Seminar  Program

Understanding Financial Products 2018


Select a Location:

The explosion of new financial products over the past decade, the implosion of the credit markets and the resulting significant new regulatory requirements underline the importance of a basic understanding of financial products. While these instruments have been invaluable investment tools, with enormous potential for product manufacturers and investors, they also create potentially significant legal risks and challenges for their promoters, users, legal counsel and regulators. This seminar is designed as a hands-on learning tool to explain the fundamentals that you need to know when dealing with the more common financial investment products in the marketplace today.  

What You Will Learn

• Learn how mutual funds and other investment companies are structured and distributed
• Explore how hedge funds and other private funds are structured and operated following the controversial JOBS Act and in light of government enforcement agencies’ efforts surrounding them
• Evaluate universal life insurance, variable insurance products, guarantees and life settlements
• Discuss flow-through entities, including REITS, BDCs and similar vehicles
• Consider the mortgage market since the financial crisis, including the roles of Fannie Mae, Freddie Mac and the FHA, and the emergence of covered bonds as a financial product
• Gain insight into the use of derivatives — swaps, collars, options, futures and forwards to hedge portfolio positions


Who Should Attend

This program is a perfect fit for attorneys at all levels who are involved in securities, corporate, banking and finance, and insurance law, as well as in-house counsel, financial planners, financial advisors, bankers, and accountants.


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.

Day One: 9:00 a.m. - 5:00 p.m.

9:00 Opening Remarks
Margery K. Neale, Robert S. Risoleo


9:15 Laying the Foundation - Financial Product Fundamentals
  • Overview of the various financial products, their creation and use
  • Changing regulatory landscape since Dodd-Frank
  • Risk management in the current regulatory environment
  • Public offerings and private placements of financial products
  • Anatomy of a collateralized debt obligation

Lee Ann Anderson, Gary M. Brown, Robert S. Risoleo





11:00 Networking Break

11:15 Derivatives Products
  • Use of swaps, collars, options, futures and forwards to hedge portfolio positions
  • Documentation for derivatives
  • Impact of Dodd-Frank: swap trading, clearing and trade reporting
  • Special issues associated with credit derivatives

Christine Ayotte-Brennan, Joyce Frost, Donna M. Parisi




12:45 Lunch

2:00 Capital Markets Products
  • Life Settlements
  • Structured notes
  • Liability management products: tender offers and exchange offers
Lee Ann Anderson, Gary M. Brown, Kenneth L. Josselyn, Richard A. Kahn


3:45 Networking Break

4:00 Litigation Issues in Financial Products – What Can Go Wrong?
  • Regulatory Enforcement
  • Private litigation regarding mortgage-backed securities, high-yield and other securities
  • Disputes over the meaning of “boilerplate” in financial products

Amelia A. Cottrell, Hannah Berkowitz



5:00 Adjourn

Day Two: 9:00 a.m. - 5:00 p.m.

9:00 Securitized Products
  • Structuring techniques and transaction features
  • Changes in the market since the financial crisis
  • Regulatory and legislative developments
  • Status of traditional and new asset classes
  • The future of structured finance

Stuart M. Litwin



10:15 Networking Break

10:30 Converts, SPACS, P/CAPS and more
  • Convertible securities and call spreads
  • Special Purpose Acquisition Companies (SPACs)
  • Permanent Capital Acquisition Partnerships (P/CAPs)
  • Master Limited Partnerships (MLPs) and other pass-through structures

James P.C. Barri, Joyce Frost, Christopher M. Zochowski





12:00 Lunch

1:00 Mutual Funds, Closed End Funds, and ETFs
  • Mutual Funds and Other Investment Companies
  • Overview of the regulatory structure
  • Dodd-Frank; Impact of CFTC regulation of commodity pools and advisers
  • Organizational structure
  • Regulatory requirements under the Investment Company Act
  • Closed End Funds
  • ETFs

W. Thomas Conner, Laurin Blumenthal Kleiman, Margery K. Neale




2:30 Networking Break

2:45 Hedge Funds and Other Private Funds
  • The establishment and operation of hedge funds
  • New structures
  • Private Equity, Venture Capital and Secondary Funds
  • Regulation of private funds – adviser registration and reporting after Dodd-Frank
  • How the products compete with mutual funds; registered hedge fund-of-funds
  • SEC examination and enforcement focus
  • FINRA considerations re: broker-dealer sales of private funds; hedge fund marketing
  • JOBS Act implications

Scott J. Lederman, Margery K. Neale, Tram Nguyen



4:00 Ethical Challenges
  • The Policy Framework:  Lawyers as Gatekeepers
  • The Legal Framework:  Rule 102(e) and Sarbanes-Oxley Attorney Conduct Rules
  • Corporate/Securities Counsel Liability for "Failure to Supervise"
  • Collateral Consequences:  Attorneys as Witnesses
  • SEC Focus on Defense Counsel
  • Attorneys as Whistleblowers
  • State Bar Enforcement

