A seasoned securities lawyer with more than 25 years of regulatory, corporate counsel and private practice experience, Clifford Kirsch focuses his practice on investment management, where he regularly counsels clients on the comprehensive regulations governing advisers and broker-dealers, bank fiduciaries, pooled investment vehicles (including mutual funds, managed advisory accounts, bank collective investment funds, and retirement and insurance investment products), and the retirement marketplace.
Cliff advises many of the most prominent US dual-registrants (entities that are registered as both advisers and broker-dealers) with respect to the sale and distribution of investment products, compliance and supervisory procedures, and sales practice issues. A former chief legal officer for one of the country’s largest dually registered broker-dealer/advisers, Cliff routinely guides clients through US Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and state securities departments in connection with regulatory and examination matters. Cliff also works regularly with the preeminent securities, retirement and insurance industry trade associations, and serves as policy counsel to the Financial Services Institute (FSI), which is the industry trade association for independent broker-dealers.
Cliff began his career at the SEC, rising to the position of Assistant Director at the agency’s Division of Investment Management. His extensive experience and in-depth knowledge allows him to effectively advise clients, and he is a sought-after speaker and thought leader with respect to current regulatory issues. Author and editor of two of the leading treatises in the broker-dealer and adviser arena, Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute), Cliff also serves as editor of the Practising Law Institute’s blog, BD/IA: Regulation in Focus, which provides legal perspectives on current regulatory developments for broker-dealers and investment advisers.
In addition to his work at Eversheds Sutherland, Cliff is heavily involved in the community. In 2012, he co-founded the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.
Client Tools
•Coalition of Collective Investment Trusts
Selected Experience
Counseled a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.
Served as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.
Represented coalition of collective trust fund sponsors, advisers and other service providers.
Awards and Rankings
Recognized by The Legal 500 United States in the area of financial services: regulatory (2015-2019)
Recipient of the SEC’s Manual F. Cohen award for outstanding legal ability
Multimedia
Regulatory actions, government investigations and litigation in a post-coronavirus world: Part II - SEC and FINRA regulatory, examination, and enforcement priorities and processes (April 6, 2020)
Join us for the second webcast in a three-part series related to COVID-19 and its impact on the financial services industry. In this webcast, Eversheds Sutherland attorneys Cliff Kirsch, Brian Rubin ...
Quick call: Preparing for the 2020 ADV Season (March 12, 2020)
As we approach the filing date for the 2020 update season, advisers to private funds and BDCs are faced with a number of new regulatory requirements and related considerations as they prepare this ...
Advisers Act Regulatory Series: 2020 First Quarter Update (March 11, 2020)
Join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, John Walsh, Issa Hanna and Bria Adams and Eversheds Sutherland (International) attorney Hannah Jones for the latest in our ...
Videocast: Asset management regulation in 2020 videocast series - The annuity regulatory landscape (March 5, 2020)
The last few years have seen a number of regulatory initiatives which will have a significant impact on annuity products. These initiatives are advancing by state insurance regulators as well as the ...
Videocast: Asset management regulation in 2020 videocast series - The ADV season (February 6, 2020)
Form ADV update season is now upon us, and as many investment advisers work toward the quickly approaching filing deadline, they will also have to grapple with a regulatory environment that is ...
Hot topics for advisers to collective investment trusts (February 4, 2020)
Join Eversheds Sutherland Partners Clifford Kirsch, Carol McClarnon and Mark Smith as they discuss issues relevant to advisers to bank collective investment trusts. The webcast will focus on the ...
Advisers Act Regulatory Series: 2019 Fourth Quarter Update (December 12, 2019)
Join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler, John Walsh, Issa Hanna, Ben Marzouk and Bria Adams for the latest in our quarterly series of complimentary webcasts dedicated to ...
Videocast: Regulation Best Interest videocast series - Special challenges for dual registrants (November 7, 2019)
Firms that are dually-registered are subject to special considerations under the SEC’s new Regulation Best Interest when offering both advisory and brokerage accounts. In this Bottom Line ...
Videocast: Regulation Best Interest videocast series - Establishing an investment platform post-Regulation Best Interest (October 28, 2019)
The SEC’s new Regulation Best Interest will require broker-dealers to consider whether their existing investment platforms are designed to result in recommendations to retail customers that are in ...
