Cliff Kirsch is a member of Sutherland’s Financial Services Practice Group, practicing in the areas of securities regulation and compliance with a particular focus on broker-dealer and investment adviser regulatory compliance 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, bank collective investment 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 matters.
Before joining Sutherland, Cliff served as Chief Legal Officer of one of the largest dually-registered broker-dealers and investment advisers as well as Assistant Director of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management. This unique background, coupled with his role in connection with various Financial Industry Regulatory Authority (FINRA) committees and working groups, allows him to provide a unique and practical perspective when advising clients.
Cliff is the 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 that discuss broker-dealer and adviser matters and serves as chair of ALI-ABA’s course on Investment Adviser Regulation and PLI’s courses on Broker-Dealer and Investment Adviser Regulation.
PROFESSIONAL AND COMMUNITY INVOLVEMENT
- Member, New York City Bar Association
- Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania
- Former Chair, FINRA Variable Products Committee
- Former Board Member, National Society of Compliance Professionals
RECENT PUBLICATIONS AND SPEAKING ENGAGEMENTS
- Co-author, “Understanding FINRA’s Suitability Rules: Possible Enforcement Actions,” On Wall Street (July 11, 2012)
- Co-author, “Understanding FINRA’s New Rules: Knowing-Your-Customer and Practical Considerations on Suitability,” On Wall Street (July 10, 2012)
- Co-author, “Ready or Not, Here Comes FINRA’s New Rules on Suitability,” On Wall Street (July 9, 2012)
- Co-author, “Getting to Know You: Getting to Know All about FINRA’s New Suitability & Know-Your-Customer Rules,” The Wall Street Lawyer (April 2012)
- Co-author, “SEC Revamps Investment Adviser Regulatory Scheme as Mandated by the Dodd-Frank Act,” TerraLex Connections (August 30, 2011)
- Co-author, "Supervising Reps' Outside Activities," Compliance Reporter (February 7, 2011)
- Co-author, “FINRA Restricts Internal Use Only Rules Through Enforcement Actions,” Market Solutions, Financial Markets Association (October 2010)
- 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)
- 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)
- Speaker, “The Customer Relationship,” “Broker-Dealer Registration and FINRA Membership,” “Supervision and Compliance Programs (Legal Ethics)” PLI’s Fundamentals of Broker-Dealer Regulation 2013 (June 24, 2013)
- Speaker, “Municipal Securities Activity by Broker-Dealers and Advisors 2013,” Practicing Law Institute (May 31, 2013)
- Speaker, PLI Conference: Broker-Dealer and Adviser Regulatory Compliance Forum 2013 (February 20, 2013)
- Panelist, “Variable Insurance Products: Common Advertising, Suitability and Sales Practice Issues,” FINRA Advertising Regulation Conference (October 25, 2012)
- Speaker, “BD- Enforcement Issues,” National Society of Compliance Professionals (October 24, 2012)
- Speaker, “Fundamental of Mutual Funds and Exchange-Traded Funds Regulation 2012,” Practising Law Institute (June 6, 2012)
- Speaker, “Risk: How to Serve the Growing Needs of Clients and Advisors While Managing Organizational Risk,” One Voice 2012: FSI Broker-Dealer Conference (January 23-25, 2012)
- Speaker, “CLO/CCO Liability as Supervisors” Seminar (June 10, 2011)
- Speaker, SEC Examinations of Investment Advisers – Are You Ready? Seminar (July 13, 2010)
- 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)
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