San Francisco, California
WEDNESDAY, NOVEMBER 28, 2012
(All times Pacific Standard Time)
9:00 am – 9:05 am
Welcome and Introduction
Presented by Richard M. Phillips
Mr. Phillips concentrates his practice in securities regulation,
particularly SEC enforcement, investment management and broker/
dealer matters. He previously held various positions on the SEC staff,
including Assistant to the Chairman; Assistant General Counsel; and
Staff Director of SEC Corporate Disclosure and Investment Company
Studies. Contact him at 415.249.1010 or richard.phillips@klgates.com.
9:05 am – 9:30 am
Update on Regulatory Reform
Presented by Mark D. Perlow and Richard M. Phillips
• Dodd-Frank: Pushback and Stalemate
• Status Report on Systemic Risk Regulation:
SIFIs, Money Market Funds and the Volcker Rule
• JOBS Act: the Pendulum Swings (Partly) Back
Mr. Perlow’s practice focuses on investment management and
securities law. He regularly represents mutual funds, investment
advisers, fund boards of directors, hedge funds and broker-dealers
on a variety of regulatory and transactional matters. He served as
senior counsel in the Office of the General Counsel of the Securities
and Exchange Commission from 1998-1999 and in the SEC’s Division
of Enforcement from 1994-1997. He worked on regulatory initiatives
on fund governance, the scope of the securities laws online, personal
trading of investment personnel, and foreign custody of fund assets,
and advised the SEC on enforcement actions involving mutual funds
and investment advisers. Contact him at 415.249.1070 or
mark.perlow@klgates.com.
9:30 am –10:30 am SEC Examination and Enforcement Developments and Trends
Presented by Jeffrey L. Bornstein, Mark D. Perlow and Stephen J. Crimmins
• The National Examination Program Comes Into View
• Getting Their Arms Around the Hedge and Private Fund Industries
• Cooperation Initiatives Take Shape
• Major Focus Areas and Enforcement Cases:
The Asset Management Group Picks Up Steam
Mr. Bornstein, a partner in the San Francisco office, joined K&L Gates
in 2005 following an almost 20-year career in the criminal and civil
divisions of the San Francisco United States Attorney’s Office. Mr.
Bornstein concentrates his practice in white collar crime/criminal
defense, securities enforcement matters, and internal investigations,
as well as environmental, class actions and other types of civil litigation.
Contact him at 415.249.1059 or jeff.bornstein@klgates.com.
San Francisco, California
WEDNESDAY, NOVEMBER 28, 2012
(All times Pacific Standard Time)
Mr. Crimmins is a partner in the Washington, D.C. and New York
offices and represents clients in enforcement investigations and
litigation conducted by the Securities and Exchange Commission
and other financial services regulators, as well as in private
securities litigation. He also leads internal investigations and
counsels on regulatory compliance, corporate governance and
other SEC-related issues. Contact him at 202.778.9440 or
stephen.crimmins@klgates.com.
10:30 am –10:45 am
Break
10:45 am –11:30 am
Yes, Virginia, There are ERISA “Plan Assets” Hedge Funds
Presented by Mark Mehrespand and William P. Wade
• The 25% Test
• The Consequences of Fiduciary Status
• Compliance Considerations
Mr. Wade, a partner in the Los Angeles office, has assisted banks,
trust companies, investment advisers, and other financial institutions
in planning for and creating collective investment funds, proprietary
mutual funds, and other investment management vehicles, products,
and services for individual and institutional investors, including
employee benefit plans subject to ERISA. He has also assisted these
institutions in addressing legal problems arising under ERISA and
other fiduciary laws and applicable banking regulations. Before
entering private practice, Mr. Wade was inside counsel for a major
bank for more than ten years, where his responsibilities included
advising the bank’s trust and investment management departments
and affiliates. Contact him at 310.552.5071 or william.wade@klgates.
com.
Mr. Mehrespand is a partner in the Washington, D.C. office. He
represents investment advisers, banks, broker-dealers and other
participants in the financial services industry in a practice that
encompasses the major federal securities and commodities laws
as well as general corporate law. In particular, Mr. Mehrespand
regularly works with clients to form and operate U.S. and offshore
private investment funds. He also registers newly-formed investment
advisers, commodity pool operators, commodity trading advisors
and investment companies. Contact him at 202.778.9191 or
marc.mehrespand@klgates.com.
