Ask the Experts: SEC’s New Advertising Rule and FINRA Marketing Developments: Compliance Considerations

Date: Tuesday, November 09, 2021
Time: 3:00 pm - 3:45 pm

Join FSI Sponsor Law Firm, Eversheds Sutherland, for this timely webinar with key SEC and FINRA staff on the much anticipated new advertising and The SEC issued a sweeping new marketing rule under the Advisers Act on December 22, 2020, The new rule replaces both the prior Advertising Rule and Cash Solicitation Rule with a single rule that is intended to modernize the requirements governing advertising, endorsement and referral activity.

Firms are now working to understand and operationalize the new obligations imposed by the rule in advance of the November 4, 2022 compliance date. Join our partner, Eversheds Sutherland as they host this timely webinar with key SEC and FINRA staff and various legal and compliance professionals from FSI member firms. The webcast will unpack the new rule and discuss practical compliance considerations as FSI member firms begin to operationalize new requirements regarding oversight, recordkeeping and disclosure. The Webcast will also discuss the intersection of the new rule with FINRA requirements and other FINRA marketing-related issues.

Speakers

Clifford Kirsch

Partner
Eversheds Sutherland (US) LLP

A seasoned securities lawyer with more than 25 years of regulatory, corporate counsel and private practice experience, Clifford Kirsch focuses his practice on investment management, where he regularly counsels clients on the comprehensive regulations governing advisers and broker-dealers, bank fiduciaries, pooled investment vehicles (including mutual funds, managed advisory accounts, bank collective investment funds, and retirement and insurance investment products), and the retirement marketplace.

Cliff advises many of the most prominent US dual-registrants (entities that are registered as both advisers and broker-dealers) with respect to the sale and distribution of investment products, compliance and supervisory procedures, and sales practice issues. A former chief legal officer for one of the country’s largest dually registered broker-dealer/advisers, Cliff routinely guides clients through US Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and state securities departments in connection with regulatory and examination matters. Cliff also works regularly with the preeminent securities, retirement and insurance industry trade associations, and serves as policy counsel to the Financial Services Institute (FSI), which is the industry trade association for independent broker-dealers.

Cliff began his career at the SEC, rising to the position of Assistant Director at the agency’s Division of Investment Management. His extensive experience and in-depth knowledge allows him to effectively advise clients, and he is a sought-after speaker and thought leader with respect to current regulatory issues. Author and editor of two of the leading treatises in the broker-dealer and adviser arena, Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute), Cliff also serves as editor of the Practising Law Institute’s blog, BD/IA: Regulation in Focus, which provides legal perspectives on current regulatory developments for broker-dealers and investment advisers.

In addition to his work at Eversheds Sutherland, Cliff is heavily involved in the community. In 2012, he co-founded the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.

Bria M. Adams

Associate
Eversheds Sutherland (US) LLP

Bria Adams advises investment advisers, broker-dealers, insurance companies and corporations on investment management and variable insurance product regulatory matters, including product development, reporting and compliance.

She also counsels clients on other related issues arising under the federal securities laws, and on regulatory and transactional matters such as public and private offerings.

Before joining Eversheds Sutherland, Bria participated in the firm’s 2015 Summer Associate program. Prior to beginning law school, Bria was a registered representative with a major investment company, where she provided investment guidance to clients on mutual funds. While employed there, Bria held the following securities licenses: Series 6, 7 and 63.

During law school, Bria interned with the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC).

Melissa Harke

Senior Special Counsel
SEC

Melissa Roverts Harke is a Senior Special Counsel in the Investment Adviser Regulation Office in the SEC’s Division of Investment Management. Her office is responsible for investment adviser rulemaking and guidance. Since joining the SEC she has been heavily involved with several rulemakings, including the adoption and implementation of various rules under the Advisers Act, such as the marketing rule; the custody rule; registration and reporting rules, including Form ADV; and the pay to play rule. Prior to joining the SEC, Melissa was an Associate in the Investment Management Group of the Washington, D.C. office of K&L Gates. She received her undergraduate degree from Bucknell University and her law degree, with honors, from American University.

Amy C. Sochard

Vice President, Advertising Regulation Department
FINRA

Amy C. Sochard is the Vice President of FINRA’s Advertising Regulation Department. The department helps protect investors by ensuring members of FINRA use communications including social media, digital advertising and other marketing material that are fair, balanced, and not misleading.

Amy oversees the department’s regulatory review programs and business operations, including the development of technology to facilitate the review of communications. Amy provides expertise and policy guidance to other FINRA departments concerning FINRA, SEC, MSRB and SIPC rules pertaining to communications with the public. She also oversees the development of new rules, published guidance, and interpretations regarding communications, and she routinely speaks at industry events on these topics.

Prior to joining FINRA, Amy worked with a real estate syndication firm in Washington, DC. She received a bachelor’s degree with distinction in English from the University of Virginia and studied poetry writing at Columbia University.

Julie Sullivan

SVP, Group Chief Compliance Officer
The Strategic Financial Alliance