Our Investment Adviser Practice
Stradley Ronon’s nationally recognized investment management practice has counseled investment advisers for more than 90 years on all legal aspects of their business. We regularly counsel investment advisers on legal, compliance and regulatory matters arising under the Investment Advisers Act of 1940 and other federal and state securities laws, the Commodity Exchange Act, federal and state privacy laws, ERISA, and other applicable laws and regulations. We also provide advice on corporate, tax, employment, litigation, mergers and acquisitions, and other related matters.
Our Investment Adviser Clients
We represent investment advisers of all sizes, from small, fast-growing startups to some of the largest investment advisers in the world. Our clients engage in a diverse range of advisory businesses, including overseeing separately managed accounts, wrap programs, registered investment companies, private funds, commodity pools and other types of pooled and nonpooled investment vehicles. We advise clients that have varied structures and affiliations, including independent investment advisers, advisers dually registered as broker-dealers or commodity trading advisers, investment advisers affiliated with banks and/or insurance companies, and non-U.S. investment advisers.
OUR DIVERSE CAPABILITIES
We routinely handle a wide variety of issues, including:
Substantive Regulatory Matters
- Investment adviser and CPO/CTA status determinations
- Identifying and managing fiduciary duties and conflicts of interest
- Portfolio trading issues, cross-trading practices, best execution and soft dollars
- Personal securities trading issues, codes of ethics and insider trading policies
- Books and records requirements
- Custody issues
- Marketing, advertising and distribution issues
- Electronic delivery issues, e-commerce and social media compliance
- ERISA issues
- Pay-to-play issues
- Privacy and cybersecurity
Transactional Matters
- Mergers and acquisitions and lift-outs
- Advisory and sub-advisory contracts
- Referral arrangements Personnel
- Employment agreements
- Buy-sell agreements, stock option and other revenue sharing agreements
- Cross-border sharing of personnel
Compliance Matters
- Policies and procedures under the Advisers Act, Commodity Exchange Act and National Futures Association rules
- Compliance reviews and mock examinations
- Assisting with routine examinations
- Responding to SEC staff examination letters and other nonenforcement related inquiries
Internal Investigations, Enforcement & Litigation
- Conducting internal investigations, including whistleblower initiated investigations
- Representing advisers and their personnel in SEC, DOJ, FINRA and state regulatory examinations, investigations and actions
- Advising on attorney-client privilege and electronic communications and discovery
- Handling litigation involving state and federal securities laws, and regulations of the SEC and private regulatory bodies
Regulatory Filings
- SEC Form ADV, Form PF and Sections 13 and 16 filings
- SEC municipal advisor and MSRB registration and municipal-related reporting
- CFTC and NFA registration and reporting
- State registration and notice filings