Hedge Funds 2010: Strategies and Structures for an Evolving Marketplace

Overview

Why You Should Attend

Hedge funds have rebounded from the losses incurred in the 2008 financial crisis, and many new funds are being launched. While institutional and individual investors have begun to return to this asset class, a sense of uncertainty remains regarding the terms and structures that will prevail in the industry. Hedge fund managers are also assessing both their investment strategies and relationships with counterparties to incorporate the lessons learned from the Lehman bankruptcy. Meanwhile, Congress is considering major changes in the regulatory framework for the entire financial industry that may fundamentally alter the regulatory treatment of hedge funds and their managers. 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 managed?
• How will proposed registration requirements affect hedge fund managers?
• How have hedge fund terms changed since the 2008 financial crisis?
• How do hedge funds invest through derivative contracts?
• How can hedge funds improve their prime brokerage relationships?

Who Should Attend

Attorneys, hedge fund counsel and compliance professionals currently working in or interested in the hedge fund industry will benefit from this program.

Special Features

Live Webcast - Simultaneous live webcast of the New York session is available for individual viewing. Webcast participants will receive streaming audio and/or video of the program, view and print the Course Handbook, and have the ability to submit questions electronically.

For more information click on the Live Webcast link in the Related Items box.

Special Bonus to all Registrants

All attendees receive a complimentary copy of PLI's comprehensive Course Handbook. This softcover, bound volume was written to augment this program and to stand alone as a permanent reference. PLI's Course Handbooks represent the definitive thinking of the nation's finest legal minds, and are often the standard reference in the field.

Please Note: Webcast attendees will receive a downloadable version of the Handbook one business day prior to the 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.

Schedule

Morning Session:  9:00 a.m. - 12:00 p.m.

9:00  Introduction and Welcome

Danforth Townley

9:15  Basic Hedge Fund Structures

• Formation of domestic and offshore structures
• Use of master/feeder vehicles
• Current terms and conditions for hedge funds
• Developments regarding fee arrangements

Stephanie R. Breslow, Caroline Williams

10:15  Networking Break

10:30  The Changing Regulatory Framework for Hedge Funds and Managers

• Proposals for registration of hedge fund managers
• Possible systemic regulation of hedge funds
• Extraterriorial application of registration requirements
• European hedge fund regulatory developments

Stuart J. Kaswell, Danforth Townley, David A. Vaughan

12:00  Lunch

Afternoon Session:  1:15 p.m. - 5:00 p.m.

1:15  Operational and Compliance Requirements for Hedge Fund Managers

• Major Operational and Legal Risks for Hedge Fund GCs
• Restrictions on Fundraising Activities; Pay-to-Play Rules
• Information Walls - when are they needed?
• Developing effective compliance programs

Thomas A. Biolsi, Norm Champ

2:30  Networking Break

2:45  Prime Brokerage Issues

• Mechanics of a prime brokerage trade
• Negotiating prime brokerage agreements
• Effect of recent market events on the hedge fund/prime broker relationship

Michael Huber, Eric Mendelsohn, Steven Schraibman

4:00  Hedge Fund Trading Issues

• Restrictions on Short Selling
• Trading and Clearing in Derivatives by Hedge Funds
• Section 13 and 16 Requirements; Other reporting requirements
• Commodities Act developments affecting trading

Daniel N. Budofsky, Kathryn M. Trkla

5:00  Adjourn

Faculty

Chairperson(s)

Danforth Townley, Davis Polk & Wardwell

Speaker(s)

Thomas A. Biolsi, Principal, Regulatory Consulting Practice, PricewaterhouseCoopers LLP
Stephanie R. Breslow, Co-Head of Investment Management Group, Schulte Roth & Zabel LLP
Daniel N. Budofsky, Davis Polk & Wardwell LLP
Norm Champ, Deputy Director of the Office of Compliance, Inspections and Examinations, U.S. Securities and Exchange Commission
Michael Huber, Vice President and Associate General Counsel, Goldman, Sachs & Co.
Stuart J. Kaswell, Executive Vice President & Managing Director, General Counsel, Managed Funds Association
Eric Mendelsohn, Executive Director, FrontPoint Partners LLC
Steven Schraibman, Director and Counsel, S.A.C. Capital Advisors, L.P.
Kathryn M. Trkla, Foley & Lardner LLP
David A. Vaughan, Attorney Fellow, Division of Investment Management, U.S. Securities and Exchange Commission
Caroline Williams, Walkers

Program Attorney(s)

Danielle T. Bersofsky, Program Attorney, Practising Law Institute

CLE Credit

Travel Information

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: res.ny@warwickhotels.com.