Cliff Kirsch, a member of Sutherland’s Financial Services Practice Group, conducts a comprehensive securities regulatory and compliance practice with a particular focus on broker-dealer and investment adviser matters. He regularly advises clients on issues raised in connection with the design and distribution of a broad range of investment products including wrap-fee programs and other advisory products, mutual funds and insurance products. In addition, Cliff focuses on issues related to the design and implementation of corporate compliance programs at financial services firms, advising on privacy and information security, anti-money laundering, assessment of compliance risks and related maters.
Before joining Sutherland, Cliff served more than 10 years as Chief Legal Officer for Prudential Financial’s Pruco Securities, a dually registered broker-dealer and investment adviser. In that capacity, he was responsible for advising on a wide range of broker-dealer and adviser matters.
Cliff began his legal career at the U.S. Securities and Exchange Commission (SEC), reaching the position of Assistant Director of the Division of Investment Management and Chief of the Office of Insurance Products. Cliff’s tenure at the SEC spanned nearly 10 years, during which time he received the Manuel F. Cohen Younger Lawyer Award.
Cliff is author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (both published by the Practising Law Institute). He appears regularly on industry and legal panels including serving as chair of ALI-ABA’s Investment Adviser Regulation and PLI’s course on broker-dealer regulation.
PROFESSIONAL AND COMMUNITY INVOLVEMENT
- Former Chair, Federal Industry Regulatory Authority’s (FINRA) Variable Products Committee
- Former Board Member, National Society of Compliance Professionals
RECENT PUBLICATIONS AND SPEAKING ENGAGEMENTS
- Co-author, "The Resurgence of Collective Investment Trusts," Law360 (June 15, 2010)
- Co-author, “FINRA’s Take On Internal Communications,” Securities Law360 (February 18, 2010)
- Co-author, “Post-Madoff: What to Expect from the Regulators,” On Wall Street (May 1, 2009)
- Author, “The Madoff scandal: practical compliance considerations for advisers,” Complinet (January 15, 2009)
- Co-author, “For The New Year, Proposed Resolutions For FINRA,” Investment News (January 11, 2009)
- Co-author, “Getting credit from FINRA for extraordinary cooperation: what does it all mean?” Complinet (December 17, 2008)
- Co-author, “August Independent Broker-Dealer Regulatory Round-Up” (August 2007)
- Co-author, “Independent Broker-Dealer Regulatory Round Up” (May 10, 2007)
- Co-author, “Tips for the Newlywed Regulators,” The National Law Journal (March 12, 2007)
- Co-author, “Practical Pointers for Regulatory Examinations,” Investment News (August 21, 2006)
- Author, “Variable Annuities and Variable Life Insurance Regulation Treatise,” Practising Law Institute (2005)
- Author, “Broker-Dealer Regulation Treatise,” Practising Law Institute (2004)
- Author, “Investment Adviser Regulation Treatise,” Practising Law Institute (1996, updated annually)
- Chair, PLI Fundamentals of Investment Adviser Regulation 2010 (July 16, 2010)
- Chair, PLI Fundamentals of Broker-Dealer Regulation (June 28, 2010)
- Co-chair, PLI Nuts and Bolts of Financial Products 2010 (February 22–23, 2010)
- Chair, ALI-ABA Webinar: The Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation (October 8–9, 2009)
- Chair, ALI-ABA Webinar: Investment Advisers: The Changing Regulatory Landscape (September 21, 2009)
- Speaker, “The Pattern of Regulation,” PLI’s Fundamentals of Mutual Funds 2010 Seminar (June 9, 2010)
- Speaker, “Advertising Regulation Updates,” 2010 Financial Industry Regulatory Authority (FINRA) Annual Conference (May 26–28, 2010)
- Speaker, “Proposed Uniform Standard of Conduct for Broker-Dealers and Advisers—Practical Implications for Insurance Company Products,” 2010 Association of Life Insurance Counsel (ALIC) Annual Meeting (May 22–25, 2010)
- Speaker, Social Networking Compliance: What it takes to be Linked In (April 29, 2010)
- Speaker, Webinar: Real Estate Funds and Alternative Investments: Impact of Recent FINRA Developments (March 25, 2010)
- Speaker, Financial Advisor Webinar: A Look Inside the Obama Plan for Regulatory Restructuring (July 29, 2009)
- Speaker, Broker-Dealer Webinar: A Look Inside the Obama Plan for Regulatory Restructuring (July 22, 2009)
- Chair and Speaker, PLI's Fundamentals of Investment Adviser Regulation 2009 (July 17, 2009)
- Chair and Speaker, PLI's Fundamentals of Broker-Dealer Regulation 2009 (June 29, 2009)
- Roundtable leader, Hedge Fund Roundtable (June 11, 2009)
- Presenter, PLI's ABCs of Mutual Funds (June 10, 2009)
- Speaker, “Suitability Regulation and Challenges in a Volatile Market,” NAVA Government & Regulatory Affairs Conference (June 7-9, 2009)
- Co-chair, PLI: Nuts and Bolts of Financial Products (February 23-24, 2009)
- Speaker, “Regulatory & Legislative Hot Topics for RIAs: What to expect in the coming year,” OneVoice 2009: FSI Broker-Dealer Conference (January 28-30, 2009)
- Speaker, ALI-ABA Investment Adviser Regulation Course (January 15–16, 2009)
- Panelist, Investment Adviser Roundtable: 2009 Industry and Regulatory Outlook (January 14, 2009)
- Speaker, Investment Advisor Webinar: “The Bailout and Advisors: The View from Washington” (October 8, 2008)
- Speaker, FINRA/SEC Compliance and Enforcement: The Changing Broker-Dealer and Adviser Regulatory Landscape–Staying Ahead of the Curve (September 18–19, 2008)
- Speaker, PLI: The ABCs of Mutual Funds 2008 (June 11, 2008)
- Speaker, PLI: The ABCs of Investment Adviser Regulation 2008 (May 9, 2008)
- Speaker, PLI: The ABCs of Broker-Dealer Regulation 2008 (May 8, 2008)
- Speaker, Independent Broker-Dealer Regulatory Forum (April 16, 2008)
- Speaker, PLI: Nuts & Bolts of Financial Products 2008: Understanding the Evolving World of Capital Market and Investment Management Products (February 25–26, 2008)
- Speaker, FSI Web Conference: “Variable Annuity Sales Practices—An Examination of NASD Rule 2821” (June 13, 2007)
- Speaker, PLI: The ABCs of Broker/Dealer Regulation 2007 (May 10, 2007)
- Speaker, West Legalworks: Critical Strategies for Investment Management Professionals Selling Investment (April 26, 2007)
- Speaker, CLE: Nuts & Bolts of Financial Products 2007: Understanding the Evolving World of Capital Market and Investment Management Products (February 26–27, 2007)
- Speaker, ALI-ABA Course of Study: Investment Adviser Regulation (January 26, 2007)
- Speaker, ALI-ABA Investment Management Regulation Conference (November 30–December 1, 2006)
- Speaker, ABCs of Investment Adviser Regulation (November 17, 2006)
- Speaker, ALI-ABA Life Insurance Company Products Conference (November 16–17, 2006)
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