Michael L. Sherman

michael-sherman

Michael L. Sherman

Partner

Washington, D.C. | 1900 K Street, NW, Washington, DC, United States of America 20006-1110
+1 202 261 3449 | +1 202 261 3333

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Michael L. Sherman’s practice focuses on counseling investment advisers (including advisers to hedge funds), investment companies, business development companies and other financial institutions in regulatory, corporate and compliance matters. Much of his work involves helping clients with issues related to investment adviser registration, compliance policies and procedures, marketing and advertising (including Global Investment Performance Standards), investment company status questions, and regulatory issues and examinations. Mr. Sherman has assisted advisers specializing in non-standard asset classes such as CLOs (collateralized loan obligations), real estate and tax credit with applying the Investment Advisers Act and the Investment Company Act to their unique businesses and vehicles – recently he has advised on matters arising in connection with the new risk retention rules for CLO sponsors.

A frequent speaker at industry conferences on subjects related to Investment Advisers Act compliance, regulation and examinations, Mr. Sherman was “highly recommended” in the 2014 edition of The Legal 500 (US) in the area of mutual/registered funds.

Education
  • American University, B.A., 1998, cum laude
  • Vanderbilt University Law School, J.D., 2001, Associate Authorities Editor of the Vanderbilt Journal of Transnational Law
Admissions
  • District of Columbia
  • Maryland
Speaking Engagements
  • Form ADV, Part 1A: Common Questions and Recent Reporting Statistics — Presented by the Washington DC Compliance Round Table, Webinar (February 26, 2019)
  • FinTech 2018 — Presented by the Practising Law Institute, New York (August 13, 2018)

Speaker, "Robo-Advisers and Financial Technologies for Trading – Regulatory Guidance and Risk Management" panel. 

  • FinTech 2017 — Presented by the Practising Law Institute, New York (August 16, 2017)

Speaker, "Robo-Advisers –SEC Guidance and Risk Management" panel. 

  • Toronto Compliance Forum — Presented by the Portfolio Management Association of Canada, Toronto (September 22, 2016)

Speaker, “Global Regulatory Hot Topics” panel covered how Canadian firms can continue to service clients who move offshore or to the U.S.; practical considerations arising out of Brexit; and the proposed fiduciary rule in the U.S.

  • Exam Enforcement and Trends for PE Managers — Presented by the Philadelphia Bar Association, Philadelphia (December 3, 2015)

Moderator, "Exam Enforcement and Trends for PE Managers" course highlighted the following: Overview of SEC Examination and Enforcement Program - including rise of "subject matter specialists"; Review of Recent Enforcement Cases Relevant to PE managers, including with respect to fee allocations; Review of Recent Examination Trends for PE managers; and Best practice recommendations in light of the above.

  • Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements — Presented by National Regulatory Services, Desktop Seminar (November 17, 2015)
  • 2015 NSCP National Conference — Presented by the National Society of Compliance Professionals, National Harbor, MD (November 2, 2015)

Speaker, "IA/PF — Compliance from a Very Small Firm Perspective" panel covered the following topics: Selecting appropriate compliance standards; Effectively documenting your compliance program; Balancing the CCO role with other responsibilities; Working effectively with outside counsel; and Doing more with less — maximizing resources and effectively outsourcing.

  • NRS 30th Spring Investment Adviser and Broker-Dealer Compliance Conference — Fort Lauderdale, FL (May 5, 2015)

Speaker, “The SEC’s Never-Before Examined Initiative” workshop showcased everything a compliance professional should know before an exam. 

  • IAA Investment Adviser Compliance Conference 2015 — Presented by the Investment Adviser Association, Arlington, VA (March 6, 2015)

Speaker, "IAA Investment Adviser Compliance Conference 2015" panel reviewed relevant advertising issues for investment advisers; discussed areas where additional guidance would be helpful from the SEC; and provided insights and suggestions for maintaining a compliant set of policies and procedures, including robust monitoring and testing, and an appropriate records retention program.

