New Directions in Unregistered Investment Vehicles
Please Note: This course has already
been held.
Date: Friday, May 12, 2000
Location: Suffolk University Law School, 120 Tremont St., Boston, MA
Time: 08:30 AM - 04:30 PM
Schedule/Agenda
Registration Information
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Purchase Here! |
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Unregistered investment vehicles play a significant and growing role in contemporary financial markets, accounting for hundreds of billions of dollars in assets under management. This program gives practitioners and members of the investment management community an overview of the principal types of unregistered investment vehicles and the legal issues associated with creating and offering such investment products. Unlike registered investment companies, unregistered investment vehicles operate largely free of the constraints of the Investment Company Act and securities registration requirements. Hedge funds and private equity funds are the fastest growing segments of the unregistered market, but banks also actively participate in this market in satisfying the needs of high net worth, trust and pension clients.
The program will provide a comprehensive overview of the business planning and legal issues affecting the organization and operation of unregistered investment vehicles. Sessions focus on hedge funds, private equity funds, offshore funds, and bank maintained funds. In addition to discussing basic organizational and structural issues, the panels will explore the intricate web of federal regulatory, tax and compliance issues affecting the activities of unregistered vehicles. The advent of the Internet poses special challenges for sponsors in offering securities as they seek to exploit the advantages of the new technology without jeopardizing treatment of their offerings as non-public or, where relevant, the investment vehicle's offshore status.
| S C H E D U L E / A G E N D A |
| 8:30 |
Unregistered Investment Vehicles: The Landscape |
- The Business Landscape: Market Strategies and Trends
- The Legal Decision: The Pros and Cons of Unregistered versus Registered Investment Vehicles
Jeffrey Benjamin, Consultant, Cerulli Associates, Inc., Boston
Philip H. Newman, Esq., Co-Chair, Goodwin, Procter & Hoar, LLP, Boston
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| 9:15 |
Private Investment Funds: The Basic Model for Hedge and Private Equity Funds |
- Organization of the Fund Entity: Choice of Entity, Formation & Tax Issues
- The Advisor's Perspective: Advisory Agreement, Registration & Compensation
- Investment Company Issues: Qualified Purchaser & Private Investment Company Exclusions
- The Offering Process and Internet Issues
Steven J. Fredman, Esq., Schulte, Roth & Zabel, LLP, New York
Joel Press, Partner, Ernst & Young, New York
Jeffrey E. Tabak, Esq., Weil, Gotshal & Manges LLP, New York
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| 10:55 |
Offshore Funds and Structuring Participation Among Multiple Unregistered Vehicles |
- Structural and Organizational Differences between Offshore Funds and Domestic Private Investment Funds
- What Activities Must Be Offshore and Which Can Be Onshore?
- Structuring Participation with Multiple Unregistered Vehicles, including Offshore Funds
Barry P. Barbash, Esq., Shearman & Sterling, Washington DC
Christopher P. Harvey, Esq., Hale and Dorr, LLP, Boston
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| 12:00 |
Luncheon Program - Is There a Hedge Fund Crisis? |
| The absence of significant regulatory oversight has been debated in the wake of problems encountered by Long Term Capital Management (LTCM). The travails of LTCM attracted intense scrutiny from Congress and financial regulators, culminating in congressional hearings, the issuance of two major government reports and the introduction of legislation. The legislation seeks to impose disclosure requirements on hedge funds and in some cases other private investment companies. In response, hedge fund industry participants have formulated best practice guidelines. The special luncheon program will feature distinguished speakers offering their own perspectives on regulatory policy toward hedge funds.
Kenneth M. Raisler, Esq., Sullivan & Cromwell, New York
Eric Roiter, Senior Vice President & General Counsel, Fidelity Management & Research, Boston
Marianne K. Smythe, Esq., Wilmer, Cutler & Pickering, Washington, DC
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| 2:10 |
The Relevance of CEA and ERISA Requirements to Unregistered Investment Vehicles |
| Two experts explore the legal issues created by the CEA and ERISA for unregistered investment vehicles.
Geoffrey F. Aronow, Esq., Arnold & Porter, Washington, DC
Jonathan M. Zorn, Esq., Ropes & Gray, Boston
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| 2:55 |
Bank and Trust Company Investment Vehicles |
- Organization and Business Structure of the Fund: Collective Funds, Common Trust Funds & Other Private Funds
- Bank-Advised Unregistered Collective Investment Vehicles after the Financial Modernization Services Act of 1999
Elizabeth S. Fries, Esq., Goodwin, Procter & Hoar, LLP, Boston
Julie A. Jenkins, Esq., Wellington Trust Company, NA, Boston
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| 3:45 |
Oversight and Operation of Unregistered Investment Vehicles in Practice |
- Operating Issues: Brokerage Arrangements (including soft dollars) and Trade Allocation, Valuation & Affiliated Transactions in an Unregistered Setting
- Marketing Issues: Performance & Dissemination of Marketing Materials
- Compliance Strategies: Internal Compliance Manuals and Ethics Code Issues, Use of Special Compliance Personnel & Formulating an Effective Compliance Strategy
Christopher P. McConnell, Chief Financial Officer, Essex Investment Management, LLC, Boston
Kevin P. McGovern, Partner, Deloitte and Touche, LLP Boston
Philip H. Newman, Esq., Co-Chair, Goodwin, Procter & Hoar, LLP, Boston
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| Date: |
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Friday, May 12, 2000 |
| Tuition: |
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$249; $199 for attorneys admitted since 1997 and members of the BBA. Tuition includes course book, continental breakfast & luncheon.
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| Walk-Ins: |
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Space is limited. Registrations at the door are welcome, but please register in advance to reserve a seat and your written course materials or call to confirm space availability.
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| Refunds: |
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Any cancellations received 24 hours prior to the program will be granted a refund, minus a $15.00 charge. If you cannot attend, you can send a substitute, otherwise you will receive the written course materials.
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| Location: |
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Suffolk University Law School, 120 Tremont St., Boston, MA
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| Credit: |
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Approved for CLE Credit in RI, NH, VT & NY.
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Special
Needs: |
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If you have special needs addressed by the Americans with Disabilities Act, please notify us as soon as possible.
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Directions to the Law School.
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Unable to attend but are interested in the course materials?
Purchase Here! |
|
|
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