Advisers Act Regulatory Series: 2019 Third Quarter Update (September 26, 2019)
Join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, Issa Hanna and Ben Marzouk and Eversheds Sutherland (International) attorney Hannah Jones for the latest in our quarterly ...
News
In the News
Massachusetts fiduciary rule won’t cover variable annuity sales (February 26, 2020)
InvestmentNews
Eversheds Sutherland Partner Clifford Kirsch is quoted in this InvestmentNews article discussing the Massachusetts Securities Division final fiduciary rule and whether it would govern variable ...
CFPs: Start planning for new code of conduct today (July 26, 2019)
Financial Planning
Eversheds Sutherland Partners Clifford Kirsch and Michael Koffler are quoted in this Financial Planning article about their recent webcast on the Certified Financial Planner (CFP) Board's new ...
NY Best-Interest Regulation for BDs Selling Annuities Is Coming (February 15, 2019)
ThinkAdvisor
Eversheds Sutherland’s recent legal alert, “Broker-dealers selling annuities - preparing for the best interest standard under New York’s amended Insurance Regulation 187,” is featured in this ...
SEC Launches New Inquiries under Share-Class Disclosure Initiative (December 13, 2018)
ThinkAdvisor
Eversheds Sutherland Partners Brian Rubin and Clifford Kirsch are quoted in this ThinkAdvisor article discussing the US Securities and Exchange Commission’s (SEC) Share Class Disclosure Initiative ...
SEC Custody Rule Up for Review (December 5, 2018)
ThinkAdvisor
Eversheds Sutherland Partner Clifford Kirsch is quoted in this ThinkAdvisor article discussing the potential abundance of feedback and comments the Securities and Exchange Commission (SEC) will ...
SEC Investment Advice Rule Could Drop This Week: Analyst (April 18, 2018)
Insurance News Net
Eversheds Sutherland Partner Clifford Kirsch is quoted in this Insurance News Net article discussing the Securities and Exchange Commission’s (SEC) upcoming investment advice rule for brokers. Cliff ...
SEC Advice Proposal Unveiling: Here's What to Expect (April 17, 2018)
InvestmentNews
Eversheds Sutherland Partner Clifford Kirsch is quoted in this InvestmentNews article discussing the pending decision from the Securities and Exchange Commission (SEC) to set investment advice ...
Officials Can Easily Spot Unreported Share Class Problems, CCOs Cautioned (March 1, 2018)
Compliance Reporter
Eversheds Sutherland Partners Clifford Kirsch and Brian Rubin are quoted in this Compliance Reporter article regarding the US Securities and Exchange Commission’s new share class selection disclosure ...
Some Speculating DOL Will Write New Exemption Based on SEC Rule (February 28, 2018)
BenefitsPRO
Eversheds Sutherland Partner Clifford Kirsch is quoted in this BenefitsPRO article regarding the speculation that the Department of Labor may draft a new exemption to its fiduciary rule while the SEC ...
FSI Shares Views, Case Studies on Outside Business Activities (June 22, 2017)
ThinkAdvisor
Eversheds Sutherland (US) LLP is mentioned in this ThinkAdvisor article regarding the Financial Services Institute’s white paper on outside business activities, in which the firm helped write. The ...
Press Releases
19 Eversheds Sutherland Practice Areas, 87 Attorneys Named Among Nation’s Best in 2019 Legal 500 United States (June 10, 2019)
Eversheds Sutherland is pleased to announce that 19 practice areas and 87 attorneys have been recognized in the 2019 edition of The Legal 500 United States, a comprehensive survey of legal service ...
18 Eversheds Sutherland Practice Areas, 68 Attorneys Named Among Nation’s Best in 2018 Legal 500 United States (May 30, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that 18 practice areas and 68 attorneys have been recognized in the 2018 edition of The Legal 500 United States, a comprehensive survey of legal ...
Eversheds Sutherland and FSI Release White Paper on Outside Business Activities (June 22, 2017)
Eversheds Sutherland (US) LLP is pleased to announce that the Financial Services Institute (FSI) and members of its Compliance and Investment Advisory Services Councils, in conjunction with the firm, ...
19 Eversheds Sutherland (US) Practice Areas, 58 Attorneys Named Among Nation’s Best in 2017 Legal 500 United States (May 31, 2017)
Eversheds Sutherland (US) LLP is pleased to announce that 19 practice areas and 58 attorneys have been ranked in the 2017 edition of The Legal 500 United States. Legal 500 is a comprehensive survey ...