Charles Walker




5:00 Adjourn

Co-Chair(s)
Margery K. Neale ~ Willkie Farr & Gallagher LLP
Robert S. Risoleo ~ Sullivan & Cromwell LLP
Speaker(s)
Lee Ann Anderson ~ Partner, Ashurst
Christine Ayotte-Brennan ~ Fidelity Investments
James P.C. Barri ~ Goodwin Procter LLP
Hannah Berkowitz ~ Murphy & McGonigle, P.C.
Gary M. Brown ~ Chief Executive Officer, Nelson Mullins Riley & Scarborough LLP
W Thomas Conner ~ Vedder Price
Amelia A. Cottrell ~ Partner, Willkie Farr & Gallagher LLP
Joyce A. Frost ~ Riverside Risk Advisors LLC
Kenneth L. Josselyn ~ Managing Director, General Counsel-Finance & Corporate, Goldman Sachs & Co. LLC
Richard A. Kahn ~ Special Counsel, Sullivan & Cromwell LLP
Laurin Blumenthal Kleiman ~ Sidley Austin LLP
Scott J Lederman ~ Managing Director, Grosvenor Capital Management LP
Stuart M. Litwin ~ Mayer Brown LLP
Tram N. Nguyen ~ Paul Hastings LLP
Donna M. Parisi ~ Shearman & Sterling LLP
Charles F Walker ~ Skadden Arps Slate Meagher & Flom LLP
Christopher M. Zochowski ~ Winston & Strawn LLP
Program Attorney(s)
Willis Goodmoore ~ Program Attorney, Practising Law Institute

New York City Seminar Location

PLI New York Center
, 1177 Avenue of the Americas, (2nd floor), entrance on 45th Street, New York, New York 10036. (800) 260-4754.

New York City Hotel Accommodations

Crowne Plaza Times Square Manhattan, 1605 Broadway (at 48th Street), New York, NY 10019 (212) 977-4000. When calling, mention Practising Law Institute. You can also make reservations online to access PLI's rates.

The Muse, 130 West 46th Street, New York, NY 10036. Please call reservations at 1-800-546-7866. When calling, please mention Practising Law Institute and rate code PLII. You can also Book Online- Kimpton.

Millennium Broadway Hotel, 145 West 44th Street, New York, NY 10036. Please call reservations at 1-800-622-5569. When calling, please mention Practising Law Institute. You can also book online.

Hyatt Times Square, 135 W. 45th Street, New York, NY 10036. For reservations, please call (646) 364-1234. When calling mention rate code CR56218 or Practising Law Institute.

General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.


U.S. MCLE States

Alabama: PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s live seminars qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

California:  PLI’s live seminars qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Illinois: All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Iowa:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Kansas:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live programs.

Kentucky:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Louisiana:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Maine:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Minnesota:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Mississippi:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Missouri:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Montana:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Nebraska:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Nevada:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

New Hampshire:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

New Jersey:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

New Mexico:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional live seminars can be used to fulfill the requirements for newly admitted attorneys. All credit categories may be earned via transitional live seminars.

North Carolina:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars

North Dakota:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Ohio:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Oklahoma:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania: PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Puerto Rico:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Rhode Island:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

South Carolina:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Tennessee:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Vermont:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s live seminars qualify as “live interactive” credit. There is no limit to the number of credits an attorney can earn via live interactive programs.

Washington:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

West Virginia:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Wisconsin:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

Wyoming:  PLI’s live seminars qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live seminars.

CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s live seminars qualify as “real-time” credit. There is no limit to the number of credits an attorney can earn via real-time programs.

Ontario (CPD-ON):  PLI’s live seminars qualify as “interactive” credit. There is no limit to the number of credits an attorney can earn via interactive programs.

Quebec (CPD-QC): PLI’s live seminars can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s live seminars qualify as “live” credit. There is no limit to the number of points an attorney can earn via live seminars.

United Kingdom (CPD-UK):  PLI’s live seminars can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s live seminars qualify as “live” credit in all Australian jurisdictions. There is no limit to the number of credits an attorney can earn via live seminars.

Other Credit Types

CPE Credit (NASBA): PLI’s live seminars qualify as “Group-Live delivery” credit.

IRS Continuing Education (IRS-CE): PLI’s live seminars may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s live seminars may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s live seminars may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s live seminars may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s live seminars qualify as "instructor-led" credit. There is no limit to the number of credits an SHRM professional can earn via instructor-led programs.

Compliance Certification Board (CCB):  PLI’s live seminars qualify as “live” training events. There is no limit to the number of credits a candidate or certification holder can earn via live programs.

Certified Anti-Money Laundering Specialists (CAMS):  PLI’s live seminars may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  PLI’s live seminars may fulfill SW CPE credit requirements.

American Bankers Association Professional Certification (ABA):  PLI’s live seminars may fulfill ABA credit requirements.

 

The explosion of new financial products over the past decade, the implosion of the credit markets and the resulting significant new regulatory requirements underline the importance of a basic understanding of financial products. While these instruments have been invaluable investment tools, with enormous potential for product manufacturers and investors, they also create potentially significant legal risks and challenges for their promoters, users, legal counsel and regulators. This seminar is designed as a hands-on learning tool to explain the fundamentals that you need to know when dealing with the more common financial investment products in the marketplace today.  

What You Will Learn

• Learn how mutual funds and other investment companies are structured and distributed
• Explore how hedge funds and other private funds are structured and operated following the controversial JOBS Act and in light of government enforcement agencies’ efforts surrounding them
• Evaluate universal life insurance, variable insurance products, guarantees and life settlements
• Discuss flow-through entities, including REITS, BDCs and similar vehicles
• Consider the mortgage market since the financial crisis, including the roles of Fannie Mae, Freddie Mac and the FHA, and the emergence of covered bonds as a financial product
• Gain insight into the use of derivatives — swaps, collars, options, futures and forwards to hedge portfolio positions


Who Should Attend

This program is a perfect fit for attorneys at all levels who are involved in securities, corporate, banking and finance, and insurance law, as well as in-house counsel, financial planners, financial advisors, bankers, and accountants.


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.

Day One: 9:00 a.m. - 5:00 p.m.