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San Francisco, California
WEDNESDAY, NOVEMBER 28, 2012
(All times Pacific Standard Time)
11:30 am –12:15 pm Derivatives Reform in 2012: Central Clearing is Here
Presented by Anthony Nolan and Mark D. Perlow
• CFTC Identifies Derivatives Required to be Cleared
• Timeline for Dodd-Frank Derivatives-Related Mandates
• Practical Recommendations for Dodd-Frank Compliance
• Pointers for Over-The-Counter Derivatives Negotiations
• What Next to Expect From the Regulators
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 assetbacked securities and asset-backed commercial paper programs as
well as servicing retained whole-loan 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. Contact him at 212.536.4843
or anthony.nolan@klgates.com.
12:15 pm – 1:15 pm Lunch
1:15 pm – 2:30 pm
CONCURRENT SESSIONS
Separate Registered Fund and Hedge Fund and Private Fund Tracks
(choose one Track)
Concurrent Session
1:15 pm – 2:30 pm
Registered Fund Track
Presented by Kurt J. Decko, Richard M. Phillips and Mark D. Perlow
• What the Mutual Fund Fee Initiative Means
• The Rise of Alternative Mutual Funds
• The Expanding World of ETFs, Including Actively Managed ETFs
• Best Execution in an Age of High Frequency Trading
Mr. Decko concentrates his practice in the investment management
area. He represents and advises investment companies, investment
advisers and investment company independent directors in connection
with various regulatory, compliance and transactional matters. Prior
to joining K&L Gates, Mr. Decko was an associate in the financial
institutions and corporate and finance groups of a New York law firm
dealing with the Investment Company Act of 1940, the Securities Act
of 1933 and private equity matters. From 1999-2000 he was a judicial
law clerk for The Honorable Thomas J. Meskill of the U.S. Court of
Appeals for the Second Circuit. Contact him at 415.249.1053 or kurt.
decko@klgates.com.
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San Francisco, California
WEDNESDAY, NOVEMBER 28, 2012
(All times Pacific Standard Time)
Concurrent Session
1:15 pm – 2:30 pm
Hedge Fund and Private Fund Track
Presented by J. Matthew Mangan, David Mishel and Marc Mehrespand
• The Changing Regulatory Framework for Hedge Funds and Managers
◦ The JOBS Act and the Coming General Solicitation Rules
◦ Form PF and New Reporting Requirements
◦ Requirements for Affiliates and for Non-US Managers
• Operational and Compliance Implications of the SEC Enforcement Program
• Prime Brokerage Agreements and Developments
• FATCA
Mr. Mangan counsels investment advisers, private fund managers
and broker-dealers on a variety of fund formation, product structuring,
transactional, regulatory and compliance, and securities law matters.
He structures and documents U.S. and offshore private investment
funds and assists clients with a variety of state and federal regulatory
and compliance issues. He also represents government plans and
other institutional investors and represents individuals and entities on
securities enforcement matters involving the SEC, FINRA and other
regulatory authorities. He has substantial experience conducting
internal investigations in matters relating to securities regulation and
compliance. Contact him at 415.249.1046 or matt.mangan@klgates.
com.
Mr. Mishel, Of Counsel in the San Francisco office, is a member of
the Securities Enforcement group. He practices in the following
areas: broker-dealer, investment adviser and securities regulation
and enforcement, and general corporate and securities business
transactions. Contact him at 415.249.1015 or david.mishel@klgates.
com.
END OF CONCURRENT SESSIONS
2:30 pm – 2:45 pm
Break
2:45 pm – 3:25 pm
CPO/CTA Regulation: The CFTC’s Land Grab
Presented by Marc Mehrespand and Mark D. Perlow
• How to Comply with the Remaining Registration Exemptions
• What Regulation as a CPO or CTA Means
• How to Register with the CFTC and Become an NFA Member
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San Francisco, California
WEDNESDAY, NOVEMBER 28, 2012
(All times Pacific Standard Time)
3:25 pm – 4:00 pm
Social Media: Reaching the Next Generation
Presented by Kurt Decko and Sonia Gioseffi
• Investment Managers and Opportunities in Social Media
• SEC Guidance
• Balancing the Potential with Compliance Challenges
Ms. Gioseffi is an associate in the San Francisco office and
concentrates her practice in the investment management area,
where she focuses on a variety of regulatory, transactional and
counseling matters involving state and federal securities laws.
She advises sponsors regarding the organization and regulatory
requirements of private equity funds, venture capital funds, hedge
funds and other private investment funds. She also represents
institutional investors and public pension plans in connection
with their investments in private investment funds. Contact her
at 415.882.8006 or sonia.gioseffi@klgates.com.
4:00 pm – 4:15 pm
Break
4:15 pm – 5:15 pm
Regulatory Change: View from the Industry
Moderated by Richard M. Phillips with Industry Speakers
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