  • The SEC's Never-Before Examined Initiative — NRS Annual Fall Investment Adviser & Broker Dealer Compliance Conference, Scottsdale, Arizona (October 30, 2014)
  • Compliance and Custody Solutions for the Small Adviser — IA Compliance Best Practices Summit 2014, Washington, D.C. (March 20, 2014)
  • Investment Adviser Association Compliance Conference — Arlington, VA (March 7, 2014)

Speaker, "Investment Adviser Association Compliance Conference" panel reviewed relevant advertising issues for investment advisers, discuss SEC guidance, and provided insights and suggestions for maintaining a compliant set of policies and procedures, robust monitoring and testing, and an appropriate records retention program.

  • Investment Adviser Association Fall Compliance Workshop — Atlanta, GA (November 7, 2013)

Speaker, "Investment Adviser Association Fall Compliance Workshop" addressed the following important topics for SEC-registered investment advisers: Regulatory Update, Red Flags, Custody, Best Execution and Due Diligence of Third Parties.

  • How the SEC's Top Areas of Focus Affect Managed Accounts — Financial Research Associates 11th Annual Managed Accounts & UMA Summit, New York, NY (September 16, 2013)
  • 2012 Fall Compliance Workshops — Investment Adviser Association, New York, NY; Atlanta, GA (October 30, 2012)

Speaker, "2012 Fall Compliance Workshops" covered the following topics for SEC-registered investment advisers: Current Regulatory and Legislative Developments; Monitoring and Testing; Advertising and Social Media; SEC Enforcement and Exam Issues; and Private Fund Issues.

  • Form PF Boot Camp — Financial Research Associates and The Hedge Fund Business Operations Association, New York, NY (September 7, 2012)
  • Form PF: Inside and Out — Managed Funds Association, New York, NY (April 4, 2012)
  • Initiatives in Alternative Asset Management — Presented by Dechert, Penson, Steelbridge Compliance, and Blue River Partners LLC, Dallas, TX (September 15, 2011)

Speaker, "Initiatives in Alternative Asset Management (IIAAM)" panel discussion and networking cocktail event brought together key financial service providers and discussed the developments, opportunities and issues in the financial services industry with an emphasis on Brazil and other Latin American markets and recent legal and compliance developments.

  • Regulatory Update, New Form ADV, Part 2; Custody — Investment Adviser Association Compliance Workshop,Los Angeles, CA (November 30, 2010)
  • LAB: Form ADV, Part 2 — The National Society of Compliance Professionals National Meeting, Baltimore, MD (November 1, 2010)
  • Mastering the Investment Advisers Act of 1940: Part 2, Sections 206-222 and Related SEC Rules — IACCP Program, Alexandria, VA (September 16,2009)
  • Registration of Private Investment Firm Managers — Private Equity and Venture Capital Committee of the Business Law Section of the Philadelphia Bar Association Meeting, Philadelphia, PA (July 8, 2009)
  • IA Compliance Programs (Small Firms) — NSCP/ NSCP National Membership Meeting, Philadelphia, PA (October 20, 2008)
  • Annual Review and Forensic Testing — NSCP Southern Regional Membership Meeting, Atlanta, GA (February 11, 2008)
  • 2007 NSCP Southern Regional Meeting “IA Changing Complexion of the Chief Compliance Officer and the Compliance Department” — National Society of Compliance Professionals, Inc., Atlanta, GA (February 26, 2007)
  • Proxy Voting — NSCP National Membership Meeting, Washington, DC (October 20, 2006)
  • Pre-Conference Tutorials: Preparing the SEC Form ADV: Parts I & II — American Conference Institute's Best Practices for Hedge Funds - Strategies for Senior Decision Makers to Manage Costs and Mitigate Risk Under the Advisers Act, New York, NY (January 31, 2006)
  • Pre Conference Workshop -“Preparing the SEC Form ADV:Parts I & II” — American Conference Institute's Operational and Compliance Best Practices for Hedge Funds Conference, New York, NY (June 16, 2005)