9:00 Opening Remarks
Margery K. Neale, Robert S. Risoleo


9:15 Laying the Foundation - Financial Product Fundamentals
  • Overview of the various financial products, their creation and use
  • Changing regulatory landscape since Dodd-Frank
  • Risk management in the current regulatory environment
  • Public offerings and private placements of financial products
  • Anatomy of a collateralized debt obligation

Lee Ann Anderson, Gary M. Brown, Robert S. Risoleo





11:00 Networking Break

11:15 Derivatives Products
  • Use of swaps, collars, options, futures and forwards to hedge portfolio positions
  • Documentation for derivatives
  • Impact of Dodd-Frank: swap trading, clearing and trade reporting
  • Special issues associated with credit derivatives

Christine Ayotte-Brennan, Joyce Frost, Donna M. Parisi




12:45 Lunch

2:00 Capital Markets Products
  • Life Settlements
  • Structured notes
  • Liability management products: tender offers and exchange offers
Lee Ann Anderson, Gary M. Brown, Kenneth L. Josselyn, Richard A. Kahn


3:45 Networking Break

4:00 Litigation Issues in Financial Products – What Can Go Wrong?
  • Regulatory Enforcement
  • Private litigation regarding mortgage-backed securities, high-yield and other securities
  • Disputes over the meaning of “boilerplate” in financial products

Amelia A. Cottrell, Hannah Berkowitz



5:00 Adjourn

Day Two: 9:00 a.m. - 5:00 p.m.

9:00 Securitized Products
  • Structuring techniques and transaction features
  • Changes in the market since the financial crisis
  • Regulatory and legislative developments
  • Status of traditional and new asset classes
  • The future of structured finance

Stuart M. Litwin



10:15 Networking Break

10:30 Converts, SPACS, P/CAPS and more
  • Convertible securities and call spreads
  • Special Purpose Acquisition Companies (SPACs)
  • Permanent Capital Acquisition Partnerships (P/CAPs)
  • Master Limited Partnerships (MLPs) and other pass-through structures

James P.C. Barri, Joyce Frost, Christopher M. Zochowski





12:00 Lunch

1:00 Mutual Funds, Closed End Funds, and ETFs
  • Mutual Funds and Other Investment Companies
  • Overview of the regulatory structure
  • Dodd-Frank; Impact of CFTC regulation of commodity pools and advisers
  • Organizational structure
  • Regulatory requirements under the Investment Company Act
  • Closed End Funds
  • ETFs

W. Thomas Conner, Laurin Blumenthal Kleiman, Margery K. Neale




2:30 Networking Break

2:45 Hedge Funds and Other Private Funds
  • The establishment and operation of hedge funds
  • New structures
  • Private Equity, Venture Capital and Secondary Funds
  • Regulation of private funds – adviser registration and reporting after Dodd-Frank
  • How the products compete with mutual funds; registered hedge fund-of-funds
  • SEC examination and enforcement focus
  • FINRA considerations re: broker-dealer sales of private funds; hedge fund marketing
  • JOBS Act implications

Scott J. Lederman, Margery K. Neale, Tram Nguyen



4:00 Ethical Challenges
  • The Policy Framework:  Lawyers as Gatekeepers
  • The Legal Framework:  Rule 102(e) and Sarbanes-Oxley Attorney Conduct Rules
  • Corporate/Securities Counsel Liability for "Failure to Supervise"
  • Collateral Consequences:  Attorneys as Witnesses
  • SEC Focus on Defense Counsel
  • Attorneys as Whistleblowers
  • State Bar Enforcement

Charles Walker




5:00 Adjourn

Co-Chair(s)
Margery K. Neale ~ Willkie Farr & Gallagher LLP
Robert S. Risoleo ~ Sullivan & Cromwell LLP
Speaker(s)
Lee Ann Anderson ~ Partner, Ashurst
Christine Ayotte-Brennan ~ Fidelity Investments
James P.C. Barri ~ Goodwin Procter LLP
Hannah Berkowitz ~ Murphy & McGonigle, P.C.
Gary M. Brown ~ Chief Executive Officer, Nelson Mullins Riley & Scarborough LLP
W Thomas Conner ~ Vedder Price
Amelia A. Cottrell ~ Partner, Willkie Farr & Gallagher LLP
Joyce A. Frost ~ Riverside Risk Advisors LLC
Kenneth L. Josselyn ~ Managing Director, General Counsel-Finance & Corporate, Goldman Sachs & Co. LLC
Richard A. Kahn ~ Special Counsel, Sullivan & Cromwell LLP
Laurin Blumenthal Kleiman ~ Sidley Austin LLP
Scott J Lederman ~ Managing Director, Grosvenor Capital Management LP
Stuart M. Litwin ~ Mayer Brown LLP
Tram N. Nguyen ~ Paul Hastings LLP
Donna M. Parisi ~ Shearman & Sterling LLP
Charles F Walker ~ Skadden Arps Slate Meagher & Flom LLP
Christopher M. Zochowski ~ Winston & Strawn LLP
Program Attorney(s)
Willis Goodmoore ~ Program Attorney, Practising Law Institute
General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.

PLI’s live and on-demand webcasts are single-user license products intended for an individual registrant only. Credit will be issued only to the individual registered. If two or more individuals wish to participate in a webcast and receive credit, PLI would be happy to provide a Groupcast – group viewing of a webcast. To schedule a Groupcast, please contact PLI at groupcasts@pli.edu.


U.S. MCLE States

Alabama:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s live webcasts qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

California:  PLI’s live webcasts qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s live webcasts qualify as “eCLE” credit. Attorneys are limited to 12 credits of eCLE per reporting period.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s live webcasts qualify as “in-house” credit. Attorneys are limited to 6 in-house credits per reporting period.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s live webcasts qualify as “distance education” credit. Attorneys are limited to 9 credits of distance education per reporting period.

