This is a webcast of the live New York session.
Why you should attend
The government’s continued crackdown on insider trading has focused on hedge funds, their consultants and those who analyze and trade for them. Regulators and enforcement officials have now turned their sights to conflicts of interest, valuation, cross-trades, expense and trade allocation, and fee practices. Following new registration requirements under Dodd-Frank, private equity firms are under examination scrutiny by the SEC, and according to senior regulatory officials, the number of enforcement investigations and cases involving them are likely to increase. At the same time, new CFTC rules under Dodd-Frank abound, and with the agency’s expanded regulatory role and invigorated enforcement department, there are more cases than before affecting a wider range of conduct. With all of this in mind, the role of compliance has never been more important, and private funds are employing new strategies to meet those challenges and risks.
What you will learn
Attend this program to gain expert insights into current and anticipated enforcement, regulatory, legislative and compliance priorities. Our experts, including many from the government, will also analyze and discuss the effects these priorities have and will have on hedge fund managers and their advisers, and provide practical guidance regarding effective compliance strategies going forward. Topics to be addressed will include:
- Current SEC, CFTC and other regulatory hedge fund and private equity enforcement and examination priorities
- The risks inherent in using expert research networks and the red flags government investigators look for with respect to advisers that use them
- Identifying and managing conflicts of interest inherent from managing different clients, investors and products under the same private fund umbrella
- How to prepare for an SEC private fund examination and what the examiners will expect and ask for when they walk through the door
- The best methods for constructing effective compliance programs to prioritize and guard against regulatory risk
- Legislative and regulatory developments affecting hedge and private equity funds
Special Feature
- Earn one hour of Ethics credit as our experts offer practical guidance on a series of real-world hypotheticals
Who should attend
Attorneys, hedge fund and private equity counsel, and compliance professionals interested in or currently working in the hedge fund industry will benefit from this program.
PLI Group Discounts
Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.
PLI Can Arrange Group Viewing to Your Firm
Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.
Cancellations
All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.
All times are E.S.T.
9:00 Opening Remarks and Introduction
Barry R. Goldsmith
9:15 Current Hedge Fund and Private Equity Fund Enforcement Priorities –The Enforcers’ Perspective
- SEC enforcement priorities and trends
- CFTC enforcement concerns and cases
- SDNY areas of interest in the private fund space
- The defense perspective - strategies for avoiding and surviving a government investigation
Colleen Mahoney, David Meister
10:15 SEC Inspections and Examinations of Hedge Funds and Private Equity Firms
- SEC 2014 investment adviser examination priorities
- “Presence Exams” for newly registered advisers to private funds - are they in the crosshairs?
- How best to prepare for an SEC exam - pitfalls and best practices
- The interplay between OCIE and Enforcement - how best to avoid a referral
Robert Kaplan, John H. Walsh, Marc Wyatt
11:15 Networking Break
11:30 Hot Regulatory Issues for Private Funds
- The JOBS Act and Volcker - what to expect and how to respond
- NFA Rule 1101
- Recently proposed capital, margin and segregation requirements for security-based swaps
- Registration issues
- Getting ready for clearing - best practices
James Brigagliano, Stuart J. Kaswell, Rita M. Molesworth
12:30 Lunch Break
1:45 Government Investigative Techniques and Strategies Focused on Hedge Funds
- Covert investigations - SEC and criminal components
- FINRA’s insider trading surveillance program - how it works
- Overt SEC investigations - formal, informal and parallel
- Defense techniques in responding to government investigations
- Internal investigations and workable resolutions
Reed Brodsky, Cam Funkhauser, Richard Tarlowe
2:45 Establishing a Practical and Effective Compliance Program
- Conducting an effective annual compliance review
- CFTC issues, including CPO/CTA registration, Dodd-Frank rule changes and swap participant registration
- Conflicts of interest - what you should be looking for and what types of reviews should you undertake
- When do operations issues become compliance issues?
- Importance of employee compliance training
Marcy Engel, Dixie Johnson
3:45 Networking Break
4:00 Thorny Hedge Fund Hypotheticals - Ethical Issues
- Insider trading - new twists on an old theme
- Multiple representation issues in regulatory investigations and beyond
- Wearing multiple hats at a hedge fund - land mines, including ethical risks
- Investment allocations - how to avoid problems and conflicts
- Valuation questions and how to be fair and avoid SEC scrutiny
Susan E. Brune, Stephen J. Crimmins, Andrew B. David, Joan E. McKown, Andre E. Owens
5:00 Adjourn
Chairperson(s)
Speaker(s)
Andrew B. David ~ General Counsel and Chief Compliance Officer, Aristeia Capital, L.L.C.
Marcy Engel ~ Chief Operating Officer and General Counsel, Eton Park Capital Management, L.P.
Cameron Funkhouser ~ Executive Vice President, Office of Fraud Detection and Market Intelligence, FINRA
Stuart J. Kaswell ~ Executive Vice President & Managing Director, General Counsel, Managed Funds Association
David Meister ~ Director of Enforcement, U.S. Commodity Futures Trading Commission
Richard Tarlowe ~ Co-Chief, Complex Frauds Unit, United States Attorney's Office
Marc Wyatt ~ Senior Specialized Examiner, Office of Compliance Inspections and Examinations, U.S. Securities & Exchange Commission
Program Attorney(s)
PLI makes every effort to accredit its Live Webcasts. Please check the CLE Calculator above for CLE information specific to your state.
PLI's Live Webcasts are approved for MCLE credit (
unless otherwise noted in the product description) in the following states/territories: Alabama, Alaska, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois, Indiana
1, Iowa*, Kansas*, Kentucky*, Louisiana, Maine*, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, New Hampshire*, New Jersey, New Mexico, Nevada, New York
2, Ohio
3, Oklahoma, Oregon*, Pennsylvania
4, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia
5, Virgin Islands, Washington, West Virginia, Wisconsin, and Wyoming*.
*PLI will apply for credit upon request.
Arizona: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
Arkansas and Oklahoma: Audio-only live webcasts are not approved for credit.
1Indiana: Considered a distance education course. There is a 6 credit limit per year.
2New York: Newly admitted attorneys may not take non-transitional course formats such as on-demand audio or video 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.
3Ohio: To confirm that the live webcast 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 biennial 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.
4 Pennsylvania: A live webcast may be viewed individually or in a group setting. Credit may be granted to an attorney who views a live webcast individually. There is a 4.0 credit limit per year for this type of viewing. A live webcast viewed in a group setting receives live participatory credit if the program is open to the public and advertised at least 30 days prior to the program. Live webcasts viewed in a group setting that do not advertise at least 30 days prior the program will be considered "in-house", and therefore denied credit.
5Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
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.
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, refer to your state CLE website or call Customer Service at (800) 260-4PLI (4754) or email: info@pli.edu.
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.