Why you should attend
This program is designed to provide attendees with a basic overview of the legal, regulatory and operational issues affecting “registered investment companies” – the universe of publicly offered pooled investment vehicles that include mutual funds, closed-end funds, exchange-traded funds (“ETFs”) and others. Attendees will learn the fundamentals of the extensive regulatory framework that dictates the structure and operations of retail investment funds as well as hot topics and developments affecting this $13 trillion industry. 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 money market funds and the SEC examination process plus recent litigation and enforcement decisions.
What you will learn
- The history of registered fund regulation
- How funds are created, managed and sold
- The extensive variety of publicly-offered funds, including money market funds, mutual funds, closed-end funds, exchange-traded funds and variable insurance products
- Practical tips on how funds are structured registered and offered
- Inherent conflicts of interest - and how they are addressed
- How regulators monitor the industry
Who should attend
Anyone entering the investment management industry will benefit from this fundamental overview of the regulation and operation of registered investment companies, 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 Keynote: A Lawyer’s Career in Retail Funds
- As an investment management lawyer, Buddy Donohue has participated in the registered fund industry from a variety of vantage points, from private practice to in-house positions at OppenheimerFunds and Merrill Lynch to Director of the SEC’s Division of Investment Management to his current position as Deputy General Counsel of Goldman Sachs Asset Management
- Buddy will offer his perspectives on the current state of the fund industry and the role of fund lawyer in the future of registered funds
Andrew J. Donohue
9:45 The Evolution of an Industry: Approaching 75 Years of Retail Fund Regulation
- The fund industry prior to regulation and Congress’s first response to dishonesty
- The Investment Company Act framework and its central focus on conflicts of interest
- What are “registered investment companies?” - mutual funds, closed-end funds, exchange traded funds, and how do they differ from “private funds?”
- What’s on the horizon
Mary Joan Hoene, Clifford E. Kirsch, George O. Martinez
10:30 Networking Break
10:45 Fund Anatomy
- “Independent Watchdogs”: the critical role of the fund board
- The difference between open-end and closed-end funds, and why it matters
- Managing the Portfolio: the investment adviser
- The Supporting Cast: other key service providers
- The Regulatory Framework: how the rules and regulations seek to protect investors
- Practical tips on forming and registering a fund
Gregory N. Bressler, Kathryn L. Quirk, Bibb L. Strench
12:00 Lunch Break
Afternoon Session: 1:00 p.m. - 5:15 p.m.
1:00 Fund Marketing and Sale of Fund Shares
- How are Fund Shares Distributed?
- “Funds are sold, not bought”: the role of sales charges and no-load funds, and the future of Rule 12b-1 (or (2)) (let’s do on the last panel)
- How funds are priced: the critical importance of fund valuation
- Fund Advertising
Ronald A. Holinsky, Clifford E. Kirsch, Martin E. Lybecker
2:00 Fund Regulation
- Policy and Protocol: the SEC’s Division of Investment Management
- Policies and Procedures: the SEC’s Office of Compliance Inspections and Examinations
- Staying Out of the Penalty Box: the SEC’s Division of Enforcement
- The “New” SEC
- Other Important Acronyms: the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”) and others
Laurin Blumenthal Kleiman, Nicholas Prokos, Penelope W. Saltzman
3:00 Networking Break
3:15 Fund Litigation
- Private rights of action: who can - and can’t - sue
- Excessive fees - how the courts have interpreted the “reasonable” requirement
- Recent developments and the future of fund litigation
Mark Holland, Laurin Blumenthal Kleiman, Lori A. Martin
4:15 Current Trends and Developments
- Will ETFs displace mutual funds as the pooled investment vehicle for the retail investor
- Will hedge funds displace registered funds as the preferred 21st century investment?
- What other changes are afoot in the mutual fund industry?
Edward Baer, Robert C. Grohowski, James C. Munsell
~ Managing Director, Head of US iShares Legal, BlackRock
Gregory N. Bressler
~ Senior Vice President & General Counsel, SunAmerica Asset Management Corp.
Ronald A Holinsky
~ Chief Legal Officer, Janney Capital Management LLC, Janney Montgomery Scott LLC
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 0495741. You can also make reservations
online 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: firstname.lastname@example.org
Sheraton New York Hotel & Towers
, 811 7th Avenue, New York, NY 10019, 1-800-325-3535 or (212) 581-1000. When calling, please mention Practising Law Institute and mention SET#311155. You may also book online
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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.
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