Iowa:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Kansas:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Kentucky:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Louisiana:  PLI’s live webcasts qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

Maine:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Minnesota:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Mississippi:  PLI’s live webcasts qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Montana:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Nebraska:  PLI’s live webcasts qualify as “computer-based learning” credit. Attorneys are limited to 5 credits of computer-based learning per reporting period.

Nevada:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

New Hampshire:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

New Jersey:  PLI’s live webcasts qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional live webcasts can be used to fulfill the requirements for New York newly admitted attorneys. Ethics credit, professional practice credit, and law practice management credit may be earned via transitional live webcasts. Skills credits may not be earned via live webcasts.

North Carolina:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

North Dakota:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Ohio:  PLI’s live webcasts qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Oklahoma:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s live webcasts qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Puerto Rico:  PLI’s live webcasts qualify as “non-traditional” credit. Attorneys are limited to 8 credits of non-traditional programs per reporting period.

Rhode Island:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

South Carolina:  PLI’s live webcasts qualify as “alternatively delivered” credit. Attorneys are limited to 6 credits of alternatively delivered programs per reporting period.

Tennessee:  PLI’s live webcasts qualify as “distance learning” credit. Attorneys are limited to 8 credits of distance learning per reporting period.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s live webcasts qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s live webcasts qualify as “live interactive” credit. There is no limit to the number of credits an attorney can earn via live interactive programs.

Washington:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

West Virginia:  PLI’s live webcasts qualify as “online” credit. Attorneys are limited to 12 credits of online instruction per reporting period.

Wisconsin:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

Wyoming:  PLI’s live webcasts qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live webcasts.

CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s live webcasts qualify as “real-time” credit. There is no limit to the number of credits an attorney can earn via real-time programs.

Ontario (CPD-ON):  PLI’s live webcasts qualify as “interactive” credit. There is no limit to the number of credits an attorney can earn via interactive programs.

Quebec (CPD-QC):  PLI’s live webcasts can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s live webcasts qualify as “distance learning” credit. Attorneys are limited to 15 points of distance learning programs per reporting period.

United Kingdom (CPD-UK):  PLI’s live webcasts can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s live webcasts may fulfill Australia’s CPD requirements. Credit limits for live webcasts vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.

Other Credit Types

CPE Credit (NASBA):  PLI’s live webcasts qualify as “Group-Internet-Based” (GIB) credit.

IRS Continuing Education (IRS-CE):  PLI’s live webcasts may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s live webcasts may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s live webcasts may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s live webcasts may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s live webcasts qualify as "instructor-led" credit. There is no limit to the number of credits an SHRM professional can earn via instructor-led programs.

Compliance Certification Board (CCB):  PLI’s live webcasts qualify as “live” training events. There is no limit to the number of credits a candidate or certification holder can earn via live programs.

Certified Anti-Money Laundering Specialists (CAMS):  PLI’s live webcasts may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  PLI’s live webcasts may fulfill SW CPE credit requirements.

American Bankers Association Professional Certification (ABA):  PLI’s live webcasts may fulfill ABA credit requirements.

 

The explosion of new financial products over the past decade, the implosion of the credit markets and the resulting significant new regulatory requirements underline the importance of a basic understanding of financial products. While these instruments have been invaluable investment tools, with enormous potential for product manufacturers and investors, they also create potentially significant legal risks and challenges for their promoters, users, legal counsel and regulators. This seminar is designed as a hands-on learning tool to explain the fundamentals that you need to know when dealing with the more common financial investment products in the marketplace today.  

What You Will Learn

• Learn how mutual funds and other investment companies are structured and distributed
• Explore how hedge funds and other private funds are structured and operated following the controversial JOBS Act and in light of government enforcement agencies’ efforts surrounding them
• Evaluate universal life insurance, variable insurance products, guarantees and life settlements
• Discuss flow-through entities, including REITS, BDCs and similar vehicles
• Consider the mortgage market since the financial crisis, including the roles of Fannie Mae, Freddie Mac and the FHA, and the emergence of covered bonds as a financial product
• Gain insight into the use of derivatives — swaps, collars, options, futures and forwards to hedge portfolio positions


Who Should Attend

This program is a perfect fit for attorneys at all levels who are involved in securities, corporate, banking and finance, and insurance law, as well as in-house counsel, financial planners, financial advisors, bankers, and accountants.


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.

Day One: 9:00 a.m. - 5:00 p.m.

9:00 Opening Remarks
Margery K. Neale, Robert S. Risoleo


9:15 Laying the Foundation - Financial Product Fundamentals
  • Overview of the various financial products, their creation and use
  • Changing regulatory landscape since Dodd-Frank
  • Risk management in the current regulatory environment
  • Public offerings and private placements of financial products
  • Anatomy of a collateralized debt obligation

Lee Ann Anderson, Gary M. Brown, Robert S. Risoleo





11:00 Networking Break

11:15 Derivatives Products
  • Use of swaps, collars, options, futures and forwards to hedge portfolio positions
  • Documentation for derivatives
  • Impact of Dodd-Frank: swap trading, clearing and trade reporting
  • Special issues associated with credit derivatives

Christine Ayotte-Brennan, Joyce Frost, Donna M. Parisi




12:45 Lunch

2:00 Capital Markets Products
  • Life Settlements
  • Structured notes
  • Liability management products: tender offers and exchange offers
Lee Ann Anderson, Gary M. Brown, Kenneth L. Josselyn, Richard A. Kahn


3:45 Networking Break

4:00 Litigation Issues in Financial Products – What Can Go Wrong?
  • Regulatory Enforcement
  • Private litigation regarding mortgage-backed securities, high-yield and other securities
  • Disputes over the meaning of “boilerplate” in financial products

Amelia A. Cottrell, Hannah Berkowitz



5:00 Adjourn

Day Two: 9:00 a.m. - 5:00 p.m.

