Hedge Funds in the Current Environment: The Impact of Dodd-Frank and More

Synopsis

It is a time of significant regulatory change for hedge funds and their managers. This course provides an overview of the current and proposed regulatory rules that are becoming a reality as a result of the Dodd-Frank Wall Street and Consumer Protection Act. The presenters discuss how to avoid problems in the enforcement environment and provide best practices for protecting hedge fund advisers from liability. The registration process, requirements applicable to registered advisers, and operating issues involving hedge funds will be examined.



Outline

I. The Hedge Fund Environment
   
 A. Overview of the Industry 
II. Formation of a Hedge Fund
   
 A. Investment Company Act Considerations
   
 B. Fund Structuring Considerations
    
C. Common Fund Structures 
III. Getting Ready for Registration
  
  A. Who Has to Register?
  
  B. SEC Registration Process
    C. How Do You Register? 
    D
. Gathering the Right Information
IV. Compliance Issues
    
A. Development of a Program
   
 B. Compliance Manual
    
C. Procedures for Implementation
V.  Regulatory Outlook
   
 A. Form ADV
    
B. Form PF
    
C. Risk Assessment of Firms
    
D. Exams
        
1. SEC Perspective
        
2. Preparing for an Exam
        
3. Recognizable Problems
VI.  Insider Trading
   
 A. The Legal Framework
    
B. Materiality
    
C. MNPI and Penalties
    
D. Use of Third-Party Consultants


Content Provided
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The years following the Civil War were tumultuous ones for New York City, offering many opportunities to the dishonest. Unsavory politicians and errant members of the bench and bar were among those who took advantage of those troubled times. In December 1869, a letter was circulated among some of the city’s lawyers addressing those improprieties. It called for the creation of a new bar association to “sustain the profession in its proper position in the community, and thereby enable it ... to promote the interests of the public ....” More than 200 lawyers responded by signing a declaration of organization and in 1870 The Association of the Bar of the City of New York was born. The young organization quickly made its presence felt. Among its first activities was a campaign to defeat corrupt politicians and judges at the polls and to establish standards of conduct for those in the legal profession.

The association continues to work at political, legal and social reform, and maintaining high ethical standards for the legal profession. The association also continues to implement innovative means by which the disadvantaged may be helped. Much of this work is accomplished through the Association's more than 160 committees, each charged to consider a specific area of law or the profession.

The association has grown to more than 23,000 members. To serve them, the association strives to move ahead in many areas. The library is the largest member-funded law library in the country, and provides members with a “gateway” to online services, including free use of LexisNexis and WestLaw, while continuing to provide more traditional library services. The Small Law Firm Center, Career Management Program and other benefits are constantly evolving to serve members’ needs. More than 150 continuing legal education programs are presented annually.

The public good remains one of the association’s highest priorities. The Legal Referral Service, jointly sponsored by the association and the New York County Lawyers’ Association, provides an array of services directly aimed at serving the needs of the public. The City Bar Justice Center identifies the most pressing legal concerns of New York’s neediest and uses novel approaches to address them, often involving community participation.


 





Speakers / Authors:

Photo of Nora M. Jordan

Nora M. Jordan
Davis Polk & Wardwell LLP

As head of Davis Polk’s Investment Management Group, Ms. Jordan advises clients on collective investment vehicles, including hedge funds, mutual funds, closed-end funds and private equity funds. She acts as counsel to the adviser, the fund or the independent directors, depending on the client. Many of her matters involve advising clients concerning compliance with the Investment Company Act and Investment Advisers Act.

Ms. Jordan also provides exemptive advice concerning the Investment Company Act for industrial holding companies and non-U.S. trading companies, banks, insurance companies and other financial institutions. She has also worked on a number of acquisitions, reorganizations and structurings of asset managers. Ms. Jordan frequently provides advice to financial institutions that have affiliated asset managers and broker-dealers. Principal and agency transactions between asset manager clients and broker-dealers are highly regulated, and she provides advice on these regulations as well as other regulations affecting private funds, advisers and mutual funds.

Ms. Jordan is admitted to the Bar in the State of New York. She received her J.D., with honors, from Duke University School of Law in 1983 and her B.A., cum laude, from the University of Notre Dame in 1980.

Photo of Thomas A. McKinney

Thomas A. McKinney
FrontPoint Partners LLC

Mr. McKinney is the Managing Director and General Counsel for FrontPoint Parnters. Prior to joining FrontPoint, LLP in January 2004, Mr. McKinney was associated with Davis Polk & Wardwell for eight years. Mr. McKinney is also the Director of FrontPoint Offshore Leveraged Multi-Strategy Fund Series A, Ltd. and FrontPoint Offshore Utility and Energy Fund Ltd. since January 2007.

Mr. McKinney is an active member of the Bar in the State of New York. Mr. McKinney received a B.A. with high distinction from the University of Kentucky and a J.D. from Columbia University, where he was a James Kent scholar.

Photo of Jeffrey Wechselblatt

Jeffrey Wechselblatt
Lone Pine Capital

Mr. Wechselblatt is General Counsel for Lone Pine Capital. Prior to joining Lone Pine Capital Mr. Wechselblatt was associated with the firms of Schulte Roth & Zabel LLP, Friedman Kaplan Seiler & Adelman LLP, and Simpson Thacher & Barlett LLP.

Mr. Wechselblatt received his A.B. from Columbia University in 1994, and his J.D. from Columbia University School of Law in 1998.

Photo of A. Duer Meehan

A. Duer Meehan
PricewaterhouseCoopers

Mr. Meehan joined PricewaterhouseCoopers as a director in the Financial Services Regulatory Practice in 2010. Since joining PwC, Mr. Meehan has worked on projects with broker-dealers, asset managers, exchanges, and a rating agency. He has assisted firms with front to back regulatory reviews as well as addressing specific issues that include controls related to quantitative high-frequency trading, the prevention of insider trading, the implementation of new regulations, and the management of conflicts of interest.

Mr. Meehan is also a frequent speaker on regulatory issues at public conferences and a member of the Financial Services Regulatory Practice’s Dodd-Frank Financial Regulation Core Team. Prior to PwC, he was the Associate Director of the Office of Market Oversight in the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE). In this role, Mr. Meehan was responsible for supervising the Commission's oversight inspections of the self-regulatory organizations’ regulatory programs with respect to trading, including their surveillance, examination and disciplinary programs. His group was also responsible for examinations of brokerdealers' trading practices and operations, including alternative trading systems. In addition, he oversaw the Commission’s examinations of credit rating agencies and managed the transfer agent examination program as well as participating in examinations of investment advisers.

Before becoming an Associate Director, Mr. Meehan was an Assistant Director in OCIE’s broker-dealer group managing examinations addressing multiple issues including equity and debt securities trading and sales practices, supervision, internal controls and anti-money laundering.

Mr. Meehan has also served as an adjunct professor at Georgetown University Law Center teaching the regulation of securities trading. His experience prior to the SEC includes implementing trading systems at Bloomberg, L.P. and working as a specialist clerk on the floor of the NYSE.

Mr. Meehan received his B.A. from Hamilton College in 1989, and his J.D. from Willamette University College of Law in 1995.

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Price (USD)

Standard Rate: $173.00
Subscribers: FREE
Pillsbury U Online: $173.00

Details

Course Code : 773160

Release Date: 10/4/2011 12:00:00 AM
Recorded Date: 5/6/2011
Length: 1hr 40min
Format Type: Video

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