Why you should attend
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. At this program, you will hear from distinguished experts about these and other developments affecting the industry.
What you will learn
- How are hedge funds typically formed and structured?
- How will the new registration and disclosure requirements affect hedge fund managers?
- What happens when a hedge fund manager suspends redemptions or liquidates a fund?
- How do hedge funds trade and clear derivative transactions?
- How can hedge funds improve their prime brokerage relationships?
Who should attend
Attorneys, hedge fund counsel, compliance and other professionals currently working in or interested in the hedge fund industry will benefit from this program.
Morning Session: 9:00 a.m. - 12:45 p.m.
9:00 Introduction and Welcome
9:15 Basic Hedge Fund Structures
- Formation of domestic and offshore structures
- Current terms and conditions for hedge funds
- Developments regarding fee arrangements
- Fundraising activities, private placement requirements, pay-to-play issues
Michael Treisman, Caroline Williams
10:15 Networking Break
10:30 Operational and Compliance Requirements for Hedge Fund Managers
- Major operational and legal risks for hedge fund GCs
- Information walls - when are they needed?
- Risks regarding expert networks
- Developing effective compliance programs
Andrew J. Bowden, Jessica A. Davis
11:30 The Changing Regulatory Framework for Hedge Funds and Managers
- New SEC registration regime for hedge fund managers
- Grappling with new reporting requirements
- Extraterritorial application of registration requirements
- European hedge fund regulatory developments
Stuart J. Kaswell, Danforth Townley
Afternoon Session: 1:45 p.m. - 5:00 p.m.
1:45 Managing Hedge Funds Through Critical Issues
- Restricting liquidity through gates and suspensions
- Use of side pockets
- Liquidation of funds
- Managing through regulatory investigations
Stephanie R. Breslow
2:45 Networking Break
3:00 Prime Brokerage Issues
- Mechanics of a prime brokerage trade
- Negotiating prime brokerage agreements
- Evaluating counterparty risks
- Effect of recent market events on the hedge fund/prime broker relationship
Michael Huber, Harry Jho, Steven Schraibman
4:00 Trading Issues Relating to Swaps Under Dodd-Frank
- New CPO/CTA registration requirements
- Trading and clearing in derivatives by hedge funds
- Treatment of FX transactions
- Regulatory responses to MF Global
Michael J. Drayo, Susan C. Ervin
W. Danforth Townley
~ Attorney Fellow, Division of Investment Management, Davis Polk & Wardwell LLP
Andrew J. Bowden
~ Deputy Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission
Jessica A. Davis
~ Senior Managing Director, General Counsel & CCO; Co-Head of Operational Due Diligence, Protégé Partners, LLC
~ Managing Director and Associate General Counsel, Goldman, Sachs & Co.
Stuart J. Kaswell
~ Executive Vice President & Managing Director, General Counsel, Managed Funds Association
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
Due to high demand and limited inventory in NYC, we recommend reserving hotel rooms as early as possible.
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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