9:00 Securitized Products
  • Structuring techniques and transaction features
  • Changes in the market since the financial crisis
  • Regulatory and legislative developments
  • Status of traditional and new asset classes
  • The future of structured finance

Stuart M. Litwin



10:15 Networking Break

10:30 Converts, SPACS, P/CAPS and more
  • Convertible securities and call spreads
  • Special Purpose Acquisition Companies (SPACs)
  • Permanent Capital Acquisition Partnerships (P/CAPs)
  • Master Limited Partnerships (MLPs) and other pass-through structures

James P.C. Barri, Joyce Frost, Christopher M. Zochowski





12:00 Lunch

1:00 Mutual Funds, Closed End Funds, and ETFs
  • Mutual Funds and Other Investment Companies
  • Overview of the regulatory structure
  • Dodd-Frank; Impact of CFTC regulation of commodity pools and advisers
  • Organizational structure
  • Regulatory requirements under the Investment Company Act
  • Closed End Funds
  • ETFs

W. Thomas Conner, Laurin Blumenthal Kleiman, Margery K. Neale




2:30 Networking Break

2:45 Hedge Funds and Other Private Funds
  • The establishment and operation of hedge funds
  • New structures
  • Private Equity, Venture Capital and Secondary Funds
  • Regulation of private funds – adviser registration and reporting after Dodd-Frank
  • How the products compete with mutual funds; registered hedge fund-of-funds
  • SEC examination and enforcement focus
  • FINRA considerations re: broker-dealer sales of private funds; hedge fund marketing
  • JOBS Act implications

Scott J. Lederman, Margery K. Neale, Tram Nguyen



4:00 Ethical Challenges
  • The Policy Framework:  Lawyers as Gatekeepers
  • The Legal Framework:  Rule 102(e) and Sarbanes-Oxley Attorney Conduct Rules
  • Corporate/Securities Counsel Liability for "Failure to Supervise"
  • Collateral Consequences:  Attorneys as Witnesses
  • SEC Focus on Defense Counsel
  • Attorneys as Whistleblowers
  • State Bar Enforcement

Charles Walker




5:00 Adjourn

Co-Chair(s)
Margery K. Neale ~ Willkie Farr & Gallagher LLP
Robert S. Risoleo ~ Sullivan & Cromwell LLP
Speaker(s)
Lee Ann Anderson ~ Partner, Ashurst
Christine Ayotte-Brennan ~ Fidelity Investments
James P.C. Barri ~ Goodwin Procter LLP
Hannah Berkowitz ~ Murphy & McGonigle, P.C.
Gary M. Brown ~ Chief Executive Officer, Nelson Mullins Riley & Scarborough LLP
W Thomas Conner ~ Vedder Price
Amelia A. Cottrell ~ Partner, Willkie Farr & Gallagher LLP
Joyce A. Frost ~ Riverside Risk Advisors LLC
Kenneth L. Josselyn ~ Managing Director, General Counsel-Finance & Corporate, Goldman Sachs & Co. LLC
Richard A. Kahn ~ Special Counsel, Sullivan & Cromwell LLP
Laurin Blumenthal Kleiman ~ Sidley Austin LLP
Scott J Lederman ~ Managing Director, Grosvenor Capital Management LP
Stuart M. Litwin ~ Mayer Brown LLP
Tram N. Nguyen ~ Paul Hastings LLP
Donna M. Parisi ~ Shearman & Sterling LLP
Charles F Walker ~ Skadden Arps Slate Meagher & Flom LLP
Christopher M. Zochowski ~ Winston & Strawn LLP
Program Attorney(s)
Willis Goodmoore ~ Program Attorney, Practising Law Institute
Atlanta Groupcast Location

Atlanta Bar Association, 400 International Tower, 229 Peachtree Street, NE, Atlanta, GA 30303-1601. (404) 521-0781.

General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.


U.S. MCLE States

Alabama:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

California:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Iowa:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Kansas:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live programs.

Kentucky:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Louisiana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Maine:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Minnesota:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Mississippi:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Montana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Nebraska:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Nevada:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New Hampshire:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New Jersey:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can be used to fulfill the requirements for New York newly admitted attorneys. Ethics credit, professional practice credit, and law practice management credit may be earned via transitional live groupcasts. Skills credits may not be earned via live groupcasts.

North Carolina:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

North Dakota:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Ohio:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Oklahoma:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Puerto Rico:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Rhode Island:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

South Carolina:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Tennessee:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live interactive” credit. There is no limit to the number of credits an attorney can earn via live interactive programs.

Washington:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

West Virginia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Wisconsin:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Wyoming:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.


CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “real-time” credit. There is no limit to the number of credits an attorney can earn via real-time programs.

Ontario (CPD-ON):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “interactive” credit. There is no limit to the number of credits an attorney can earn via interactive programs.

Quebec (CPD-QC):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of points an attorney can earn via live groupcasts.

United Kingdom (CPD-UK):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Australia’s CPD requirements. Credit limits for live groupcasts vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.


Other Credit Types

CPE Credit (NASBA):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “Group-Live delivery” credit.

IRS Continuing Education (IRS-CE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as "instructor-led" credit. There is no limit to the number of credits an SHRM professional can earn via instructor-led programs.

Compliance Certification Board (CCB):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” training events. There is no limit to the number of credits a candidate or certification holder can earn via live groupcasts.

Certified Anti-Money Laundering Specialists (CAMS):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill SW CPE credit requirements.

American Bankers Association Professional Certification (ABA):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill ABA credit requirements.

