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Jennifer Klass

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Jennifer L. Klass serves as the Co-chair of Baker McKenzie's Financial Regulation and Enforcement Practice in North America. Jen is an experienced investment management lawyer with particular focus on investment adviser regulation and the convergence of investment advisory and brokerage services. She regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking interpretative guidance and in managing examination and enforcement matters. Jen is a leading practitioner in digital investment advice and the use of FinTech in the asset management industry. Jen provides practical advice that is informed by her experience as Vice President and Associate Counsel at Goldman, Sachs & Co., where she represented the asset management and private wealth management businesses.

Investors increasingly are directing capital to sustainable investment strategies that reflect environmental, social and governance (ESG) factors. This substantial growth in ESG investing is occurring against the backdrop of an evolving regulatory environment, with different US regulators, such as the Securities and Exchange Commission (SEC) and the Department of Labor (DOL) taking divergent approaches. Given that climate change and racial equality have been identified as key priorities for the Biden administration, we expect a significant shift in the US regulatory approach to ESG, although it may take some time for that regulatory framework to emerge. Meanwhile, the SEC Examination and Enforcement Staff will likely focus their efforts on identifying what they view to be inaccurate or incomplete disclosure on ESG-related issues, and on misconduct involving the management and sale of ESG investment products by asset managers and financial intermediaries.

A series of briefings that take a ‘bite-size’ look at international trends in financial services regulation, drawing on the expertise of Baker McKenzie’s experienced practitioners located across the globe. Insight | Legal Alert Bite-size Briefings: Culture and Conduct A series of briefings that take a “bite-size” look at international trends…

On 1 February 2021, FINRA issued its 2021 Report on FINRA’s Examination and Risk Monitoring Program (“FINRA Report”) and a bit more than a month later, the SEC’s recently renamed Division of Examinations issued its own 2021 Examination Priorities (“Exam Priorities”). Each of these documents is quite long, with the FINRA report at 44 pages and the Exam Priorities document at 36 pages, and although there are some differences in focus and scope, we did find some common themes, which we have chosen to highlight in what we hope will be a helpful summary.

Join Baker McKenzie regulatory and enforcement practitioners as we navigate this uncertain time and work together through the challenges ahead. We offer practical advice and real-time analysis of the changing landscape across the United States, Europe and Asia. Inform Global Discussion Series The New Framework for Investment Adviser Marketing June…

Join Baker McKenzie regulatory and enforcement practitioners as we navigate this uncertain time and work together through the challenges ahead. We offer practical advice and real-time analysis of the changing landscape across the United States, Europe and Asia. Webinar Series: The New Framework for Investment Adviser Marketing In this 4-part…

The SEC recently adopted amendments that dramatically reshape the rules governing investment adviser marketing by creating a single rule (“Marketing Rule”) for investment adviser advertising and referral arrangements. The new approach is an elegant solution designed to fulfill the SEC staff’s objective of retaining a principles-based framework while modernizing the rule to remain flexible to accommodate evolving technologies such as social media. The Marketing Rule is effective within 60 days after publication in the Federal Register, but advisers have 18 months to transition to the new requirements. 

Connected Compliance explores the role of technology as a driver of compliance integration and business growth. We conduct research annually with decision-makers to understand the pace and extent to which companies are deploying technology to manage compliance challenges as well as the risks associated with connected compliance among wider business…

COVID-19 was officially declared a pandemic in the U.S. on March 13. Yet, even now, as we are over six months into the crisis, employers still continue to face challenges when navigating the sometimes daily changes in health and safety orders, updates from federal agencies, court decisions, and the proliferation of lawsuits.

Financial regulatory and enforcement momentum focusing on environmental, social and governance (“ESG”) issues is building up from recent activities by US, EU and UK financial regulators.  As a result, we anticipate that asset managers and financial intermediaries will increasingly seek to obtain and analyze ESG-related data and information from companies…