Michael Koffler guides investment advisers, broker-dealers and investment funds in their compliance with federal and state securities laws and regulations, and SRO rules. Michael advises clients on the full spectrum of business operations, including advertising, portfolio management, trading, internal controls, compliance programs, mergers and acquisitions and other management issues. He also counsels other financial institutions-banks and insurance companies-on securities issues associated with the management and distribution of investment products.
Like many of his Eversheds Sutherland (US) colleagues, Michael began his legal career with a regulatory agency. He served two years on the staff of the U.S. Securities and Exchange Commission (SEC) in the Division of Investment Management, where he reviewed registration statements, no-action requests, exemptive applications and proxy statements. Michael also helped promulgate SEC rules and answer interpretive questions from financial institutions.
Selected Experience
Helped restructure private hedge fund of fund arrangement.
Designed and documented the plan- and participant-level investment advice arrangements for retirement market products.
Helped restructure electronic delivery practices for broker-dealer.
Awards and Rankings
Recipient, 2010 Burton Awards for Legal Achievement for “Six Degrees of Separation: Principles to Guide The Regulation of Broker-Dealers and Investment Advisers,” BNA’s Securities Regulation & Law Report (April 27, 2009)
Multimedia
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 - Advisers Act regulatory agenda (February 24, 2020)
Getting in the know. In this Bottom Line videocast, Michael Koffler and Bria Adams discuss Advisers Act regulatory developments, including:modernization of the Advisers Act Custody RuleSEC ...
Videocast: Asset management regulation in 2020 videocast series - Private fund regulatory developments (February 10, 2020)
Hear how proposed changes to the Advertising Rule and the Solicitation Rule under the Investment Advisers Act could affect private funds and their sponsors. In this Bottom Line videocast, Michael ...
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 - Account monitoring post-Regulation Best Interest (November 4, 2019)
Recent SEC rulemaking and guidance heightened retail broker-dealer and investment adviser investment recommendation and advice standards and created certain compliance obligations with respect to ...
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 ...
The CFP Board’s new standards of conduct - important considerations for broker-dealers and investment advisers (July 24, 2019)
Join Eversheds Sutherland lawyers Clifford Kirsch, Michael Koffler, Carol McClarnon, Brian Rubin, Adam Pollet and Bria Adams for a complimentary webcast dedicated to the Certified Financial Planner ...
Advisers Act Regulatory Series: 2019 Second Quarter Update (June 20, 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 ...
Briefing call: New SEC rule set on financial professional standard of conduct and fiduciary duty (June 7, 2019)
Join Eversheds Sutherland attorneys on Friday, June 7, at 11:00 a.m. for a 30-minute briefing call to discuss our initial observations on key aspects of the SEC’s new rule set relating to the ...
Advisers Act Regulatory Series: 2019 First Quarter Update (March 19, 2019)
Join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, John Walsh, Issa Hanna, Ben Marzouk and Bria Adams and Eversheds Sutherland (International) attorney Hannah Jones for the ...
News
In the News
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 ...
Proposed Duty of Care Could Handcuff Broker Recommendations (August 9, 2018)
Compliance Reporter
Eversheds Sutherland Partner Michael Koffler is quoted in this Compliance Reporter article discussing the Securities and Exchange Commission’s recent Regulation Best Interest proposal which industry ...
The SEC's Proposed Form CRS: Does It Accomplish its Goals? (June 7, 2018)
The HedgeFund Report
Eversheds Sutherland attorneys Michael Koffler and Issa Hanna are interviewed in this HedgeFund Report article providing insight on the Securities and Exchange Commission’s (SEC) proposed Form CRS ...
Burning Questions Arise About SEC’s Best Interest Standard (April 19, 2018)
Law360
Eversheds Sutherland Partner Michael Koffler is quoted in this Law360 article discussing if the recent plans released by the U.S. Securities and Exchange Commission are enough to hold broker-dealers ...
Don’t Look Now... Fiduciary’s Coming (April 2, 2018)
Insurance News Net
Eversheds Sutherland Partner Michael Koffler comments on the likelihood of the SEC finalizing a fiduciary standard under new chairman Jay Clayton with both a Republican-led SEC and DOL, in this ...
Would Reforming Use of the Title 'Adviser' Mesh with the DOL Fiduciary Rule? (March 10, 2018)
InvestmentNews
Eversheds Sutherland Partner Michael Koffler is quoted in this InvestmentNews article discussing if the Securities and Exchange Commission's (SEC) rule on investment advice standards, and the new ...
CCOs Prepare for Regulatory Change under New Administration in 2017 (January 5, 2017)
Compliance Reporter
Sutherland Partner Michael Koffler is quoted in this Compliance Reporter article regarding upcoming compliance deadlines that chief compliance officers should keep their eye on in 2017, including the ...
FINRA’s Capital Acquisition Broker Rules Face Tough Sell (September 12, 2016)
Law360
Partner Michael Koffler is quoted in this Law360 article discussing the U.S. Securities and Exchange Commission approving a Financial Industry Regulatory Authority (FINRA) rule change that ...
Hailing a CAB - Does FINRA’s Proposed Capital Acquisition Broker Rule Set Get Private Fund Sponsors to Their Desired Destination? (January 2016)
Eurekahedge
On December 17, 2015, the U.S. Securities and Exchange Commission issued a notice of a proposed Financial Industry Regulatory Authority Inc. rule change that would establish a separate rule set for ...
Crunching the Numbers (December 14, 2015)
Wealthmanagement.com
Sutherland attorneys Brian Rubin, Michael Koffler and Andrew McCormick are mentioned in this wealthmanagement.com article regarding their webcast, “Regulatory Hot Topics for Broker-Dealers and ...