 

The explosion of new financial products over the past decade, the implosion of the credit markets and the resulting significant new regulatory requirements underline the importance of a basic understanding of financial products. While these instruments have been invaluable investment tools, with enormous potential for product manufacturers and investors, they also create potentially significant legal risks and challenges for their promoters, users, legal counsel and regulators. This seminar is designed as a hands-on learning tool to explain the fundamentals that you need to know when dealing with the more common financial investment products in the marketplace today.  

What You Will Learn

• Learn how mutual funds and other investment companies are structured and distributed
• Explore how hedge funds and other private funds are structured and operated following the controversial JOBS Act and in light of government enforcement agencies’ efforts surrounding them
• Evaluate universal life insurance, variable insurance products, guarantees and life settlements
• Discuss flow-through entities, including REITS, BDCs and similar vehicles
• Consider the mortgage market since the financial crisis, including the roles of Fannie Mae, Freddie Mac and the FHA, and the emergence of covered bonds as a financial product
• Gain insight into the use of derivatives — swaps, collars, options, futures and forwards to hedge portfolio positions


Who Should Attend

This program is a perfect fit for attorneys at all levels who are involved in securities, corporate, banking and finance, and insurance law, as well as in-house counsel, financial planners, financial advisors, bankers, and accountants.


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.

Day One: 9:00 a.m. - 5:00 p.m.

9:00 Opening Remarks
Margery K. Neale, Robert S. Risoleo


9:15 Laying the Foundation - Financial Product Fundamentals
  • Overview of the various financial products, their creation and use
  • Changing regulatory landscape since Dodd-Frank
  • Risk management in the current regulatory environment
  • Public offerings and private placements of financial products
  • Anatomy of a collateralized debt obligation

Lee Ann Anderson, Gary M. Brown, Robert S. Risoleo





11:00 Networking Break

11:15 Derivatives Products
  • Use of swaps, collars, options, futures and forwards to hedge portfolio positions
  • Documentation for derivatives
  • Impact of Dodd-Frank: swap trading, clearing and trade reporting
  • Special issues associated with credit derivatives

Christine Ayotte-Brennan, Joyce Frost, Donna M. Parisi




12:45 Lunch

2:00 Capital Markets Products
  • Life Settlements
  • Structured notes
  • Liability management products: tender offers and exchange offers
Lee Ann Anderson, Gary M. Brown, Kenneth L. Josselyn, Richard A. Kahn


3:45 Networking Break

4:00 Litigation Issues in Financial Products – What Can Go Wrong?
  • Regulatory Enforcement
  • Private litigation regarding mortgage-backed securities, high-yield and other securities
  • Disputes over the meaning of “boilerplate” in financial products

Amelia A. Cottrell, Hannah Berkowitz



5:00 Adjourn

Day Two: 9:00 a.m. - 5:00 p.m.

9:00 Securitized Products
  • Structuring techniques and transaction features
  • Changes in the market since the financial crisis
  • Regulatory and legislative developments
  • Status of traditional and new asset classes
  • The future of structured finance

Stuart M. Litwin



10:15 Networking Break

10:30 Converts, SPACS, P/CAPS and more
  • Convertible securities and call spreads
  • Special Purpose Acquisition Companies (SPACs)
  • Permanent Capital Acquisition Partnerships (P/CAPs)
  • Master Limited Partnerships (MLPs) and other pass-through structures

James P.C. Barri, Joyce Frost, Christopher M. Zochowski





12:00 Lunch

1:00 Mutual Funds, Closed End Funds, and ETFs
  • Mutual Funds and Other Investment Companies
  • Overview of the regulatory structure
  • Dodd-Frank; Impact of CFTC regulation of commodity pools and advisers
  • Organizational structure
  • Regulatory requirements under the Investment Company Act
  • Closed End Funds
  • ETFs

W. Thomas Conner, Laurin Blumenthal Kleiman, Margery K. Neale




2:30 Networking Break

2:45 Hedge Funds and Other Private Funds
  • The establishment and operation of hedge funds
  • New structures
  • Private Equity, Venture Capital and Secondary Funds
  • Regulation of private funds – adviser registration and reporting after Dodd-Frank
  • How the products compete with mutual funds; registered hedge fund-of-funds
  • SEC examination and enforcement focus
  • FINRA considerations re: broker-dealer sales of private funds; hedge fund marketing
  • JOBS Act implications

Scott J. Lederman, Margery K. Neale, Tram Nguyen



4:00 Ethical Challenges
  • The Policy Framework:  Lawyers as Gatekeepers
  • The Legal Framework:  Rule 102(e) and Sarbanes-Oxley Attorney Conduct Rules
  • Corporate/Securities Counsel Liability for "Failure to Supervise"
  • Collateral Consequences:  Attorneys as Witnesses
  • SEC Focus on Defense Counsel
  • Attorneys as Whistleblowers
  • State Bar Enforcement

Charles Walker




5:00 Adjourn

Co-Chair(s)
Margery K. Neale ~ Willkie Farr & Gallagher LLP
Robert S. Risoleo ~ Sullivan & Cromwell LLP
Speaker(s)
Lee Ann Anderson ~ Partner, Ashurst
Christine Ayotte-Brennan ~ Fidelity Investments
James P.C. Barri ~ Goodwin Procter LLP
Hannah Berkowitz ~ Murphy & McGonigle, P.C.
Gary M. Brown ~ Chief Executive Officer, Nelson Mullins Riley & Scarborough LLP
W Thomas Conner ~ Vedder Price
Amelia A. Cottrell ~ Partner, Willkie Farr & Gallagher LLP
Joyce A. Frost ~ Riverside Risk Advisors LLC
Kenneth L. Josselyn ~ Managing Director, General Counsel-Finance & Corporate, Goldman Sachs & Co. LLC
Richard A. Kahn ~ Special Counsel, Sullivan & Cromwell LLP
Laurin Blumenthal Kleiman ~ Sidley Austin LLP
Scott J Lederman ~ Managing Director, Grosvenor Capital Management LP
Stuart M. Litwin ~ Mayer Brown LLP
Tram N. Nguyen ~ Paul Hastings LLP
Donna M. Parisi ~ Shearman & Sterling LLP
Charles F Walker ~ Skadden Arps Slate Meagher & Flom LLP
Christopher M. Zochowski ~ Winston & Strawn LLP
Program Attorney(s)
Willis Goodmoore ~ Program Attorney, Practising Law Institute
New Jersey Groupcast Location

New Jersey Institute for Continuing Legal Education, One Constitution Square, New Brunswick, NJ 08901-1520. 732-249-5100.

