In 2012, hedge funds and their managers face their first year of operations under new regulations enacted under Dodd-Frank. The Dodd-Frank Act has triggered a massive change in the regulatory framework for the entire financial industry that significantly alters the registration and reporting requirements for hedge fund managers and many of their trading activities. The hedge fund industry continues to grow, with a reported $2 trillion in assets under management at the end of 2011, even with volatile markets and a negative overall performance during the past year. The major players in the hedge fund industry continue to attract investors, while new entrants face larger barriers to entry, and some managers have been forced to grapple with regulatory investigations and insider trading allegations. Meanwhile, hedge fund managers continue to refine their relationships with counterparties to incorporate the lessons learned from the Lehman and MF Global meltdowns. In this program, you will hear from distinguished experts about these and other developments affecting the industry.
Lecture Topics [Total time 06:24:09]
Segments with an asterisk (*) are available only with the purchase of the entire program.
- Introduction and Welcome* [00:10:51]
Danforth Townley
- Basic Hedge Fund Structures [00:59:19]
Caroline Williams, Michael Treisman
- Operational and Compliance Requirements for Hedge Fund Managers [01:02:55]
Jessica A. Davis, Andrew J. Bowden
- The Changing Regulatory Framework for Hedge Funds and Managers [01:10:36]
Stuart J. Kaswell, Danforth Townley
- Managing Hedge Funds Through Critical Issues [00:59:16]
Stephanie R. Breslow
- Prime Brokerage Issues [01:03:19]
Michael Huber, Harry Jho, Steven Schraibman
- Trading Issues Related to Swaps Under Dodd-Frank [00:57:53]
Susan C. Ervin, Michael J. Drayo
The purchase price of this Web Program includes the following articles from the Course Handbook available online:
- Walkers, Global Legal and Management Solutions, Regulation of Funds in the Cayman Islands
Caroline Williams
- Walkers, Global Legal and Management Solutions, Investment Funds
Caroline Williams
- DavisPolk, Client Memorandum, SEC Issues Final Rules Implementing Dodd-Frank Amendments to the Investment Advisers Act of 1940 (June 29, 2011)
Danforth Townley
- Some Key Operational Risk Issues Facing Hedge Fund Advisor GCs
Jessica A. Davis
- Understanding and Mitigating Operational Risk in Hedge Fund Investments, A Capco White Paper (March 2003)
Jessica A. Davis
- PwC, Financial Services Regulatory Practice, Private Fund Advisers: Integrating Testing into a Risk-Focused Compliance Program
Jessica A. Davis
- DavisPolk, Client Newsletter, Investment Management Regulatory Update (June 19, 2012)
Danforth Townley
- Managing Fund Liquidity
Stephanie R. Breslow
- Davis Polk & Wardwell LLP, Memorandum to Interested Persons Re: Negotiation of Prime Brokerage Arrangements (July 2012)
Danforth Townley
- Swap Transactions After Dodd-Frank: The New Order Takes Form (July 2012)
Susan C. Ervin
- Prime Brokerage Negotiations (PowerPoint Slides)
Harry Jho
- Trading Issues Related to Swaps Under Dodd-Frank: The CFTC's Expanded Registration Requirements for Commodity Pool Operators (July, 2012) (PowerPoint Slides)
Susan C. Ervin
- Index to Hedge Funds 2012
Presentation Material
- Basic Hedge Fund Structures
Caroline Williams, Michael Treisman
- The Changing Regulatory Framework for Hedge Funds and Managers
Stuart J. Kaswell, Danforth Townley
- Prime Brokerage Issues
Harry Jho
- Trading Issues Related to Swaps Under Dodd-Frank
Susan C. Ervin
PLI makes every effort to accredit its On-Demand Web Programs and Segments. Please check the CLE Calculator above for CLE information specific to your state.
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14 and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Minnesota approves live webcasts ONLY
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. PLI programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*PLI will apply for credit upon request. Louisiana and New Hampshire: PLI will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, call Customer Service (800) 260-4PLI (4754) or e-mail info@pli.edu.