Download New York, New York TUESDAY, DECEMBER 8, 2009

New York, New York
TUESDAY, DECEMBER 8, 2009
(All times Eastern Standard Time)
8:30 am – 8:40 am
Welcome and Overview of the Program
Presented by: Beth R. Kramer
Ms. Kramer is a partner in the New York office and has substantial experience in the investment management and securities field. She regularly advises
registered investment companies, investment advisers, private domestic and
offshore investment funds and financial institutions on a variety of compliance
and regulatory matters as well as structuring, organization and distribution. She may be reached at 212.536.4024 or [email protected].
8:40 am – 9:15 amOverview of the Investment Management Industry, Regulatory Framework,
Current Issues and Trends
Presented by: Edward G. Eisert and Alan Hoffman
Investment advisory organizations: advisers, banks, trust companies, insurance companies, broker-dealers
l Investment vehicles: registered funds and ETFs, hedge funds, bank collective funds
l Regulation of the investment advisory industry: general fiduciary principles, securities laws, ERISA, banking regulation
l Globalization
l The financial crisis and the regulatory response
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Mr. Eisert, a partner in K&L Gates’ New York office, focuses his practice
on investment management, including hedge funds, private equity funds
and separately managed accounts, securities and banking regulation, capital
markets/structured finance and asset management joint ventures/mergers and
acquisitions. His practice includes advising U.S., non-U.S. and global advisory
firms with regard to all aspects of their business. Immediately prior to joining
K&L Gates in May 2007, Mr. Eisert was a Senior Vice President and the
General Corporate Counsel of Fiduciary Trust Company International, a FDIC insured institution and subsidiary of Franklin Templeton, where he advised senior management and the institutional, investor services,
and private wealth management lines of business on matters relating to
asset management mandates, product development, securities and banking
regulatory compliance, and litigation. He may be reached at 212.536.3905 or [email protected].
Mr. Hoffman has more than 50 years of experience in corporate and securities
practice, with special expertise in Investment Company Act and Investment
Advisers Act matters. His experience includes private investment vehicles,
such as hedge funds and venture capital funds. He spent 19 years with
a New York law firm where he helped design investment products and
formed new mutual funds for several well-known investment management
organizations. He served as legal counsel to SEC-appointed Special Reviewers
or Independent Consultants examining investment company and advisory
operations of two prominent investment management companies. He also
advised holding companies about inadvertent investment company problems
and investment entities about regulatory matters. Mr. Hoffman has served
as counsel to entrepreneurs, venture capitalists and investment bankers in a
variety of other corporate, financial and securities areas. He may be reached at 212.536.4841 or [email protected]
New York, New York
TUESDAY, DECEMBER 8, 2009
(All times Eastern Standard Time)
9:15 am – 10:00 am
Brokerage and Trading
Presented by: David Dickstein
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Best execution
Trade allocation
Insider trading
Hot Topics: The SEC’s focus on dark pools and flash trading
Mr. Dickstein is a partner in the New York office and is a member of the
Investment Management, Broker-Dealer and Securities Enforcement practice groups. Mr. Dickstein provides ongoing advice to financial institutions (brokers-dealers, registered investment advisers, investment
companies and hedge funds) in a variety of regulatory and compliance matters. He may be reached at 212.536.3978 or [email protected].
10:00 am – 10:45 am
Portfolio Valuation and Disclosure: Market Pricing and Fair Valuation
Presented by: Kay Gordon and Andras P. Teleki
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Market value and fair value under the 1940 Act
FAS 157: Evolving interpretations
How the SEC evaluates private fund valuation
Harmonization of global valuation standards
Ms. Gordon is a partner in the firm’s New York office and concentrates her work in the Investment Management practice, with a particular emphasis on
hedge funds, private equity funds and compliance-related matters. She also
advises clients on a broad range of securities and regulatory matters as well as a variety of financial instruments and transactions, including managed
accounts, credit facilities, joint ventures and derivative instruments. She
also represents clients in investigations by the SEC. She may be reached at
212.536.4038 or [email protected].
Mr. Teleki focuses his practice on regulatory compliance issues facing registered investment companies, including mutual funds and closed-end funds, broker-dealers, investment advisers, unregistered funds, variable insurance product issuers and distributors, and related service providers. He also advises financial institutions on anti-money laundering and OFAC issues. Mr. Teleki also has experience in corporate governance and Sarbanes-Oxley issues. He may be reached on 202.778.9477 or [email protected].
