit: The 2020s Toolkit for Family Offices
May 4-6, 2021

The Sixth Annual Family Office Fintech Summit 2021, Family Wealth Report’s annual flagship conference, is a forum for discussion of best practice and real-life examples of adopting and investing in technology by multi and single-family offices.

In a decade set to change everything – accelerated by COVID-19 – family offices will need to deploy a radically different toolkit to stay ahead.

Through a tightly-curated three-day program of keynotes, panel discussions, masterclasses and peer conversations, our 6th Family Office FinTech Summit will provide our guests with insights and action points around three broad themes:

  • Making family office work in the digital sphere
  • Drivers of technological change & investment opportunities (impact, crypto, etc.)
  • Selecting solutions and making them work: plans, processes and people

For more information, click here.

ICI: General Membership Meeting (GMM) and Operations and Technology Conference (OTC)
May 6 and 13, 2021 (GMM), May 20, 2021 (OTC)

We look forward to gathering with a renewed purpose and commitment to the success of fund investors.

Featured Speakers

  • Jamie Dimon of JPMorgan Chase
  • Cathy Engelbert of WNBA
  • Carol Geremia of MFS Institutional Advisors
  • Yie-Hsin Hung of New York Life Investment Management
  • Kevin Mandia of Fireeye
  • Ronald O’Hanley of State Street Corporation

For more information, click here.

Virtual Summit: The Women in Law Summit Series: Driving Diversity in Law & LeadershipWednesday, May 19, 2021

Awareness into Action: Inspiring Change

In keeping with best COVID-19 practice, CenterForce is operating virtually! On our new, interactive platform, we offer you the same compelling content and interactive format as at our live conferences, with numerous opportunities to network with both our other attendees and our speakers.

Now more than ever, it is imperative that we adhere to our core values around diversity and inclusion, and remain anchored to our community. Please join us as we continue to explore the obstacles, risks and rewards on the path to a fulfilling and productive career for women and minority leaders.

What are the best strategies for recruiting and retaining diverse talent even in the face of a pandemic? How can we maintain standards of excellence while working remotely? Are companies doing enough to create a culture of inclusion that goes beyond metrics?

If you attend, be sure to join Nicole Kalajian of Stradley Ronon and her co-panelists: Tamara Morgan of Kaiser Foundation Health Plan; Christina Corsac of Patterson Companies; Julie Baker of US Foods; and Vanessa Scott of Eversheds Sutherland (US) LLP for the Disrupting the Noah’s Ark Approach to DEI: Creating a Culture of Inclusion panel which will explore:

  • How can partners and associates engage their firm in more creative D&I initiatives?
  • How can firms show their clients that they are sincerely implementing change and not just using a broad brush?
  • How is credit given at law firms and what has to change?
  • What responsibility do in-house counsel have in helping law firms to become more diverse?
  • What can corporations do to become more diverse?

For more information, click here.

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