Morgan Lewis partners Steven Stone and Andrew Donohue presented at the IMCA 2012 Annual Conference in National Harbor, MD (outside Washington, DC).
The rapid pace of regulatory change in the investment management area will continue throughout 2012 and significantly impact the business models for those providing investment management services to retail clientele. This panel discussed current regulatory initiatives of the SEC (and other regulators), including proposed rulemaking establishing a "fiduciary" standard of care for broker-dealers, proposals to establish a self-regulatory organization with oversight responsibilities for investment advisers, and SEC enforcement trends and current areas of focus. The session also focused on the "top 10" areas for regulatory and business risk. The panelists offered their views on how these regulatory forces and developments may drive the continuing evolution of the investment management businesses.