Practising Law Institute Launches Broker-Dealer / Investment Adviser Blog (December 19, 2016)
NEW YORK-Sutherland Asbill & Brennan LLP is pleased to announce the launch of Practising Law Institute’s (PLI) blog, BD/IA: Regulation in Focus. The blog is an innovative, multi-faceted platform ...
16 Sutherland Practice Areas, 59 Attorneys Named Among Nation’s Best in 2016 Legal 500 United States (June 16, 2016)
ATLANTA and WASHINGTON-Sutherland Asbill & Brennan LLP is pleased to announce that 16 practice areas and 59 attorneys have been ranked in the 2016 edition of The Legal 500 United States. Legal 500 is ...
14 Sutherland Practice Areas, 62 Attorneys Named Among Nation’s Best in 2015 Legal 500 United States (June 4, 2015)
ATLANTA and WASHINGTON-Sutherland Asbill & Brennan LLP is pleased to announce that 14 practice areas and 62 attorneys have been ranked in the 2015 edition of The Legal 500 United States, a ...
Presentations
Building Knowledge, Informing Clients
Presentations
Regulatory actions, government investigations and litigation in a post-coronavirus world: Part II - SEC and FINRA regulatory, examination, and enforcement priorities and processes (April 6, 2020)
Join us for the second webcast in a three-part series related to COVID-19 and its impact on the financial services industry. In this webcast, Eversheds Sutherland attorneys Cliff Kirsch, Brian Rubin ...
Form ADV 2020 Tune-Up (March 18, 2020)
Practising Law Institute
Eversheds Sutherland attorneys Clifford Kirsch and Issa Hanna present during the Practising Law Institute (PLI) seminar “Form ADV 2020 Tune-Up” on March 18, 2020, in New York, New York. A live ...
Quick call: Preparing for the 2020 ADV Season (March 12, 2020)
As we approach the filing date for the 2020 update season, advisers to private funds and BDCs are faced with a number of new regulatory requirements and related considerations as they prepare this ...
Advisers Act Regulatory Series: 2020 First Quarter Update (March 11, 2020)
Join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, John Walsh, Issa Hanna and Bria Adams and Eversheds Sutherland (International) attorney Hannah Jones for the latest in our ...
Fiduciary Investment Advice 2020 (February 5, 2020)
Practising Law Institute
Eversheds Sutherland Partners Clifford Kirsch and John Walsh present during the Practising Law Institute (PLI) seminar “Fiduciary Investment Advice 2020” on February 5, 2020, in New York, New York. ...
Hot topics for advisers to collective investment trusts (February 4, 2020)
Join Eversheds Sutherland Partners Clifford Kirsch, Carol McClarnon and Mark Smith as they discuss issues relevant to advisers to bank collective investment trusts. The webcast will focus on the ...
Advisers Act Regulatory Series: 2019 Fourth Quarter Update (December 12, 2019)
Join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler, John Walsh, Issa Hanna, Ben Marzouk and Bria Adams for the latest in our quarterly series of complimentary webcasts dedicated to ...
Financial Services RegTech and Regulatory Compliance Forum 2019 (November 21, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Financial Services RegTech and Regulatory Compliance Forum 2019 on November 21, 2019, in ...
Bank Fiduciary Activities and Collective Investment Funds 2019 (October 29, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Bank Asset Management and Collective Investment Funds 2019 on October 29, 2019, in New ...
Securities Law and Practice 2019: How the SEC Works (October 17, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Securities Law and Practice 2019: How the SEC Works on October 17, 2019, in New York, New ...
Publications
“Clients call Eversheds Sutherland (US) for the same reason I called them when I was a chief legal officer: Eversheds Sutherland (US) has had, for years and years, experience of a very high level, a very significant level. I tapped into it then, and I’m glad to be part of it now.”
Legal Alerts
The emerging patchwork of fiduciary investment advice regulation - Putting the pieces together (update) (April 15, 2020)
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing ...
Issues for broker-dealers, investment advisers and their independent contractors under the Paycheck Protection Program and Economic Injury Disaster Loans (April 9, 2020)
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act provides emergency financial relief to individuals, businesses ...
SEC adopts groundbreaking disclosure improvements for variable insurance contracts (March 19, 2020)
On March 11, 2020, the Securities and Exchange Commission (“SEC” or “Commission”) adopted a new prospectus disclosure framework, including new rules, rule amendments and registration statement form ...
