Investment Adviser Regulation, Interview with Gerald Lins

February 14, 2011

Gerald Lins was in Eagan on Friday to discuss the 2011 edition of his treatise, Regulation of Investment Advisers.  Mr. Lins is General Counsel of ING Investment Management Americas and was staff attorney in the Office of Chief Counsel of the SEC Division of Investment Management, where he dealt extensively with the regulation of investment advisers and investment companies under the federal securities laws. We had an opportunity to talk with Mr. Lins about the changing  regulatory environment and key resources for researchers.  Here are a few excerpts:

Definition: What’s an investment adviser?


Recent Changes


Resources / New Regulations


Structure and Future of Regulation



Regulation of Investment Advisors, Thomas P. Lemke and Gerald T. Lins on WL: SECREGINA

Tip from Mr. Lins: Remember “Other Regulators” like the Department of Labor: try, ti,pr(“department of labor”)

Latest Changes to Form ADV: try, ti,pr(adv)

Dodd-Frank Act, PL 111-203 (Approx. 700 pages on WL)

SEC’s “913” Study on Investment Advisers (28 page – pdf) required by Dodd-Frank.

SEC Commissioner Elisse Walter’s statement on the 913 study (8 pages on Scribd):

I appreciate the mandate and opportunity that Congress has provided for us to evaluate thoroughly the Commission’s examination and enforcement resources allocated to investment advisers, especially given the inadequate resources, troubling trends, and obvious need for improvement in this area…That said, I am quite disappointed with the result.  Although I voted to release the study, for the first time in my tenure as a Commissioner, I feel that it is necessary for me to writes eparately in order to clarify and emphasize certain facts, and ensure that Congress knows that the current resource problem is severe…

Search Westlaw News and Insight for “investment adviser.” See especially, SEC issues study on investment adviser oversight and Analysis: SEC fiduciary report leaves Wall Street in the dark.

Additional References mentioned by Mr. Lins:

Securities Releases: FSEC-RELS

No Action Letters: FSEC-NAL

Financial Crisis Inquiry Commission

Quick Access to Investment Advisor Act and Rules: From the Securities Practitioner Tab, find the Table of Contents drop-down menu.  Select Investment Advisers Act or Investment Adviser Rules.