Today's Compliance Challenges:

New Regulations plus Enterprise Risk Management Responsibilities

Join Ascendant Compliance Management and industry leading experts in a comprehensive dialogue of the compliance obligations of registered investment advisers. The implementation of Dodd-Frank, the SEC's additional rule making response to financial fraud, and the focus on enterprise risk management (ERM) present investment managers with new and greater challenges each day. Find the most effective resources to help you cultivate a culture of compliance at your firm.  Come to San Antonio March 5 - 7, 2012.

SEC Examinations will focus on all aspects of your investment management firm. Regulatory compliance and enterprise risk management will be under the microscope each time the SEC's new expert examiners arrive at your office. Senior compliance professionals must be prepared to demonstrate a firm's strong controls, business practices and operations to meet the SEC's focus on enterprise risk management. Ascendant's agenda provides focus on today's top challenges and organizes your solutions.

Monday, March 5

8:15 - 9:00

PRE-CONFERENCE REGISTRATION

9:00 - 12:00

THE FUNDAMENTALS OF COMPLIANCE

Before the main conference sessions, ground yourself in the Fundamentals of Compliance. What are the rules? Supervision, custody, proxy voting, marketing and advertising, and more. We'll discuss the Compliance Program Rule and why the conference hot topic will be Enterprise Risk Management. Our conference roundtables will provide additional peer interaction on knowing the Advisers Act, its rules and other rules and regulations that you need to know. Whether you are a new compliance officer or a seasoned professional, an understanding of the design and purpose of the IA Act, IC Act and Securities Exchange Act helps with the bigger picture. Attendees at Ascendant's sessions express the need and benefits of this generalist session and express a new understanding of the regulation of investment advisers and dual registrants after attending.

• Registration Requirements

• The Annual Compliance Program Review

• Prohibited Transactions by IAs

• Books and Records and Examination Authority

• Dodd-Frank Changes

• The Prevention of Misuse of Nonpublic Information

9:00 - 11:00

PRIVATE FUND WORKING GROUP ON FORM PF

Form PF is being implemented as you read this. As proposed by the SEC, every registered adviser to a private fund will be required to file Form PF. Form PF implements a Dodd-Frank requirement for the gathering of data regarding private funds for the purpose of systemic risk analysis by the Financial Stability Oversight Council. Form PF is a lengthy reporting document consisting of information about a private fund's assets, use of leverage, counterparty credit risk exposure, and trading and investment positions. This pre-conference workshop will analyze the adopted rule that will impact every adviser to a private fund relying on 3(c)(1) or 3(c)(7).

• Form PF Filing Requirements

• Details of the Rule

• Filing Deadlines (frequency dependent on total assets)

• Insight on Responding

• Keys to Obtaining the Necessary Resources

10:15 - 10:30 

REFRESHMENTS

12:00 - 1:00 

MAIN CONFERENCE REGISTRATION

1:00 - 1:10

INTRODUCTION TO CONFERENCE

1:15 - 3:00

OPENING SESSION

WASHINGTON DC THOUGHT LEADERS

Regulatory changes and attitudes (approaches) continue to react to financial crises, fraud, and SEC budgetary pressures. Ascendant's panel of thought leaders espouses on the continued reaction but also, and equally importantly, points our way forward. Industry experts provide their clearest thoughts in their own open format panel discussion group. Our last Washington DC panel had the entire group laughing and crying about securities regulations and compliance.

• SEC Rules and Studies

• Review of Self-Regulatory Organization Status

• Will regulations Go This Way or That Way?

• OCIE's New National Examination Manual (expected soon)

3:00 - 3:20

REFRESHMENTS

3:20 - 4:25

THE NEW FORM ADV

Substantially more information about advisers is being made public and available to regulators on a real-time basis. Form ADV Part 2's publication of the IAPD (SEC website) makes more information about comparable advisers available to the public. New Part 1 changes make the information gathering more protracted and detailed. Be sure that you are prepared for all of the details (cross t's and dot i's).

• Extensive Part 1 Changes for the 2012 Annual Amendment

• Are Your Disclosure Changes "Material"?

• Handling Material Part 2 Disclosure Changes

• Part 2 Best Approaches and Answers

• The SEC's Coordinated Review of Form ADV Part 2 Submissions

• Will Firm's Needing Improvement Be More Likely to Be Examined?

4:30 - 5:30

RECENT ENFORCEMENT ACTIONS AGAINST ADVISERS AND CCO'S

How many enforecement actions are there? And what do they mean to all other advisers? Are Compliance Officers increasingly at risk? This panel will review enforcement actions to help you review your firm's risks.

• From Ponzi Schemes to Ineffective P&P

• Indications of New and/or Necessary P&P Additions or Modifications for Your Firm

• The Role of the Compliance Professional

• Actions Against CCO's: CCO Liability

• New SEC Enforcement Authority Under Dodd-Frank (inc. Collateral Bars)

5:30 - 7:30

WELCOMING RECEPTION & EXHIBITOR SHOWCASE

6:45 - 8:00

GROUP MEETINGS AND PEER DISCUSSIONS

Special meetings will be engineered for similar firms and compliance officers with similar issues in areas like Form ADV disclosure. Special meetings for (1) private equity advisers to discuss unique issues, (2) newer compliance professionals to learn about the profession, and (3) more open formats. Ascendant consultants will lead the discussions but everyone will share their thoughts and ideas.

