New York, New York
TUESDAY, DECEMBER 6, 2011
(All times Eastern Standard Time)
1:00 pm– 1:05 pm
Welcome and Overview of the Program
Presented by Beth R. Kramer
Ms. Kramer, a partner in the New York office, focuses her practice
on investment management and securities law. She regularly advises
investment advisers and financial institutions on the regulatory and
compliance aspects of their businesses. She counsels investment
companies, broker dealers, hedge funds and separately managed
accounts on structuring, organization, distribution, and SEC regulatory
and compliance issues, including responses to SEC examinations and
investigations. She may be reached at 212.536.4024 or beth.kramer
@klgates.com.
1:05 pm– 1:50 pm
Dodd-Frank and Its Impact on the Investment Management Industy:
One Year Later
Presented by Diane E. Ambler and Daniel F. C. Crowley
Ms. Ambler, a partner in the Washington, D.C. office, has substantial
experience in financial institution regulation under federal securities
laws, including the USA PATRIOT Act and the Sarbanes-Oxley Act. She
focuses her practice on mutual fund governance, compliance activities
of mutual funds, private funds and variable insurance product issuers
and distributors, and activities of related service providers. She may be
reached at 202.778.9886 or diane.ambler@klgates.com.
Mr. Crowley is a partner in the firm’s Washington, D.C. office. His
practice focuses on public policy issues relating to financial services
and capital markets. He represents financial services clients across
a broad range of policy issues including accounting & financial
reporting, broker-dealer & securities trading, commodities & futures,
corporate governance, depository institutions, derivatives &
securitization, hedge funds, insurance, investment management, and
mortgage banking & consumer finance. He leads the firm’s Capital
Markets Reform Group which facilitates coordination across these
practice areas on behalf of the firm’s policy clients. He may be reached
at 202-778-9447 or dan.crowley@klgates.com.
1:50 pm– 3:00 pm Advanced Topics in Adviser Regulation
Presented by David Dickstein, Beth R. Kramer, Ellen Metzger, MacKay Shields LLC, and Justine Kirby, Morgan Stanley Smith Barney
 SEC Compliance, Inspections and Annual Review, ADV and Custody Post Mortem,
Advertising and Social Media
Mr. Dickstein is a partner in the New York office and is a member of the
Investment Management, Broker-Dealer and Securities Enforcement
practice groups. Mr. Dickstein provides ongoing advice to financial
institutions (brokers-dealers, registered investment advisers,
investment companies and hedge funds) in a variety of regulatory
and compliance matters. He may be reached at 212.536.3978 or
david.dickstein@klgates.com.
New York, New York
TUESDAY, DECEMBER 6, 2011
(All times Eastern Standard Time)
Ellen Metzger is General Counsel and a Senior Managing Director of
MacKay Shields LLC, a registered investment adviser in New York City
that she joined in August 2004. Previously, she spent over 16 years
at Neuberger Berman, where she was General Counsel of Neuberger
Berman Management Inc. and Deputy General Counsel and a Vice
President of Neuberger Berman LLC. She had earlier been in private
practice in Baltimore and New York City and is admitted to both the
Maryland and New York bars.
Justine Kirby is an Executive Director at Morgan Stanley Smith Barney.
As an investment advisory lawyer, she has covered programs for
separately managed accounts (SMAs), unified managed accounts
(UMAs), institutional consulting, mutual fund asset allocation and
proprietary discretionary management. She has also advised the
manager due diligence department and worked extensively on
performance composite issues. In 2008, Justine authored Morgan
Stanley’s response to the SEC’s proposals to amend the Form ADV
rules, and this year oversaw the creation of Morgan Stanley Smith
Barney’s new forms of ADV brochures and brochure supplements.
3:00 pm– 3:15 pm
Break
3:15 pm– 4:20 pm Advanced Topics in Hedge Fund Regulation
Presented by David Dickstein, Kay Gordon, Richard Guidice, Jr. and
Steven Felsenthal, The Millburn Ridgefield Corporation
 Pay-to-Play Issues, Form PF, Rule 5131, Large Trader Reporting, Short Selling
Ms. Gordon is a partner in the firm’s New York office and concentrates
her work in the Investment Management practice, with a particular
emphasis on hedge funds, private equity funds and compliance-related
matters. She also advises clients on a broad range of securities and
regulatory matters as well as a variety of financial instruments and
transactions, including managed accounts, credit facilities, joint
ventures and derivative instruments. She also represents clients in
investigations by the SEC. She may be reached at 212.536.4038 or
kay.gordon@klgates.com.