General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.


U.S. MCLE States

Alabama:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

California:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Iowa:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Kansas:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live programs.

Kentucky:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Louisiana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Maine:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Minnesota:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Mississippi:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Montana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Nebraska:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Nevada:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New Hampshire:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New Jersey:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can be used to fulfill the requirements for New York newly admitted attorneys. Ethics credit, professional practice credit, and law practice management credit may be earned via transitional live groupcasts. Skills credits may not be earned via live groupcasts.

North Carolina:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

North Dakota:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Ohio:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Oklahoma:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Puerto Rico:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Rhode Island:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

South Carolina:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Tennessee:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live interactive” credit. There is no limit to the number of credits an attorney can earn via live interactive programs.

Washington:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

West Virginia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Wisconsin:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Wyoming:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.


CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “real-time” credit. There is no limit to the number of credits an attorney can earn via real-time programs.

Ontario (CPD-ON):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “interactive” credit. There is no limit to the number of credits an attorney can earn via interactive programs.

Quebec (CPD-QC):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of points an attorney can earn via live groupcasts.

United Kingdom (CPD-UK):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Australia’s CPD requirements. Credit limits for live groupcasts vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.


Other Credit Types

CPE Credit (NASBA):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “Group-Live delivery” credit.

IRS Continuing Education (IRS-CE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as "instructor-led" credit. There is no limit to the number of credits an SHRM professional can earn via instructor-led programs.

Compliance Certification Board (CCB):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” training events. There is no limit to the number of credits a candidate or certification holder can earn via live groupcasts.

Certified Anti-Money Laundering Specialists (CAMS):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill SW CPE credit requirements.

American Bankers Association Professional Certification (ABA):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill ABA credit requirements.

 

The explosion of new financial products over the past decade, the implosion of the credit markets and the resulting significant new regulatory requirements underline the importance of a basic understanding of financial products. While these instruments have been invaluable investment tools, with enormous potential for product manufacturers and investors, they also create potentially significant legal risks and challenges for their promoters, users, legal counsel and regulators. This seminar is designed as a hands-on learning tool to explain the fundamentals that you need to know when dealing with the more common financial investment products in the marketplace today.  

What You Will Learn

• Learn how mutual funds and other investment companies are structured and distributed
• Explore how hedge funds and other private funds are structured and operated following the controversial JOBS Act and in light of government enforcement agencies’ efforts surrounding them
• Evaluate universal life insurance, variable insurance products, guarantees and life settlements
• Discuss flow-through entities, including REITS, BDCs and similar vehicles
• Consider the mortgage market since the financial crisis, including the roles of Fannie Mae, Freddie Mac and the FHA, and the emergence of covered bonds as a financial product
• Gain insight into the use of derivatives — swaps, collars, options, futures and forwards to hedge portfolio positions


Who Should Attend

This program is a perfect fit for attorneys at all levels who are involved in securities, corporate, banking and finance, and insurance law, as well as in-house counsel, financial planners, financial advisors, bankers, and accountants.


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.

Day One: 9:00 a.m. - 5:00 p.m.

9:00 Opening Remarks
Margery K. Neale, Robert S. Risoleo


9:15 Laying the Foundation - Financial Product Fundamentals
  • Overview of the various financial products, their creation and use
  • Changing regulatory landscape since Dodd-Frank
  • Risk management in the current regulatory environment
  • Public offerings and private placements of financial products
  • Anatomy of a collateralized debt obligation

Lee Ann Anderson, Gary M. Brown, Robert S. Risoleo





11:00 Networking Break

11:15 Derivatives Products
  • Use of swaps, collars, options, futures and forwards to hedge portfolio positions
  • Documentation for derivatives
  • Impact of Dodd-Frank: swap trading, clearing and trade reporting
  • Special issues associated with credit derivatives

Christine Ayotte-Brennan, Joyce Frost, Donna M. Parisi




12:45 Lunch

2:00 Capital Markets Products
  • Life Settlements
  • Structured notes
  • Liability management products: tender offers and exchange offers
Lee Ann Anderson, Gary M. Brown, Kenneth L. Josselyn, Richard A. Kahn


3:45 Networking Break

4:00 Litigation Issues in Financial Products – What Can Go Wrong?
  • Regulatory Enforcement
  • Private litigation regarding mortgage-backed securities, high-yield and other securities
  • Disputes over the meaning of “boilerplate” in financial products

Amelia A. Cottrell, Hannah Berkowitz



5:00 Adjourn

Day Two: 9:00 a.m. - 5:00 p.m.

