NSCP Members and National Conference Attendees Have Exclusive Access to the SEC Regulatory Review Webinar

NSCP Members and National Conference Attendees Have Exclusive Access to the SEC Regulatory Review Webinar. December 1 (12:00 – 1:30 PM Eastern)

  • This event is free for all NSCP Members and 2021 National Conference registrants to attend.
  • You may submit questions anonymously in the registration form for the regulators to address during the webinar.
  • Non-members are not able to participate in this webinar.
Daniel Kahl, Acting Director of the Division of Examinations, SEC
Jacob Krawitz, Senior Special Counsel, SEC
Moderator: Miriam Lefkowitz, Principal, Miriam Lefkowitz, LLC and Coda Advisory Group LLC

How Can We as Compliance Professionals Move the DEI Needle?

Join NSCP’s Diversity, Equity and Inclusion Committee on December 8th for a conversation on all Diversity, Equity and Inclusion matters, such as ageism, neurodiversity, disabilities, race, gender and more! The Committee welcomes you to ask questions, share your stories, and provide your thoughts on how to move the DEI needle for compliance professionals.

So that we can best respond to your input during this conversation, please submit your questions/stories/thoughts in advance by using the following link on or before 11/15. We look forward to hearing from you!



Load Up On Continuing Education Credits at the 2021 NSCP National Conference

Register now for the 2021 NSCP National Conference

NSCP National Conference attendees may receive Continuing Education (“CE”) credits for up to 10 sessions, including 3 sessions that are eligible for ethics credits. Certificates of attendance for professional designations include CLE, CPE, CSCP, and more.

CE credit will only be awarded to those who attend the full session in person, and scan the QR code upon entrance to each session using the conference app.

View our Continuing Education page for more info >

Announcing the New Marketing Rule Working Group!

NSCP is proud to bring you this exclusive member benefit.

Facilitated by Issa Hanna of Eversheds Sutherland (US) LLP, the Marketing Rule Working Group will meet monthly starting on Wednesday, October 20th from 12:00 p.m. – 1:00 p.m. EST.

Each monthly meeting will review any relevant developments relating to the Marketing Rule and serve as a live forum for the discussion of members’ questions about implementation of the rule as they work toward the November 4, 2022 compliance effective date.

Not a member?  Click here

NSCP Special Edition: The New Marketing Rule

NSCP Special Edition: The New Marketing Rule

This year, NSCP is pleased to release a special issue of Currents dedicated to the coverage of the SEC’s new marketing rule.  In planning the issue, we polled NSCP members to assess members’ top areas of concern, and tailored this issue accordingly.  This is not the first time Currents has published a dedicated topical issue.  Given the scope and magnitude of this rulemaking, the Currents Publications Committee believes this issue will be a welcome and valuable collection of resources for its readers.

In this Issue:

Let’s Go Crazy – A Princely Look at How the SEC’s New Marketing Rule Impacts Solicitors and State Licensing and Registration

In addition to being a generational musical talent and transformative artist, singer, guitarist, songwriter, producer, dancer, and performer, Prince Rogers Nelson (aka Prince, The Artist Formerly Known as Prince, and The Artist) was truly “best-in-class” when it came to marketing, even turning his name into a symbol.

As a tribute to Prince then, we endeavor to explore the nuances of the new SEC Marketing Rule, and in particular, the issues and challenges surrounding how the Marketing Rule impacts solicitors, state licensing and registration requirements. So put on your brightest Raspberry Beret and let’s dive into the Controversy with a quick history lesson.

Reconciling the SEC Marketing Rule to the GIPS® Standards for GIPS-Compliant Firms

The CFA Institute Global Investment Performance Standards (GIPS®) are ethical standards for calculating and presenting investment performance based on the principles of fair representation and full disclosure. They are voluntary industry standards that provide transparency and global comparability in a world where regulations and market practices can differ significantly between jurisdictions. The GIPS standards are developed, maintained, and promoted through the collaboration of individual volunteers from the investment community, CFA Institute, and GIPS Standards Sponsors in over 40 markets. CFA Institute is a global not-for-profit association of investment professionals with the mission of leading the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.

As of June 30, 2021, more than 1,800 firms globally claim compliance with the GIPS standards, with a majority of these firms (≈75%) coming from the United States. Each of these firms will therefore need to reconcile their current policies for complying with the GIPS standards to the new SEC Marketing Rule.

Five Significant Impacts of the SEC Marketing Rule on GIPS Compliant Firms

If your firm claims compliance with the GIPS standards, the first step for complying with the amended Rule 206(4)-(1) (the “Marketing Rule”) is to give yourself a pat on the back. GIPS compliant firms should already have established robust policies for related account performance and should be well-positioned to readily comply with the new rules taking effect in November 2022. That said, a GIPS compliant firm’s work to digest the impacts of the new rule on its performance presentation practices does not end there. Five significant performance-related considerations associated with the Marketing Rule are: 1) Calculation of net of fee performance; 2) How the firm uses GIPS Reports; 3) Related performance/representative account performance; 4) Timeliness of GIPS Report updates; and 5) Performance time periods.