10:45 am – 11:00 am Break
New York, New York
TUESDAY, DECEMBER 8, 2009
(All times Eastern Standard Time)
11:00 am – 11:45 am
Compliance Programs and the SEC
Presented by: Beth R. Kramer
The CCO and the compliance rules
Current trends in examinations and enforcement
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11:45 am – 12:15 pm ERISA
Presented by: William Schmidt
Coverage
Fiduciary status and duties
l Prohibited transactions and exemptions
l Recent developments concerning bank collective trusts
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Mr. Schmidt works in the areas of institutional investing and employee benefits, with particular emphasis on fiduciary responsibility matters under the Employee Retirement Income Security Act of 1974 (“ERISA”).
Mr. Schmidt advises major financial institutions, including banks, insurance
companies, registered investment advisers and large employee benefit plans,
about ERISA restrictions relating to plan investments and to fee arrangements
for investment management and plan administrative services. He may be reached at 202.778.9373 or [email protected].
12:15 pm – 1:15 pm Lunch
New York, New York
TUESDAY, DECEMBER 8, 2009
(All times Eastern Standard Time)
1:15 pm – 2:30 pm CONCURRENT SESSIONS — Separate Mutual Fund and Private Fund/Adviser Tracks
(choose one Track)
Mutual Fund Track
1:15 pm – 2:30 pm ADVANCED TOPICS IN Mutual Fund REGULATION
Presented by: Beth R. Kramer, David Dickstein, Andras P. Teleki and Alan Hoffman
Board of directors and the 15(c) process; Gartenberg, Jones v. Harris and Gallus v. Ameriprise, comparisons with institutional fees
l Distribution and 12b-1 reform
l Affiliated transactions
l Summary prospectus
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Private Fund Track
1:15 pm – 2:30 pm PRIVATE Fund Basics
Introduction by: Edward G. Eisert
Presented by: Kay Gordon and Richard Guidice, Jr.
Hedge Funds generally: distinguishing characteristics, structure, capital accounts, performance fees, side pockets, redemption issues
l Private placement memorandum; limited partnership agreement
l Prime brokerage agreements and issues
l Agreements with investors: subscription agreement; side letters
l Distribution issues
l Other hot topics
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Mr. Guidice is an associate in the firm’s New York office and concentrates his
practice in the investment management and securities areas, with a particular
emphasis on hedge funds and compliance-related matters. He regularly advises
clients (including investment advisers, private domestic and offshore investment
funds, broker-dealers and financial institutions) on structuring, organization,
distribution, compliance and other regulatory issues. He also assists clients
undergoing SEC investigations and examinations. He may be reached at
212.536.3982 or [email protected].
END OF CONCURRENT SESSIONS
2:30 pm – 2:45 pm break
New York, New York
TUESDAY, DECEMBER 8, 2009
(All times Eastern Standard Time)
2:45 pm – 3:30 pm INvestment adviser advertising
3:30 pm – 4:00 pm CONFLICTS OF interest of investment managers and code of ethics
Presented by: David Dickstein and Andras P. Teleki
Presented by: Edward G. Eisert and Alan M. Hoffman
Identifying and managing conflicts
Issues for dually registered investment advisers and broker-dealers
l Code of ethics
l Proxy voting
l Hot topics: The “Pay-to-Play Rules”
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4:00 pm – 4:15 pm
BREAK 4:15 pm – 5:45 pm INDUSTRY DEVELOPMENTS, THE SHAPE OF THINGS TO COME
AND THE NEW REGULATORY REGIME
Presented by the following speakers:
Edward G. Eisert, Kay Gordon, Alan Hoffman, Anthony Nolan, Brendan R. Kalb (Vice President and Associate General Counsel, AQR Capital Management) and Marc Baum (General Counsel, Offit Capital Advisors)
I. Investor Response:
lThe aftermath of the crisis: poor performance, massive redemptions and restrictions on redemption
lDue diligence in the post-Madoff world
lInvestors’ emphasis on the control and operational environment
lGrowing demands for independent valuation and risk management
II. Industry Response:
lThe shift in power to institutions and consultants
lTrends in fee structures
lTrends in fund structures, redemption rights, liquidity and lock-ups
lChanges in the prime brokerage business and how they affect private funds
III. Regulatory Response:
lManager registration under the Advisers Act, prudential supervision and information reporting, and rules on disclosures to investors, the new custody regime, creditors and counterparties
lRegulatory developments concerning short selling and derivatives
Mr. Nolan specializes in domestic and cross-border securitization, structured
finance, structured products and derivatives. He has broad familiarity with
synthetic, cash-flow and market value CDOs, large loan CLOs, mortgage-backed
and asset-backed securities and asset-backed commercial paper programs as
well as servicing retained whole-loan sales. Mr. Nolan has represented issuers,
underwriters, servicers, bond insurers and others in a wide variety of wholeloan sales and asset-backed securities issuances, including registered offerings,
private placements, offshore offerings and cross-border structured financings. He may be reached at 212.536.4843 or [email protected].
5:45 pm – 6:45pm
wine and cheese reception