Current Trading Issues for Advisers, presented at Ascendant Compliance Conference, Naples, Florida

April 10, 2013

Morgan Lewis Partner Steven W. Stone presented on the "Trading" panel at the Adviser Compliance Conference from April 8–10, 2013.

In the preceding days of the Investment Advisers and Investment Company Acts of 1940, few areas received as much rule-making as trading.  Together with fiduciary duty concepts surrounding best execution and trading, our mock firm has challenges across public equity, private equity, fixed income and retail investor platforms.  This panel will help mock SEC examiners understand the advisers' business and compliance evaluations in a data world.

Topics of discussion included:

  • Bedrock Requirements: Principal and Cross Trades (across client accounts and private funds). Identifying, evaluating and managing.
  • Fair Allocation Considerations, Other Conflicts
  • Measuring (Best) Execution, Soft Dollars, CSAs
  • Directed Brokerage and Retail Programs
  • Sales of Private Securities:  Does This Firm Need Brokerage Representatives?