The Eighth Annual Roundtable Discussion on Investment Funds

Boston University School of Law Friday, December 4, 2015 Revised Program Arrive at Boston University School of Law 765 Commonwealth Avenue, Boston, Massachusetts 02215 Welcome Luncheon, Opening Remarks & Keynote Address Welcome: Tamar Frankel, Professor of Law & Michaels Faculty Research Scholar Boston University School of Law Introduction: William Birdthistle, Professor of Law Chicago-Kent College of Law Keynote: Daisy Maxey, Reporter The Wall Street Journal Discussion Session I Journalism: How Does and Should the Media Cover Topics Critical to Investors? Moderator: Jennifer Taub, Vermont Law School Break Discussion Session II Regulation: What Will Be the Effect of the Department of Labor’s Fiduciary Rule? Moderator: Patricia McCoy, Boston College Law School Break Discussion Session III Litigation: What Lawsuits Are Having the Greatest Impact upon the Fund Industry? Moderator: James Fanto, Brooklyn Law School Break Discussion Session IV Future Developments: High Frequency Trading & Alternative Mutual Funds Moderator: Erik Sirri, Babson College Closing Remarks Dinner

PROPOSED DISCUSSION AGENDA Journalism: How Does and Should the Media Cover Topics Critical to Investors? Moderator: Jennifer Taub, Vermont Law School

Why doesn’t investor education appear to work?
Is the problem financial literacy, sufficient will, or both?
What are the value, if any, of SEC and FINRA investor alerts Regulation: What Will Be the Effect of the Department of Labor’s Fiduciary Rule? Moderator: Patricia McCoy, Boston College Law School

What will happen to the rule in the hands of the Congress?
How will a final rule affect the advisory and fund industry? Litigation: What Lawsuits Are Having the Greatest Impact upon the Fund Industry? Moderator: James Fanto, Brooklyn Law School

Wayne County Employees’ Retirement System v. FMI
$57 million settlement in 401(k) suit versus Boeing.
What are the additional effects of enforcement actions? Future Developments: High-Frequency Trading & Alternative Mutual Funds Moderator: Erik Sirri, Babson College

What are the problems and opportunities of high-frequency trading on investment funds, particularly retail mutual funds?
Almost 1/3rd of all inflows into mutual funds in 2013 were into alternative mutual funds. What are the heightened risks and disclosure requirements associated with these funds?

ROUNDTABLE PARTICIPANTS:

Ian Ayres - William K. Townsend Professor of Law Yale Law School William A. Birdthistle - Professor of Law & Freehling Scholar Chicago-Kent College of Law Jay G. Baris - Partner Morrison & Foerster Mercer E. Bullard - Professor of Law University of Mississippi School of Law (former Assistant Chief Counsel, SEC Division of Investment Management) Kenneth E. Burdon - Associate Skadden, Arps, Slate, Meagher & Flom LLP Norm Champ - Lecturer on Law Harvard Law School (former Director, SEC Division of Investment Management) Hse-Yu (Iris) Chiu - Reader University College London Faculty of Laws John C. Coates, IV - John F. Cogan, Jr. Prof. of Law & Econ. Harvard Law School Quinn Curtis - Associate Professor of Law University of Virginia School of Law Elisabeth D. de Fontenay - Associate Professor of Law Duke Law School

Dorothy M. Donohue - Deputy General Counsel Investment Company Institute James Fanto - Gerald Baylin Professor of Law Brooklyn Law School Tamar Frankel - Michaels Faculty Research Scholar & Professor of Law Boston University School of Law Pamela Harrahan - Senior Visiting Fellow University of New South Wales Faculty of Law Howell E. Jackson - James S. Reid, Jr. Professor of Law Harvard Law School Lyman P.Q. Johnson - Robert O. Bentley Professor of Law Washington & Lee University School of Law, LeJeune Distinguished Chair in Law & Professor University of St. Thomas School of Law Wulf A. Kaal - Associate Professor & Director of the Private Investment Fund Institute University of St. Thomas School of Law J.B. Kittredge - General Counsel Grantham, Mayo & Van Otterloo LLC H. Norman Knuckle - Attorney-Adviser Boston Regional Office U.S. Securities and Exchange Commission Anita K. Krug - D. Wayne & Anne Gittinger Professor of Law University of Washington School of Law

Arthur B. Laby - Professor Rutgers School of Law - Camden (former SEC Assistant General Counsel) John M. Loder - Partner & Co-Head, Investment Management Ropes & Gray LLP Daisy Maxey - Reporter The Wall Street Journal Patricia A. McCoy - Liberty Mutual Ins. Professor of Law Boston College Law School John D. Morley - Associate Professor of Law Yale Law School 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

Charles V. Senatore - Head of Global Corporate Compliance Fidelity Investments (former Director, SEC Southeast Reg. Office) Natalya Shnitser - David & Pamela Donohue Assistant Professor of Law Boston College Law School Erik R. Sirri - Professor of Finance Babson College (former Director, SEC Division of Trading & Markets) Jennifer S. Taub - Professor of Law Vermont Law School Anne Tucker - Associate Professor of Law Georgia State University College of Law Dirk Zetzsche - Propter Homines Chair for Banking & Securities Law Universität Liechtenstein