Why you should attend
This program is designed to provide attendees with a solid foundation in the legal, regulatory and operational issues affecting the $12 trillion mutual fund industry, including the emerging exchange-traded fund industry. Attendees will learn how Congress, regulators, markets, and the courts have shaped the formation and structure of this industry. Attendees will also learn about the impact of the financial crisis on the mutual fund and exchange-traded fund industry and what is in store regarding future regulatory developments. A distinguished faculty of practitioners and regulators, including current and former SEC officials, will offer insights into recent proposals that could result in the potential overhaul of regulations governing mutual fund prospectus delivery, the determination of fund management fees, and the uncertain future of Rule 12b-1 - plus recent litigation and enforcement decisions.
What you will learn
- How mutual funds are created, managed and sold
- New types of funds - such as exchange-traded funds
- How management arrangements and fees are negotiated
- The inherent conflicts of interest - and how they are resolved
- How the credit crisis impacted mutual fund valuation and pricing
- How regulators monitor the industry
Who should attend
Anyone entering the investment management industry will benefit from a thorough grounding in the basic regulatory regime governing the industry, as will anyone already working in the industry who would like a refresher.
Morning Session: 9:00 a.m. - 12:00 p.m.
9:00 Introduction and Overview
Clifford E. Kirsch, Laurin Blumenthal Kleiman
9:15 Introductory Remarks: Current Regulatory Developments Affecting the Mutual Fund Industry
9:45 Background: Mutual Funds and Exchange-Traded Funds
- The different types of mutual funds
- The mutual fund as a retail product and as a retirement vehicle
- The emergence of ETFs
Mary Joan Hoene, George Martinez
10:45 Networking Break
11:00 The Pattern of Regulation
- The role of the SEC
- An introduction to the Investment Company Act
- Disclosure reform
Clifford E. Kirsch, Laurin Blumenthal Kleiman
12:00 Lunch Break
Afternoon Session: 1:00 p.m. - 5:15 p.m.
1:00 Mutual Fund Anatomy- Role of the Board and the Adviser
- Board composition and oversight responsibilities
- The adviser and the sub-adviser relationship
- Shareholder voting
Thomas E. Bisset, Bibb L. Strench
2:00 Distribution of Funds & Valuation
- The role of the principal underwriter
- Share classes
- Valuing fund assets
Lori E. Bostrom, Allan J. Oster
3:00 Networking Break
3:15 Litigation Involving Mutual Funds
- Private rights of action under the Investment Company Act
- Excessive fee cases
- The mutual fund as plaintiff
Mark Holland, Lori A. Martin
4:15 Exchange-Traded Funds
- Overview of market
- Different types of exchange-traded products
- Investment Company Act: Regulatory issues
Edward Baer, James C. Munsell
~ Managing Director, Head of US iShares Legal, BlackRock
Lori E. Bostrom
~ Senior Vice President and Deputy General Counsel, OppenheimerFunds, Inc.
Allan J. Oster
~ Vice President, Associate General Counsel, Nationwide Funds Group
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: email@example.com.
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Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys. All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.
Please note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
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Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.