Press Releases
Sutherland’s Michael Koffler Wins Burton Award for Distinguished Writing (April 28, 2010)
NEW YORK (April 28, 2010) - Sutherland Asbill & Brennan LLP announces its Partner Michael B. Koffler is a recipient of the 2010 Burton Awards for Legal Achievement for his article Six Degrees of ...
Presentations
“Our clients want to put together various financial services platforms that are very complex. Helping them navigate the various areas of law and launch a new business or product and watching it grow over time-that’s very rewarding work.”
Presentations
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 ...
Vendor Due Diligence: One Approach Does Not Fit All (March 5, 2020)
2020 IAA Investment Adviser Compliance Conference
Eversheds Sutherland Partner Michael Koffler moderates the Vendor Due Diligence: One Approach Does Not Fit All panel at the 2020 IAA Investment Adviser Compliance Conference on March 5, 2020, in ...
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 ...
Regulation Best Interest - Enforcement and Litigation Risks (November 20, 2019)
Envestnet
Eversheds Sutherland Partners Olga Greenberg, Michael Koffler, Larry Polk and Brian Rubin and Litigation Specialist Pooja Kohli present the webcast “Regulation Best Interest - Enforcement and ...
Hat switching, special challenges for dual registrants and documenting investment advice provided as an investment adviser (October 29, 2019)
Envestnet
Eversheds Sutherland attorneys Eric Arnold, Michael Koffler, Susan Krawczyk, Issa Hanna and Ben Marzouk present the webcast “Hat switching, special challenges for dual registrants and documenting ...
Reg BI and Related Regulations (October 29, 2019)
Envestnet Alliance Executive Summit
Eversheds Sutherland Partners Michael Koffler and Susan Krawczyk present “Reg BI and Related Regulations” at the Envestnet Alliance Executive Summit on October 29, 2019, in Chicago.
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 ...
Regulation Best Interest, Form CRS and Interpretive Guidance under the Advisers Act (September 25, 2019)
Envestnet
Eversheds Sutherland attorneys Michael Koffler, Brian Rubin, Holly Smith and Issa Hanna present the webcast “Regulation Best Interest, Form CRS and Interpretive Guidance under the Advisers Act” on ...
The CFP Board’s new standards of conduct - important considerations for broker-dealers and investment advisers (July 24, 2019)
Join Eversheds Sutherland lawyers Clifford Kirsch, Michael Koffler, Carol McClarnon, Brian Rubin, Adam Pollet and Bria Adams for a complimentary webcast dedicated to the Certified Financial Planner ...
NSCP Webcast: Reg BI: What Does it Mean for Compliance? (June 28, 2019)
The National Society of Compliance Professionals (NSCP)
In a webcast hosted by the NSCP, Eversheds Sutherland Partners Michael Koffler, Brian Rubin and Holly Smith present Reg BI: What Does it Mean for Compliance? on June 28, 2019.
Publications
“The investment adviser and broker-dealer industries have existed side by side for almost 70 years, and any attempt to integrate these two industries or materially revise the standards governing them will involve intricate issues and tough choices.”
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 ...
On track with the SEC-staff proposes rules on streamlining private exemptions (March 23, 2020)
Introduction On March 4, 2020, the Securities and Exchange Commission (the SEC) issued a proposed rule (the “Proposed Rule”)1 on ways to “simplify, harmonize, and improve certain aspects of ...
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)
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 ...
Legal Alert: In tune with the SEC-staff continues dialogue on harmonizing private exemptions (September 20, 2019)
Introduction On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a concept release (the “Release”) on ways to “simplify, harmonize, and improve the exempt offering ...
Articles
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 ...
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 ...
CAB Rules Won't Get Private Funds To Their Destination (August 31, 2016)
Law360
On August 18, 2016, the U.S. Securities and Exchange Commission approved a Financial Industry Regulatory Authority rule change that establishes a separate rule set for broker-dealers that meet the ...
The Final Rule: DOL’s Expanded Definition of Investment Advice Fiduciary Under ERISA and Revised Complex of Exemptions (April 12, 2016)
Just less than a year since its proposal, and just more than six months after receiving thousands of pages of commentary, petitions and hearing testimony, the Department of Labor finalized its ...
Assessing the Proposed ‘Capital Acquisition Broker’ Rule (January 7, 2016)
Law360
For many years, the private fund industry and the securities bar have called for a limited rule set to govern broker-dealers solely engaged in raising capital for private funds or other issuers of ...
FinCEN’s AML Proposal for Investment Advisers: Your GPS for Navigating the Compliance Obstacles (December 2015)
Investment Adviser Association (IAA) Newsletter
Earlier this fall, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking to require investment advisers that are registered or required ...
Private Fund Related Performance--Avoiding the Pitfalls (February 2014)
Investment Adviser Association Monthly Newsletter, Compliance Corner
In the February 2014 issue of Compliance Corner, Sutherland partner Michael B. Koffler and associate Issa J. Hanna, “Private Fund Related Performance - Avoiding the Pitfalls.” The authors address ...
Welcome to the Party? FINRA Invites Investment Advisers to Utilize its Arbitration Procedures (December 3, 2012)
Investment Adviser Association Newsletter
Regulatory watch list for 2012: the shifting landscape for hedge funds and other private funds (June 2012)
Journal of Investment Compliance
Does a Statutory Fiduciary Duty Mean a More Substantive Fiduciary Duty? What the Future May Hold (August 2010)
Reprinted with permission IAA Newsletter
