Webinar: Navigating the Road to SEC Compliance: SEC Marketing Rule

In December 2020, the SEC approved the new Marketing Rule which is intended to modernize the framework for investment adviser advertising.

The rule requires firms to create composites around similarly managed portfolios for performance reference, even if they are not GIPS^® (Global Investment Performance Standards) Standards compliant. This means that firms must establish policies, procedures and controls, ensuring that all portfolios in compliance and are marketed accordingly.

On 15 September 2022, We hosted a panel discussion with Jonathan Boersma, CFA, Practice Leader, GIPS and Performance Regulation – Meradia, Julia Reyes, CIPM, Partner – ACA, Matt Calabro, Co-Executive Director, Compliance Services - Confluence, and Dena Hopkins, CIPM, Senior Analytics Consultant – Confluence, moderated by Carl Bacon, CIPM, Chief Advisor- Confluence, where we discussed:

What the rule entails
The key challenges in ensuring firms are ready for compliance
What firms should be keeping top-of-mind when complying
Best practices needed to streamline the compliance process
Should firm’s that are not GIPS^®( Global Investment Performance Standards) Standards compliant, consider taking the additional steps to become compliant

PANELISTS

Jonathan Boersma, CFA

Practice Leader, GIPS and Performance Regulation, Meradia

Jonathan A. Boersma, CFA, is a Practice Leader within GIPS and Performance Regulation at Meradia and oversees investment performance regulatory consulting services, including pre-verification for firms complying with the Global Investment Performance Standards (GIPS^®). He leverages 28 years of financial services experience to guide clients through the complex transformations, and operational preparations required for adopting industry and regulatory frameworks.

Prior to joining Meradia, Jonathan led the CFA Institute’s ethics and performance standards group, most recently serving as Head of Professional Standards and Executive Director of the Global Investment Performance Standards (GIPS^®).

Julia Reyes, CIPM

Partner, ACA

Julia Reyes, CIPM is a Partner with ACA Performance Services, a division of ACA Compliance Group. Her primary responsibilities include managing over 60 client relationships and focuses on verifying investment advisers’ claims of GIPS® compliance and various consulting services related to investment performance and performance measurement. Julia has over 12 years of experience in the financial services industry. Julia leads the ACA’s Process Committee and the Women’s Leadership Program. She also serves on the ACA Quality Control and Account Management Committee.

Julia earned her Bachelor of Science degree in Accounting from Arizona State University. She also has earned a Certificate in Performance Measurement

Matt Calabro

Co-Executive Director, Compliance Services, Confluence

Matt Calabro is an experienced Chief Compliance Officer, having served as CCO for registered mutual funds, investment advisers and a family of UCITS funds. Before joining CSS, Matt was Deputy CCO at Delaware Investments, where he led the daily activities of the firm’s compliance department covering advisory, fund and distribution activity. Under his leadership, Delaware implemented specific improvements in its guideline compliance, advertising review and Code of Ethics programs. Prior to Delaware, Matt spent 20 years in Raymond James’ investment advisory business, where he led mutual fund operations. While there, Matt implemented and upgraded controls, processes and technology and also served as the first full-time CCO to the mutual funds following the adoption of the Compliance Rule. Matt leverages his compliance and operations experience in the investment management industry to assist advisers and investment companies in advancing the effectiveness of their compliance programs.

Dena Hopkins, CIPM

Senior Analytics Consultant, Confluence

Dena Hopkins, CIPM is a Senior Analytics Consultant at Confluence and has 31 years of experience in the financial industry. Previously, Dena worked for Frank Russell Company, Russell/Mellon, Mellon Analytical Solution, and BNY/Mellon where she worked her way up from Operations to Client Service to Relationship Management. During her time at Russell she was involved in multiple implementations of their Performance and Attribution software.

She has been involved in numerous GIPS implementations since joining Confluence in 2008 and continues to support the North American client base. Dena holds a CIPM designation.

MODERATOR

Carl Bacon, CIPM

Chief Adviser, Confluence

Carl Bacon CIPM, founded Otos Ltd in April 2000. Otos Ltd provides advice to asset managers on various risk and performance measurement issues.
Carl was Chairman of StatPro Plc from 2000 to 2017 and prior to that Director of Risk Control and Performance at Foreign & Colonial Management Ltd, Vice President Head of Performance (Europe) for JP Morgan Investment Management Inc., and Head of Performance for Royal Insurance Asset Management.

Carl holds a B.Sc. Hons. in Mathematics from Manchester University and is a member of the Advisory Board of the Journal of Performance Measurement. A founder member of both the Investment Performance Council and GIPS^®, Carl is chair of the GIS Committee and ex-chair of the GIPS Executive Committee, and ex-chair of both the Verification and Interpretation Sub-Committees, and founder of "The Freedom Index Company".

Carl is also the author of “Practical Portfolio Performance Measurement & Attribution” part of the Wiley Finance Series, "Practical Risk-adjusted Performance Measurement", numerous articles and papers and editor of “Advanced Portfolio Attribution Analysis”.