Hedge Fund Enforcement & Regulatory Developments Winter 2013
New York City, March 6, 2013
PROGRAM SCHEDULE
Morning Session: 9:00 a.m. – 12:30 p.m.
Afternoon Session: 1:45 p.m. – 5:00 p.m.
9:00
Opening Remarks and Introduction
Barry R. Goldsmith
1:45
The New CFTC Regulatory Scheme for Hedge Funds and Private
Equity
 Recent interpretative and no-action letters—what to expect
this year and beyond
 Who need to register—what entities and what people
 Form PQR issues
 NFA Rule 1101
 Getting ready for clearing—best practices
Geoffrey F. Aronow, Dan M. Berkovitz, Rita M. Molesworth,
Mary Nir
9:15
Current Hedge Fund and Private Equity Enforcement Priorities –
The Enforcers’ Perspective
 SEC enforcement priorities and trends
 CFTC enforcement concerns and cases
 SDNY areas of interest in the private investment fund space
 The defense perspective -- strategies for avoiding and surviving
a government investigation
Dixie L. Johnson, Bruce Karpati, David Meister, Lorin L. Reisner
10:15
SEC Inspections and Examinations of Hedge Funds and Private
Equity Firms
 SEC’s investment adviser examination program—“Presence
Exams” for newly registered advisers to private funds
 How best to prepare for an SEC exam—pitfalls and best
practices
 The interplay between OCIE and Enforcement—how best to
avoid a referral
 SEC focus on conflicts of interest, portfolio management,
valuation, marketing, insider trading and custody
Ken C. Joseph, Lori Richards, Mark K. Schonfeld, John H. Walsh
2:45
Establishing an Effective Compliance Program—Practical Issues
 CFTC issues, including CPO/CTA registration, Dodd-Frank rule
changes and swap participant registration
 Pay-to-play and insider trading policies and procedures
 Form PF and the role of compliance
Scott Black, Marcy Engel, James M. McGovern, Martin Towey
3:15
Establishing an Effective Compliance Program –Ethical Issues
 Ethics and good compliance – pulling in the same direction
 Conflicts of interest—what you should be looking for
 When do operations issues become compliance and ethical
issues
Scott Black, Marcy Engel, James M. McGovern, Martin Towey
11:15 Networking Break
3:45 Networking Break
11:30
Recent Regulatory Developments Affecting Hedge Funds and
Private Equity Firms
 SEC rulemaking initiatives and developments affecting private
funds
 The JOBS Act and Volcker—what to expect and how to respond
 Electronic trading developments and changes
 Recently proposed capital, margin and segregation
requirements for security-based swaps
James A. Brigagliano, K. Susan Grafton,
Stuart J. Kaswell, Thomas J. Kim
12:30 Lunch
4:00
Thorny Hedge Fund Hypotheticals –Practical Issues
 SEC’s Asset Management Unit—what to expect in 2013
 Pay-to-play issues in an election year
 Valuation questions and what you should do to avoid SEC
scrutiny
 Insider trading—new twists on an old theme
Susan E. Brune, Stephen J. Crimmins, Andrew B. David, Joan E.
McKown, Julie M. Riewe
4:30
Thorny Hedge Fund Hypotheticals – Ethical Issues
 Multiple representation issues in regulatory investigations and
beyond
 Wearing multiple hats at a hedge fund—land mines and risks
 Investment allocations – how to avoid problems
Susan E. Brune, Stephen J. Crimmins, Andrew B. David, Joan E.
McKown, Julie M. Riewe
5:00 Adjourn
Chairperson
Barry R. Goldsmith
Gibson, Dunn & Crutcher LLP
New York City
Faculty
Geoffrey F. Aronow
Bingham McCutchen LLP
Washington, D.C.
Dan M. Berkovitz
General Counsel
U.S. Commodity Futures Trading
Commission
Washington, D.C.
Scott Black
General Counsel and Chief Compliance
Officer
Hudson Bay Capital Management LP
New York City
James A. Brigagliano
Sidley Austin LLP
Washington, D.C.
Susan E. Brune
Brune & Richard LLP
New York City
Stephen J. Crimmins
K&L Gates LLP
Washington, D.C.
Andrew B. David
General Counsel and Chief Compliance
Officer
Aristeia Capital
New York City
Marcy Engel
Chief Operating Officer and General
Counsel
Eton Park Capital Management, L.P.
New York City
K. Susan Grafton
K&L Gates LLP
Washington, D.C.
Dixie L. Johnson
Fried, Frank, Harris, Shriver & Jacobson
LLP
Washington, D.C.
Ken C. Joseph
Associate Regional Director
Investment Management
New York Regional Office
U.S. Securities and Exchange Commission
New York City
Bruce Karpati
Chief, Asset Management Unit, Division of
Enforcement
U.S. Securities and Exchange Commission
New York City
Stuart J. Kaswell
Executive Vice President & Managing
Director, General Counsel
Managed Funds Association
Washington, D.C.
Thomas J. Kim
Chief Counsel & Associate Director,
Division of Corporation Finance
U.S. Securities and Exchange Commission
Washington, D.C.
James M. McGovern
Chief Compliance Officer
Hutchin Hill Capital, LP
New York City
Joan E. McKown
Jones Day
Washington, D.C.
David Meister
Director of Enforcement
U.S. Commodity Futures Trading
Commission
Washington, D.C.
Rita M. Molesworth
Willkie Farr & Gallagher LLP
New York City
Mary Nir
Chief Compliance Officer
Gracie Asset Management
New York City
Lorin L. Reisner
Chief, Criminal Division
United States Attorney's Office
Southern District of New York
New York City
Lori Richards
Principal
PwC
McLean, Virginia
Julie M. Riewe
Deputy Chief
Asset Management Unit
Division of Enforcement
U.S. Securities and Exchange Commission
Washington, D.C.
Mark K. Schonfeld
Gibson, Dunn & Crutcher LLP
New York City
Martin Towey
Chief Compliance Officer
Fir Tree Partners
New York City
John H. Walsh
Sutherland Asbill & Brennan LLP
Washington, D.C.