9:00 Securitized Products
  • Structuring techniques and transaction features
  • Changes in the market since the financial crisis
  • Regulatory and legislative developments
  • Status of traditional and new asset classes
  • The future of structured finance

Stuart M. Litwin



10:15 Networking Break

10:30 Converts, SPACS, P/CAPS and more
  • Convertible securities and call spreads
  • Special Purpose Acquisition Companies (SPACs)
  • Permanent Capital Acquisition Partnerships (P/CAPs)
  • Master Limited Partnerships (MLPs) and other pass-through structures

James P.C. Barri, Joyce Frost, Christopher M. Zochowski





12:00 Lunch

1:00 Mutual Funds, Closed End Funds, and ETFs
  • Mutual Funds and Other Investment Companies
  • Overview of the regulatory structure
  • Dodd-Frank; Impact of CFTC regulation of commodity pools and advisers
  • Organizational structure
  • Regulatory requirements under the Investment Company Act
  • Closed End Funds
  • ETFs

W. Thomas Conner, Laurin Blumenthal Kleiman, Margery K. Neale




2:30 Networking Break

2:45 Hedge Funds and Other Private Funds
  • The establishment and operation of hedge funds
  • New structures
  • Private Equity, Venture Capital and Secondary Funds
  • Regulation of private funds – adviser registration and reporting after Dodd-Frank
  • How the products compete with mutual funds; registered hedge fund-of-funds
  • SEC examination and enforcement focus
  • FINRA considerations re: broker-dealer sales of private funds; hedge fund marketing
  • JOBS Act implications

Scott J. Lederman, Margery K. Neale, Tram Nguyen



4:00 Ethical Challenges
  • The Policy Framework:  Lawyers as Gatekeepers
  • The Legal Framework:  Rule 102(e) and Sarbanes-Oxley Attorney Conduct Rules
  • Corporate/Securities Counsel Liability for "Failure to Supervise"
  • Collateral Consequences:  Attorneys as Witnesses
  • SEC Focus on Defense Counsel
  • Attorneys as Whistleblowers
  • State Bar Enforcement

Charles Walker




5:00 Adjourn

Co-Chair(s)
Margery K. Neale ~ Willkie Farr & Gallagher LLP
Robert S. Risoleo ~ Sullivan & Cromwell LLP
Speaker(s)
Lee Ann Anderson ~ Partner, Ashurst
Christine Ayotte-Brennan ~ Fidelity Investments
James P.C. Barri ~ Goodwin Procter LLP
Hannah Berkowitz ~ Murphy & McGonigle, P.C.
Gary M. Brown ~ Chief Executive Officer, Nelson Mullins Riley & Scarborough LLP
W Thomas Conner ~ Vedder Price
Amelia A. Cottrell ~ Partner, Willkie Farr & Gallagher LLP
Joyce A. Frost ~ Riverside Risk Advisors LLC
Kenneth L. Josselyn ~ Managing Director, General Counsel-Finance & Corporate, Goldman Sachs & Co. LLC
Richard A. Kahn ~ Special Counsel, Sullivan & Cromwell LLP
Laurin Blumenthal Kleiman ~ Sidley Austin LLP
Scott J Lederman ~ Managing Director, Grosvenor Capital Management LP
Stuart M. Litwin ~ Mayer Brown LLP
Tram N. Nguyen ~ Paul Hastings LLP
Donna M. Parisi ~ Shearman & Sterling LLP
Charles F Walker ~ Skadden Arps Slate Meagher & Flom LLP
Christopher M. Zochowski ~ Winston & Strawn LLP
Program Attorney(s)
Willis Goodmoore ~ Program Attorney, Practising Law Institute
Cleveland Groupcast Location

The Cleveland Metropolitan Bar Association, 1375 E. 9th Street – Floor 2, Cleveland, Ohio 44114. 216-696-2404.

General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.


U.S. MCLE States

Alabama:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

California:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Iowa:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Kansas:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live programs.

Kentucky:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Louisiana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Maine:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Minnesota:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Mississippi:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Montana:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Nebraska:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Nevada:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New Hampshire:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New Jersey:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can be used to fulfill the requirements for New York newly admitted attorneys. Ethics credit, professional practice credit, and law practice management credit may be earned via transitional live groupcasts. Skills credits may not be earned via live groupcasts.

North Carolina:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

North Dakota:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Ohio:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Oklahoma:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Puerto Rico:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Rhode Island:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

South Carolina:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Tennessee:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live interactive” credit. There is no limit to the number of credits an attorney can earn via live interactive programs.

Washington:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

West Virginia:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Wisconsin:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.

Wyoming:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of credits an attorney can earn via live groupcasts.


CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “real-time” credit. There is no limit to the number of credits an attorney can earn via real-time programs.

Ontario (CPD-ON):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “interactive” credit. There is no limit to the number of credits an attorney can earn via interactive programs.

Quebec (CPD-QC):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” credit. There is no limit to the number of points an attorney can earn via live groupcasts.

United Kingdom (CPD-UK):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Australia’s CPD requirements. Credit limits for live groupcasts vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.


Other Credit Types

CPE Credit (NASBA):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “Group-Live delivery” credit.

IRS Continuing Education (IRS-CE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as "instructor-led" credit. There is no limit to the number of credits an SHRM professional can earn via instructor-led programs.

Compliance Certification Board (CCB):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) qualify as “live” training events. There is no limit to the number of credits a candidate or certification holder can earn via live groupcasts.

Certified Anti-Money Laundering Specialists (CAMS):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill SW CPE credit requirements.

American Bankers Association Professional Certification (ABA):  PLI’s live groupcasts (i.e. live webcasts available for group viewing at co-sponsored locations) may fulfill ABA credit requirements.

 

Related Items

On-Demand  On-Demand Programs

Understanding Financial Products 2017 Feb. 13, 2017

Handbook  Course Handbook Archive

Understanding Financial Products 2018  
Understanding Financial Products 2017 Robert S Risoleo, Sullivan & Cromwell LLP
 
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