SEC relief for advisers impacted by COVID-19 (March 16, 2020)
On March 13, 2020, the Securities and Exchange Commission (SEC) issued a temporary order (the Order)1 providing conditional exemptive relief to investment advisers registered with the SEC (RIAs) and ...
SEC warns investors about initial exchange offerings (February 18, 2020)
Legal Alert: The OCC’s 2019 annual report addresses anti-money laundering risks for financial institutions (January 17, 2020)
The Office of Comptroller of the Currency (the OCC) has published its 2019 annual report (the Annual Report), which summarized the OCC’s strategic priorities for 2019.1 The Annual Report also ...
SEC proposal seeks to expand access to private funds (December 20, 2019)
On December 18, 2019, the Securities and Exchange Commission (SEC) issued a proposed rule - “Amending the ‘Accredited Investor’ Definition” (the Proposed Rule) - that would expand access to private ...
Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses (December 12, 2019)
On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks1 ...
Regulators have bank deposit sweep programs in their sights (November 21, 2019)
Coming on the heels of the share class initiative,1 the US Securities and Exchange Commission (SEC) is at the initial stages of another initiative involving concerns about adviser disclosures and ...
Recent regulatory developments regarding AML requirements for broker-dealers (November 12, 2019)
On October 11, 2019, the leaders of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Treasury Department’s Financial Crimes Enforcement ...
Articles
US Cybersecurity and Data Privacy review and update: Looking back on 2019 and planning ahead for 2020 (February 4, 2020)
In collaboration with Eversheds Sutherland attorneys Paula Barrett, Jake McQuitty, Craig Rogers, Jennifer Van Dale, Rhys McWhirter and David Cook .
The reality of cybersecurity and data privacy threats and regulations proved a sobering one for many companies in 2019.The cost of data privacy began to hit home in January, with French ...
5 Steps Toward Broker Conduct Rule Compliance (October 3, 2019)
Law360
On June 5, the U.S. Securities and Exchange Commission (SEC) approved its highly anticipated package of rulemakings and interpretive guidance relating to the standards of care applicable to financial ...
What To Know About NY's New Rules For Selling Annuities (February 27, 2019)
Law360
Broker-dealers selling annuity products in New York will soon need to comply with new best interest requirements imposed by New York’s amended Insurance Regulation 187. In their article for Law360, ...
The SEC’s Proposed Rules on the Standards of Conduct for Investment Professionals: A Quick Guide to What Fund Managers and Sponsors Need to Know (2018)
Global Trustee and Fiduciary Services News and Views, Issue 50
On April 18, 2018, the United States Securities and Exchange Commission (SEC) proposed a comprehensive rule set governing the standards of conduct applicable to broker-dealers and investment advisers ...
The Landscape of Financial Exploitation Rules: Part 2 (December 18, 2017)
Law360
As the baby-boomer generation exits the workforce and transitions into retirement, senior investors will begin accessing their retirement savings. To prevent abuse, financial institutions should ...
The Landscape of Financial Exploitation Rules: Part 1 (December 15, 2017)
Law360
As the baby-boomer generation exits the workforce and transitions into retirement, senior investors will begin accessing their retirement savings. To prevent abuse, financial institutions should ...
Robo-Advisers in the US: The Emerging Regulatory Framework (2017)
Global Trustee and Fiduciary Services News and Views, Issue 48
The last few years have seen significant growth in the availability and popularity of automated digital investment advisory programmes (often called “robo-advisers”). These programmes allow ...
Getting Ready for the FINRA Seniors Rule (June 28, 2017)
Corporate Secretary
The SEC in March gave its approval for the Financial Industry Regulatory Authority (FINRA) to adopt FINRA Rule 2165 and related amendments to FINRA Rule 4512 to tackle the increasingly high-profile ...
Outside Business Activities (June 2017)
A White Paper from the Financial Services Institute
The Financial Services Institute (FSI) and members of its Compliance and Investment Advisory Services Councils, in conjunction with Eversheds Sutherland (US) LLP Partners Clifford Kirsch and Brian ...
A Broker-Dealer's Guide to Clean Shares (March 27, 2017)
Ignites
Broker-dealers considering adding clean shares to their shelves and asset managers adding them to their product menus need to be aware of how this share class is different from others and the ...
Newsletters
August Independent Broker-Dealer Regulatory Round-Up (August 2007)
Independent Broker-Dealer Regulatory Round Up (May 10, 2007)
