Today, we offer our “Friday List,” an occasional feature summarizing a topic significant to investment management professionals interested in regulatory issues. Our Friday Lists are an expanded “Our Take” on a particular subject, offering our unique (and sometimes controversial) perspective on an industry topic.
As we approach the end of the year, we can reflect on what we learned at the panoply of investment management conferences we attended since June. CCS professionals attended most of the major industry conferences and compared notes. As we talked, we concluded that some of the same themes arose from the conferences’ agendas and speakers. We thought our clients and friends might benefit from our meta-observations.
10 Things We Learned During the Fall 2019 Investment Management Conferences
- Proxy Voting. Nobody is exactly sure how to supervise proxy voting firms.
- Cybersecurity. The authorities are warning about targeted cybersecurity attacks, not just generalized cyber threats.
- RIA Advertising. Everybody likes the new RIA advertising rule, but many are concerned about heightened enforcement.
- Expense Transparency. The Investment Management Division is focused on fee and expense transparency especially as advertised fund expenses approach zero.
- Portfolio Management. OCIE will investigate whether portfolio management practices deviate from disclosures made to clients and investors.
- Custody. Private fund firms still do not comply with the custody rule either because they fail to delivery financials on time or because they fail to engage a PCAOB firm.
- Form CRS. Everybody is trying to make Form CRS as marketing-friendly as possible while including all required information.
- AML. There is over-reliance on clearing firms to perform anti-money laundering surveillance.
- Technology. Technology firms are selling a variety of solutions to automate advisers’ back and middle offices.
- ETFs. Industry players expect a proliferation of active ETF products in the wake of the proposed rule.