How the New Marketing Rule will Affect Private Fund Advisers

On December 22, 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Rules 206(4)-1 (the “Advertising Rule”) and 206(4)-3 (the “Cash Solicitation Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”), and combined them into a single rule as amended Rule 206(4)-1 (the “Marketing Rule”). This new rule became effective on May 4, 2021 and the SEC has provided an 18-month transition period by which advisers must comply; the compliance date for the Marketing Rule is November 4, 2022. For any type of adviser, this is a significant rulemaking as it modernizes the regulatory regime governing adviser marketing practices and in a number of respects revises the standards advisers have been operating under for decades. But for private fund advisers especially, this rulemaking is a paradigm shift for two reasons.

Sample Resources to Guide Your Firm in Preparing for the New Marketing Rule:

The following materials were provided by members of the NSCP Publications Committee for NSCP members to use and adopt to fit their firm’s specific needs:

  1. Sample Policies and Procedures
  2. Sample Training Materials
  3. Sample Checklist for Testimonials and Endorsements
  4. Other helpful resources are also available on the Forum page for the new Marketing Rule Working Group, including information regarding NSCP’s meeting with the SEC on October 8th (right before the National Conference!)
  5. Prior Currents publications, including The SEC Marketing Rule: 14 Things to Know and Choices to Make which contains case studies meant to provide insights into the practical application of the new Marketing Rule


Benefits of Attending the NSCP National Conference

Need a Break from the Daily Grind? Get Re-energized and Inspired at the NSCP National Conference!

  1. Hear directly from the regulators
  2. Expand your knowledge and find practical solutions
  3. Sharpen and apply your skills in interactive lab sessions
  4. Exchange thoughts and best practices in talk group sessions
  5. Learn about the newest compliance solutions and tools in our exhibit hall
  6. Build your network – meet experts, make new friends and find potential mentors

The NSCP National Conference provides unique learning, networking, and community building opportunities that you can’t find anywhere else.  We can’t wait to see you there!


Take a Sneak Peek into the NSCP National Conference!

Take a Sneak Peek into the NSCP National Conference with our Special Edition of NSCP Currents!

  • Conference speakers provide insight into their session content.
  • Learn more about activities in National Harbor.
  • Get the most out of your conference experience!

The Securities Compliance Podcast: Compliance in Context Presents the Regulation Best Interest Master Class Mini-series

Don’t Miss Out on this NSCP EXCLUSIVE!

The Securities Compliance Podcast: Compliance in Context has launched its Master Class Mini-series!

Host Patrick Hayes (Senior Counsel, Calfee), and his special guests have performed a can’t miss review of the seminal rulemaking you must hear!

The Reg BI Master Class Mini-series is designed for listeners of all backgrounds and experience types. Whether you’re a new compliance professional interested in gaining a greater understanding of the technical components of the rule, or a seasoned veteran looking to identify the finer points and subtle nuance seen in the practical application of the rule, this is the class for you.

This Five Part Mini-series includes:

  • Episode 1 (Intro | Disclosure Obligation):
    Ben Marzouk, Counsel, Eversheds Sutherland + Elizabeth Hansen, SVP and CCO, Waddell & Reed
  • Episode 2 (Care Obligation):
    Issa Hanna, Counsel, Eversheds Sutherland + Jane Riley, CCO, The Leaders Group
  • Episode 3 (Conflicts of Interest Obligation):
    Miriam Lefkowitz, Principal, Miriam Lefkowitz, LLC + Rob Saperstein, Global Head of Compliance, Guggenheim Partners
  • Episode 4 (Compliance Obligation):
    Richard Kerr, Partner, K&L Gates + Alice Palmer, RPS Chief Counsel, Lincoln Financial Group
  • Episode 5 (Exam Preparedness):
    Tom Selman, Founder, Scopus Financial Group + Nick Losurdo, Partner, Goodwin Procter + Jeannie Lewis, Senior Compliance Counsel, William Blair

Not a member? Join NSCP now to access this exclusive content!

Join us at the 2021 NSCP National Conference

Do you need:Community? Motivation? Inspiration? New Perspective? We’ve got it all! NSCP National Conference November 8-10

We have all experienced burn-out from online communication. It’s time for rejuvenation, smiles, laughter and much needed in-person interaction. Join us at the NSCP National Conference! We can’t wait to see you…

Don’t Miss the Special Edition of NSCP Currents!

An entire issue dedicated to the New SEC Marketing Rule available exclusively to NSCP Members this September!

Not a member? Join today to get access to this exclusive issue.