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The regulation of wrap fee programs – Part II

Terrance J. O’Malley (Investment Management Group at LeBoeuf, Lamb, Greene & MacRae, LLP)
Kenneth E. Neikirk (Investment Management Group at LeBoeuf, Lamb, Greene & MacRae, LLP)

Journal of Investment Compliance

ISSN: 1528-5812

Publication date: 1 April 2002

Abstract

Part I of this series appeared in the Summer 2002 issue of The Journal of Investment Compliance. It addressed the regulation of wrap fee programs under the Investment Company Act of 1940 (“Investment Company Act”) and the requirements of Rule 3a‐4 thereunder, which must be met so that a wrap fee program is not deemed to be an investment company. Part I also discussed certain issues arising under the Investment Advisers Act of 1940 (“Advisers Act”), including how program sponsors and any third‐party portfolio managers generally are viewed as investment advisers and are subject to the Advisers Act. Part II discusses additional Advisers Act issues such as suitability, fees, and advertising. It also briefly reviews issues arising under the Securities Exchange Act of 1934 (“Exchange Act”) and the Employee Retirement Income Security Act of 1974 (“ERISA”). The information provided in Part II assumes that readers have some basic familiarity with Part I.

Keywords

Citation

O’Malley, T.J. and Neikirk, K.E. (2002), "The regulation of wrap fee programs – Part II", Journal of Investment Compliance, Vol. 3 No. 2, pp. 44-57. https://doi.org/10.1108/joic.2002.3.2.44

Publisher

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MCB UP Ltd

Copyright © 2002, MCB UP Limited