Electronic Disclosure: SEC Regulations and the Form CRS Business Case
The recent pressures of the COVID-19 pandemic, combined with growing investor demand for digital communication, have caused financial industry participants to advocate that the SEC shift the default delivery framework for investor communications from paper delivery to electronic delivery.
Although the SEC has yet to make that shift, the agency nevertheless permits broker-dealers and investment advisers to send investor communications electronically. Before deciding to go digital, firms must understand the SEC’s specific requirements for communicating electronically with clients. In this webinar, Thompson Hine LLP and InvestorCOM will discuss:
- The principal factors used by the SEC to determine whether a particular method of electronic delivery is sufficient,
- How advisers and brokers may use electronic means to meet their regulatory obligations to deliver information to clients, and
- The core benefits of adopting a digital delivery mechanism, focusing on the recently adopted Form CRS (Client Relationship Summary) as a case study.
Meet Your Speakers
Craig A. Foster, Counsel, Thompson Hine LLP
Craig regularly assists registered investment advisers with all aspects of their operations, including formation, registration, licensing, disclosure, privacy, client contracts, employee agreements, compliance programs and website and advertising review. In addition, Craig frequently helps advisers navigate and respond to regulatory examinations and conduct annual compliance reviews.
Craig also advises investment company clients on a regular basis. Craig has substantial experience in organizing and launching funds, drafting prospectuses and service provider agreements, advising fund boards, seeking exemptive relief, responding to inquiries from regulators, and coordinating with fund service providers. Craig has also helped many funds prepare and deliver proxy materials to shareholders and has assisted in the successful completion of a number of fund reorganizations.
In addition to investment company clients, Craig has significant experience in helping private investments funds prepare offering documents and comply with federal and state registration exemptions.
In addition, Craig, who has earned the International Association of Privacy Professionals (IAPP) Certified Information Privacy Professional/United States (CIPP/US) credential, counsels investment management and other clients on compliance with state, federal, and international laws governing information privacy and security.
Joshua J. Hinderliter, Associate, Thompson Hine LLP
Joshua is an associate in the Corporate Transactions & Securities practice. He advises clients in the investment management and financial services industry with a concentration on regulatory and compliance matters.
Joshua regularly advises registered investment companies (including mutual funds, exchange-traded funds (ETFs) and closed-end funds), their investment advisers, and their boards of directors on a wide range of regulatory and corporate matters, such as the development and launch of new funds, regulatory compliance, fund governance, and fund reorganizations and acquisitions. He also regularly represents clients’ interests in interactions with the staff of the U.S. Securities and Exchange Commission (SEC).
Joshua’s experience with ETFs includes obtaining SEC exemptive relief, the organization and launch of new ETF complexes, and advising on a wide range of operational and compliance issues unique to ETFs.
In addition to representing investment companies, Joshua assists clients with forming and registering broker-dealer entities with the Financial Industry Regulatory Authority (FINRA) as well as offering ongoing compliance advice to broker-dealers. He also assists registered investment advisers with formation, registration, and ongoing regulatory compliance matters.
David Reeve, CEO, InvestorCOM
David has spent his career delivering high-impact technology solutions to the financial services sector. At IBM, he worked with leading global FIs on technology and outsourcing strategies, driving efficiencies and competitive advantage. David founded InvestorCOM to focus on delivering high value, intuitive solutions that eliminate compliance risk for wealth management. In addition to leading InvestorCOM, David chairs Outward Bound Canada and is a past board member of Pathways to Education and YPO.
Parham Nasseri, VP Regulatory Strategy, InvestorCOM
Parham Nasseri has over a decade of wealth management and regulatory experience. He is the Chair of the Canadian Advocacy Council of CFA Societies Canada and previously held roles at the Ombudsman for Banking Services & Investments and the Brattle Group. Mr. Nasseri holds a CFA Charter and an MBA from Schulich School of Business.