Clifford E. Kirsch

Clifford E. Kirsch: Attorney with Eversheds Sutherland (US) LLP
  • Partner at Eversheds Sutherland (US) LLP
  • Grace Building, 1114 Avenue of the Americas, 40th Floor, New York, NY 10036-7703
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Biography

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

Awards and Rankings

Recognized by The Legal 500 United States in the area of financial services: regulatory (2015-2018)

Recipient of the SEC’s Manual F. Cohen award for outstanding legal ability

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.

News

In the News

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 ...

FINRA Continues Scrutiny of Outside Business Activities (June 19, 2017)
Compliance Reporter
Eversheds Sutherland (US) Partners Clifford Kirsch and Brian Rubin are featured in this Compliance Reporter article discussing how the Financial Industry Regulatory Authority (FINRA) continues to ...

Driving Clarity on FINRA’s Rules on Outside Business Activities (June 14, 2017)
Investment News
Eversheds Sutherland is mentioned in this Investment News article for its recent webcast that discussed current regulatory issues concerning outside business activities. The article also mentions ...

Collective Investment Trusts Grow Popular Among Advisors (December 9, 2016)
Paychex
Sutherland Partner Clifford Kirsch and the Coalition of Collective Investment Trusts (CCIT) is featured in this Paychex article regarding collective investment trusts (CITs) and how they are quickly ...

Press Releases

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 ...

Multimedia

Webcast - Advisers Act Regulatory Series: 2018 Fourth Quarter Update (December 6, 2018)
On December 6, please join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Bria Adams and Ben Marzouk for the latest in our quarterly series of complimentary webcasts ...

Webcast: Planning for a patchwork of best interest standards (November 15, 2018)
As 2018 concludes, regulatory developments governing broker-dealer and adviser standards of conduct continue to advance on a number of fronts. Join Eversheds Sutherland for a webcast discussing steps ...

Webcast - Advisers Act Regulatory Series: 2018 Third Quarter Update (September 13, 2018)
On September 13, please join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, Brian Rubin, Issa Hanna, Ben Marzouk, Bria Adams and Sue Lee for our quarterly series of ...

Webcast - Advisers Act Regulatory Series: 2018 Second Quarter Update (May 24, 2018)
On May 24, please join Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Ben Marzouk, Bria Adams and Sue Lee for our quarterly series of complimentary webcasts ...

Webcast: The SEC’s proposed fiduciary duty and standards of conduct for broker-dealers and investment advisers (May 8, 2018)
The US Securities and Exchange Commission (SEC) has proposed its comprehensive standard of conduct rules, forms and interpretation, which would:Require registered investment advisers and ...

Webcast - Advisers Act Regulatory Series: 2018 First Quarter Update (February 15, 2018)
Join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Ben Marzouk, Bria Adams and Sue Lee for our quarterly series of complimentary webcasts dedicated to issues affecting ...

Webcast - Advisers Act Regulatory Series: Fourth Quarter Update (December 7, 2017)
Join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Ben Marzouk, Bria Adams and Sue Lee for the next session in our quarterly series of complimentary webcasts dedicated ...

Webcast - Advisers Act Regulatory Series: Third Quarter Update (September 14, 2017)
Eversheds Sutherland (US) attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Ben Marzouk and Bria Adams present, Advisers Act Regulatory Series: Third Quarter Update a webcast, on September ...

Webcast - Advisers Act Regulatory Series: Second Quarter Update (April 27, 2017)
As 2017 takes hold, we continue to see intense regulatory scrutiny on investment advisers. On April 27, please join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler and Issa Hanna for ...

Webcast: Advisers Act Regulatory Developments: A Look at the Year Ahead (January 26, 2017)
Sutherland attorneys Clifford Kirsch, Michael Koffler, Issa Hanna and Ben Marzouk present Advisers Act Regulatory Developments: A Look at the Year Ahead. This webcast looks at new and revised U.S. ...

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

Legal Alert: The SEC’s litigation against a firm for allegedly inadequate disclosure of shareholder service fees and 12b-1 fees (January 28, 2019)
During the past several years, the US Securities and Exchange Commission (SEC) has settled more than a dozen cases where the SEC alleged (with the firms neither admitting nor denying the charges) ...

Legal Alert: The far reach of state law - Nevada proposes fiduciary duty regulations for broker-dealers and investment advisers (January 28, 2019)
Under Nevada law, financial planners owe a fiduciary duty to their clients.1 In accordance with this duty, a financial planner must disclose, at the time advice is given, any gain the financial ...

Legal Alert: The other shoe has dropped - The SEC follows up with firms that didn’t self-report under the share class initiative (December 12, 2018)
The Share Class InitiativeOn February 12, 2018, the Division of Enforcement of the US Securities and Exchange Commission (SEC) announced the Share Class Selection Disclosure Initiative ...

Legal Alert: SEC proposes new variable contract disclosure regime (November 6, 2018)
The US Securities and Exchange Commission (SEC or Commission) recently proposed a new disclosure framework for SEC-registered variable annuity contracts and variable life insurance policies ...

Legal Alert: Standards of conduct for investment professionals - overlapping protections for broker-dealer retirement customers (October 15, 2018)
The legal standards for broker-dealer firms (BDs) and their representatives, particularly in the retirement market, continue to be in flux. BDs were among those most affected by the promulgation in ...

