Wulf A. Kaal

New Hedge Fund Data on SEC Form PF - Presentation at Investment Fund Roundtable

Investment Fund Roundtable program 1 2014

Investment Funds

A Roundtable Discussion

Brooklyn Law School

Friday, January 31, 2014

Discussion Agenda

Session I:      Fiduciaries: Harmonizing the Standard of Conduct for Financial Intermediaries Moderator: Deborah A. DeMott, Duke University School of Law
  • Is there and ought there be a common standard of conduct for financial intermediaries toward retail investors?
  • What are the SEC, the Department of Labor (regarding ERISA fiduciaries), and the Municipal Securities Rulemaking Board doing on this question?
  • What are the implications of these standards on revenue sharing and other costs?
Session II:    Enforcement: SEC Enforcements and Settlements for Funds, Trustees & Advisers Moderator: Jill E. Fisch, University of Pennsylvania Law School
  • What has been the effect of Judge Jed Rakoff’s rejection of the SEC settlement with Citigroup?
  • What sorts of conditions on settlement might fund advisers and trustees expect to see in future?
  • On what topics will the SEC focus its enforcement efforts in future?
Session III:   Compliance: SAC & The Rising Role of Compliance in Private Funds Moderator: Eric D. Roiter, Boston University School of Law
  • What enhancements are funds, especially private funds, making in their compliance efforts with, e.g., Title IV of Dodd-Frank, FSOC, Form PF, and Rule 506(c) under the JOBS Act?
  • What will be the effect of compliance as a defense to supervisory liability in cases such as SAC?
  • What effect, if any, would the creation of a self-regulatory organization for investment advisers have?
Session IV:   Market Developments: Challenges from Changes in Market Structure & Technology Moderator: James D. Cox, Duke University School of Law
  • How effective and suitable are Target-Date Funds for retirees?
  • What are the challenges facing fund advisers and directors from algorithmic and high-frequency trading?
  • How problematic are the technological issues that generate trading errors, such as those affecting Knight Capital, Goldman, et al.?

Roundtable Participants

Hilary J. Allen Assistant Professor of Law Loyola University New Orleans College of Law (visiting Brooklyn Law School) Diane E. Ambler Partner K&L Gates Lee Augsburger Chief Ethics & Compliance Officer Prudential Financial, Inc. William A. Birdthistle Associate Professor of Law & Freehling Scholar Chicago-Kent College of Law Mercer E. Bullard Associate Professor of Law University of Mississippi School of Law (former Assistant Chief Counsel, SEC Division of Investment Management) James D. Cox Brainerd Currie Professor of Law Duke University School of Law Quinn Curtis Associate Professor of Law University of Virginia School of Law Deborah A. DeMott David F. Cavers Professor of Law Duke University School of Law Lisa M. Fairfax Leroy Sorenson Merrifield Research Professor of Law George Washington University Law School Jill E. Fisch Perry Golkin Professor of Law University of Pennsylvania Law School James Fanto Professor of Law & Co-Director for the   Study of Business Law & Regulation Brooklyn Law School Tamar Frankel Michaels Faculty Research Scholar    Professor of Law Boston University School of Law Erik Gerding Associate Professor of Law University of Colorado Law School Jeffrey N. Gordon Richard Paul Richman Professor of Law Columbia Law School M. Todd Henderson Professor of Law   & Aaron Director Teaching Scholar University of Chicago Law School Kathryn Judge Associate Professor of Law Columbia Law School Wulf A. Kaal Associate Professor University of St. Thomas School of aw J.B. Kittredge General Counsel Grantham, Mayo & Van Otterloo LLC H. Norman Knickle Attorney-Adviser Boston Regional Office U.S. Securities and Exchange Commission Anita K. Krug Assistant Professor of Law University of Washington School of Law Arthur B. Laby Associate Professor Rutgers School of Law - Camden (former SEC Assistant General Counsel) Simon M. Lorne Vice Chairman & Chief Legal Officer Millennium Partners L.P. Martin E. Lybecker Partner Perkins Coie LLP (former Associate Director, SEC Division of Investment Management) Patricia A. McCoy Connecticut Mutual Professor of Law University of Connecticut School of Law John D. Morley Associate Professor of Law Yale Law School Alan Palmiter Howard L. Oleck Professor of Business Law Wake Forest University School of Law Robert A. Robertson Partner Dechert LLP Eric D. Roiter Lecturer in Law Boston University School of Law (former SEC Assistant General Counsel) Peter M. Rosenblum Partner Foley Hoag LLP Natalya Shnitser Associate Research Scholar in Law Yale Law School Erik R. Sirri Professor of Finance Babson College (former SEC Director, Trading & Markets) Jennifer S. Taub Associate Professor of Law Vermont Law School W. Danforth Townley Attorney Fellow, SEC Div. of Investment Management Dirk Zetzsche Propter Homines Chair for Banking   & Securities Law Universität Liechtenstein