Mr. Guidice, an associate in the New York office, concentrates his
practice in the investment management and securities areas, with a
particular emphasis on hedge funds and compliance-related matters.
He regularly advises clients (including investment advisers, private
domestic and offshore investment funds, broker-dealers and financial
institutions) on structuring, organization, distribution, compliance
and other regulatory issues. He also assists clients undergoing SEC
investigations and examinations. He may be reached at 212.536.3982
or richard.guidice@klgates.com.
New York, New York
TUESDAY, DECEMBER 6, 2011
(All times Eastern Standard Time)
Steven Felsenthal is General Counsel and Chief Compliance Officer of
The Millburn Ridgefield Corporation and its affiliates. Mr. Felsenthal’s
area of expertise includes the representation and formation of
investment companies, investment advisers, broker-dealers,
commodity pool operators, commodity trading advisors and banks in
connection with the organization and operation of investment products
and services, including domestic and offshore hedge funds, domestic
and offshore private equity funds, mutual funds, commodity pools,
collective investment trusts and closed-end investment companies.
4:20 pm– 5:00 pm Advanced Topics in Derivatives Regulation
Presented by Kay Gordon, Anthony Nolan and John Larre, Karsch Capital
Management, LP
Mr. Nolan, a partner in the New York office, specializes in
domestic and cross-border securitization, structured finance,
structured products and derivatives. He has broad familiarity with
synthetic, cash-flow and market value CDOs, large loan CLOs,
mortgage-backed and asset-backed securities and asset-backed
commercial paper programs as well as servicing retained wholeloan sales. Mr. Nolan has represented issuers, underwriters,
servicers, bond insurers and others in a wide variety of whole-loan
sales and asset-backed securities issuances, including registered
offerings, private placements, offshore offerings and cross-border
structured financings. He may be reached at 212.536.4843 or anthony.nolan@klgates.com.
Mr. Larre joined KCM as chief financial officer at its inception in
July 2000. Most recently, Mr. Larre was chief financial officer at
Lawhill Capital Partners LLC, a start-up fund specializing in cyclical
and commodity related equities. Mr. Larre was responsible for all
finance, fund accounting, and the development of the entire office
infrastructure. From 1993 to 1996, Mr. Larre was a manager in
the controller’s department at Morgan Stanley Dean Witter
supporting the Securities Lending and Prime Brokerage areas.
Mr. Larre began his career in public accounting at KPMG.
New York, New York
TUESDAY, DECEMBER 6, 2011
(All times Eastern Standard Time)
5:00 pm– 5:45 pm Measures of Enterprise Risk
Presented by Diane E. Ambler, Andras P. Teleki, Amy Poster, Iron Harbor Capital
Management, LLC and Greg Pai, Paradigm Asset Management Co., LLC
Mr. Teleki focuses his practice on regulatory compliance issues facing registered investment companies, including mutual funds and
closed-end funds, broker-dealers, investment advisers,
unregistered funds, variable insurance product issuers and
distributors, and related service providers. He also advises
financial institutions on anti-money laundering and OFAC
issues. Mr. Teleki also has experience in corporate governance and
Sarbanes-Oxley issues. He may be reached at 202.778.9477 or
andras.teleki@klgates.com.
Greg Pai has been affiliated with Paradigm since 1991 and
joined the firm as a full-time senior partner in 1996. As the firm’s
Managing Director, he has been involved in all facets of the
business and has complemented the firm’s CEO in the overall management of the business. Mr. Pai is intimately involved in the firm’s
investment, operational and administrative systems and processes.
Mr. Pai serves as a member of the firm’s investment committee and
is also responsible for the implementation of the firm’s compliance
policies and procedures.
Amy Poster currently serves as a strategic adviser non-investment
activities for Iron Harbor Capital Management, a global macro
strategy start-up asset manager. Amy recently completed a term
assignment at the US Department of Treasury, Office of the Special
Inspector General- TARP ( SIGTARP) in Washington, DC and was
responsible for the development and oversight of the US Treasury’s
Public Private Investment Program (PPIP). Amy was also the
central subject matter expert for financial markets at SIGTARP,
leading critical audits on TARP recipients and inter-agency
investigations. Prior to her role at SIGTARP, Amy spent more
than 15 years in 4 top tier investment banks. Her most recent role
was a Director in Product Control at Credit Suisse, focusing on risk
and valuation for global credit products within the Fixed Income
Division. In addition, Amy led the set up and post-launch risk
management of several credit and distressed funds within the
Credit Suisse Alternative Capital Division.
5:45 pm– 7:15 pm
Reception