Tuesday, March 6

7:15 - 8:05 

BREAKFAST

8:05 - 8:15 

HOUSEKEEPING & INTRODUCTION TO KEYNOTE SPEAKER

8:15 - 9:00

KEYNOTE ADDRESS

Carlo di Florio, Director of the Office of Compliance and Examinations, Securities and Exchange Commission

9:05 - 10:20

COMPLIANCE MANAGEMENT OF THE INVESTMENT PROCESS

Faced with client/ investor and regulatory scrutiny, advisers must demonstrate their organizations' systematic methods for managing the investment process. The oversight of investment risk management, adherence to investment guidelines and restrictions, and effective operations remain business functions with compliance challenges. This panel will explore the SEC examination of these processes and the role of compliance management. What investment research records are being maintained at your firm and how?

• Compliance and Investment Management

• Resolving Guideline and Restrictions Breaches

• Investment Research Records: Maintaining records to Disprove Allegations of Insider Trading

• Creating Clarity

• Identifying, Addressing, and Resolving Conflicts

• Identifying Operational Issues with Greatest Impact

10:20 - 10:50

REFRESHMENTS

10:50 - 11:00 

COMPLIANCE OPERATIONS RESOURCE INTRODUCTIONS

11:00 - 12:10

PRIVACY RISK MANAGEMENT: INFORMATION SECURITY

Data security should be an area of strength for investment advisers. Hear about the considerations of Privacy Risk Management as they should be considered by compliance officers and company management.

• Security of PDAs, Tablets and other Mobile Devices

• State and Country Specific Data Protection Laws

• Inventorying Information

• The Massachusetts Model

• Outline of the Annual Privacy Program Review

12:10 - 1:10

LUNCHEON

1:10 - 1:20

COMPLIANCE & OPERATIONS RESOURCE INTRODUCTIONS

1:20 - 2:20

THE RESOURCES OF INVESTMENT ADVISERS AND THEIR COMPLIANCE PROGRAMS

If the SEC is becoming larger, smarter, more detailed and uncovering more problems, then what are the resources of the investment manager? Can you perform the necessary surveillance? Is it possible to balance the expectations of investors and the SEC with available resources? What is the definition of "reasonable"? How much is doing enough?

• A Look at Your Peers

• Are you a Medium Adviser? Large? Small?

• Independent Third Party Opinions

2:25 - 3:05

REAL PROCESSES FOR VENDOR SELECTION AND MANAGEMENT

Advisers use various vendors because outsourcing many functions make sense. Compliance Officers need to play an important role in vendor selection across operational and information systems. Concerned with data and information security, reputation, cost, failure and more costs, and more factors, the mission is to make the right decision first. This special presentation will provide an informed process to increase the odds of success.

• Evaluate Technical Systems for Compliance

• Keys to Vendor Selection

• Coordinate the Implementation Team and Make a Project Plan

• Track and Log Problems

• Due Diligence

3:05 - 3:30

REFRESHMENTS

3:30 - 5:30

ETHICAL DECISION MAKING PRESENTED BY CFA INSTITUTE

3:30 - 4:30

KEY FUND DOCUMENT COMPLIANCE CONCERNS (HEDGE AND PRIVATE EQUITY FUNDS)

• Linking ADV Disclosures and PPM Terms

• Offering Document Reviews Based on New Rules

• Subscription Documents and KYC/AML

• Side Letters, Side Pockets

• Fund Marketing: Controlling the Private Offering

THE NATURE OF EFFECTIVE SURVEILLANCE

• Identify and control risks.

• Fraud Detection 

• Monitoring Material Non-Public Information

• Supervisory Practices

• FINRA Standards as Guidance

4:30 - 5:30

PRINCIPLES OF SOUND FUND MANAGEMENT

• What Should Offshore Fund Managers Expect From Their Directors?

• Distinguishing Guidelines and Investment Breaches

• Handling Errors: Trade and Cash Flow Related

• Conflicts, Conflicts, Conflicts

• Representing Investors: Benefits of On Shore Advisory Committees

• Working with Administrators

6:00 - 8:30

RECEPTION AT LA VILLITA

Wednesday, March 7

7:15 - 8:15

BREAKFAST

8:15 - 8:30

HOUSEKEEPING AND COMPLIANCE & OPERATIONS RESOURCE INTRODUCTIONS

Day Three is the "Lightning Round of Compliance"

8:30 - 9:15

THE COMPLETE ENTERPRISE RISK MANAGEMENT

It's now time to put it all together into the bigger, overall enterprise risk management. The reality is that day two of the conference could not cover each total aspect of enterprise risk management. As the CCO, you are definitely in charge of compliance and regulatory risk but where that line is drawn with other business units might still be a little murky. This session opens your day with the actualities of enterprise risk management.

9:20 - 10:30

MARKETING AND SALES PROCESSES: KEYS TO COMPLIANCE OVERSIGHT

• Matching Marketing to Services

• The Overlap with Enterprise Risk Management

• Descriptions of Investment Management Controls and Processes

• Also, Are Our Salespersons Lobbyists? (CA, LA, Other Jurisdictions)

• The Sale of Private Funds

10:30 - 11:00

REFRESHMENTS

11:00 - 1:00

ASCENDANT ROUNDTABLES

If you are not too tired, our consultants and volunteering CCO presenters will stick around and roundtable some more ideas. The newest and hottest topics can be mulled over, and we'll put together more solutions. Call our CT offices now and ask for the current summary of new 2011 rules, plus coming deadlines for 2012. We'll keep you posted.

For example:

Books and Records Sure Have Changed

• So Many New Requirements: Form ADV, Pay-to-Play, Custody

• Lasting Effects of Compliance Programs and Code of Ethics Rules

• Surveillance and Testing Records

• Cloud Computing: Electronic Storage