Legal Alert: The SEC’s proposed rules on the standards of conduct for investment professionals-a quick guide to what you need to know (April 26, 2018)
On April 18, in a 4-1 vote, the United States Securities and Exchange Commission (the SEC) proposed a comprehensive rule set governing the standards of conduct applicable to broker-dealers and ...

The Final Rule: Next Steps After Vacatur (April 5, 2018)
The nationwide vacatur of the Department of Labor “investment advice” fiduciary definition and related exemptions by the US Court of Appeals for the Fifth Circuit on March 15, 2018, does not bring an ...

The Final Rule: DOL Fiduciary Rule Affirmed and Revoked (March 21, 2018)
During the week of March 12, two federal appeals courts separately upheld and vacated the DOL fiduciary rule under the Administrative Procedure Act, and DOL suspended enforcement of the rule pending ...

Legal Alert: Highlights from the SIFMA AML and Financial Crimes Conference (February 22, 2018)
On February 12-13, 2018, members of the securities industry, regulators and financial crime experts met in New York City at the Securities Industry and Financial Markets Association (SIFMA) ...

Legal Alert: A view from an SEC regional office on examination findings (February 1, 2018)
On January 11 and 19, 2018, the Fort Worth, Texas Regional Office (the Office) of the Securities and Exchange Commission (the SEC) hosted conference calls during which the Director and Associate ...

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 ...

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 ...

Tips For Drafting Best-Interest Contracts Under DOL Rule (June 29, 2016)
Law360
The Department of Labor’s new fiduciary rule provides for a new best interest contract (BIC) exemption available to broker-dealers in connection with their activity with respect to individual ...

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 ...

Expect More SEC Scrutiny of Advisory Programs in 2015 (December 2014)
BISA Magazine
Broker-dealer supervision of advisory services is under intense regulatory scrutiny by the U.S. Securities and Exchange Commission, and such scrutiny is expected to continue and perhaps even ...

Newsletters

August Independent Broker-Dealer Regulatory Round-Up (August 2007)

Independent Broker-Dealer Regulatory Round Up (May 10, 2007)

Presentations

Building Knowledge, Informing Clients

Presentations

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 Asset Management 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 ...

Global Investment Funds 2019 (September 9, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Global Investment Funds 2019 on September 9, 2019, in New York, New York. A live webcast ...

Fundamentals of Broker-Dealer Regulation 2019 (July 22, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Fundamentals of Broker-Dealer Regulation 2019 on July 22, 2019, in New York, New York. A ...

Fundamentals of Investment Adviser Regulation 2019 (July 8, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Fundamentals of Investment Adviser Regulation 2019 on July 8, 2019, in New York, New ...

Basics of Mutual Funds and Other Registered Investment Companies 2019 (May 6, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partners Clifford E. Kirsch and Cindy Beyea present during the Practising Law Institute (PLI) seminar “Basics of Mutual Funds and Other Registered Investment Companies 2019” ...

Fiduciary Investment Advice 2019 (April 2, 2019)
Practising Law Institute
Eversheds Sutherland (US) attorneys Clifford E. Kirsch and Issa Hanna present during the Practising Law Institute (PLI) seminar “Fiduciary Investment Advice 2019” on April 2, 2019, in New York, New ...

Dually Registered Broker-Dealers and Advisers-Regulatory, Compliance and Enforcement 2019 (February 6, 2019)
Practising Law Institute
Eversheds Sutherland (US) Partner Clifford E. Kirsch is chair of the Practising Law Institute (PLI) seminar Dually Registered Broker-Dealers and Advisers-Regulatory, Compliance and Enforcement 2019 ...

Webcast - Advisers Act Regulatory Series: 2018 Fourth Quarter Update (December 6, 2018)
On December 6, please join Eversheds Sutherland attorneys Clifford Kirsch, Michael Koffler, Issa Hanna, Bria Adams and Ben Marzouk for the latest in our quarterly series of complimentary webcasts ...

Areas of Practice (9)

  • Financial Services
  • Broker-Dealer
  • Insurance
  • Insurance Products
  • Investment Adviser
  • Mutual Funds
  • Capital Markets & Investments
  • Retirement Products & Services
  • Cybersecurity & Privacy

Education & Credentials

Contact Information:
University Attended:
Cornell University, B.A.
Law School Attended:
Hofstra University School of Law, J.D.
Year of First Admission:
1986
Admission:
1986, District of Columbia; New Jersey; New York
Memberships:

Professional Activities

Member, New York City Bar Association
Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania
Editor, Practising Law Institute's Blog, BD/IA: Regulation in Focus
Former Chair, FINRA Variable Products Committee
Former Board Member, National Society of Compliance Professionals

Birth Information:
Brooklyn, New York, January 17, 1960
ISLN:
905855965

Peer Reviews

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*Peer Reviews provided before April 15, 2008 are not displayed.

Documents (42)

Documents by this lawyer on Martindale.com

New York, New York

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    New York, NY
    Grace Building , 1114 Avenue of the Americas, 40th Floor
    New York, NY 10036-7703

    212.389.5052 Phone

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