2017 Hedge Fund General Counsel and Compliance Officer Summit
 
October 4, 2017
8:00 am - 8:50 amBreakfast and Registration
8:50 am - 9:00 amWelcome and Opening Remarks by Conference Chair
9:00 am - 10:00 amThe Future of the Business of Hedge Funds: Where Do We Go from Here?
Moderator: Michael Saarinen, Partner, Alston & Bird
Brendan R. Kalb, Managing Director & General Counsel, AQR Capital Management, LLC
Simon Lorne, Vice Chairman, Chief Legal Officer, Millennium Management LLC
Andrew Messinger, Co-Head of Legal and Chief Compliance Officer, Magnitude Capital

• The move away from active management to passive management
• What products are we seeing hedge funds getting into? What is the investor appetite for Separately Managed Accounts, Funds of One and Smart-beta?
• Understanding the legal and compliance implications on hedge funds regarding these trends
10:00 am - 11:00 amFund Structuring Obstacles and Opportunities
Moderator: Jason Kaplan, Partner, Schulte Roth & Zabel
Marc L. Baum, Chief Administrative Officer, General Counsel and Chief Compliance Officer, Serengeti Asset Management
Simon Raykher, General Counsel, Kepos Capital LP
Mark Singer, Assistant General Counsel, APG Asset Management US

• What are we seeing regarding new structures and markets?
• Where have we seen the most growth?
• Are more funds competing for the same dollars?
• What are the structural legal and regulatory challenges of expanding overseas or using different structures for different investors?
• Consequences of Trump Tax Reform: The Carried Interest Loophole
   - What does it mean?
   - How will you have to restructure your funds?
11:00 am - 11:30 amNetworking Break
11:30 am - 12:30 pmOvercoming the Regulatory and Legal Hurdles Associated with Marketing and Conducting Business in the UK and EU - CLOSED TO PRESS
Moderator: Helen Marshall, Partner, Akin Gump Strauss Hauer & Feld
Noah D. Greenhill, Managing Director and General Counsel, Global Investment Management and Alternatives, JP Morgan Asset Management (JPMAM)
Cissie Citardi, General Counsel and Managing Director, PineBridge Investments
David Fitzgerald, Senior Vice President, General Counsel & CCO, Gabelli & Partners LLC

• Steps for complying with MiFID II and Safe Harbor in soft dollar agreements
• Brexit: What does this mean for AIFMD? Will funds that have offices in London need to change offices? Which custodians should be used in Europe?
• What are the latest AIFMD and other marketing rule updates in various countries?
• Understanding the trading and filing requirements in these areas
• Legal and compliance issues related to global distribution: What are hedge funds doing to limit their liability and reputational risk for marketing in foreign jurisdictions?
12:30 pm - 1:30 pmLuncheon

1:30 pm - 2:30 pmDealing and Negotiating with Investors in a Challenging Fundraising Environment: Innovative Product Pricing, Fee Structures and Contractual Terms
Moderator: Jonathan P Koerner, Partner and Head of Implementation, Albourne Partners
Mimi Gross, General Counsel, Clough Capital Partners LP
Brian Guzman, General Counsel, Partner, Indus Capital Partners, LLC
Brian Meyer, General Counsel, Fir Tree Partners
Carol B. O’Donnell, General Counsel and Chief Compliance Officer, Protégé Partners

• Strategies for addressing the growing pressure to accommodate investors regarding fees while maintaining an effective business model
   - Albourne’s “1 or 30” fee structure: Does this create barriers to entry?
• Multi-year performance fees
• What are the new trends in the market concerning side letters and MFN clauses? What terms are investors requesting? What are you allowed to do? What can you grant investors when you can’t offer more favorable equity?
2:30 pm - 3:00 pmNetworking Break
3:00 pm - 4:00 pmExploring the Overlap Between Hedge Funds and Private Equity Funds: Opportunities and Challenges
Moderator: Bradley Howard, Partner, Sidley
Daniel Bradford, General Counsel, Weiss Asset Management LP
Cynthia Marian, Formerly General Counsel, Civic Capital Advisors
Andrew T. Reardon, Chief Legal Officer, HealthCare Royalty Partners
Rajesh Swaminathan, Partner and General Counsel, Jasper Ridge Partners

• Why does private equity continue to be attractive?
• How are private equity funds structured to execute their investment agenda?
• What are the applications in the hedge fund arena where structures are oriented towards illiquidity?
• What type of hedge fund has the capability to hold illiquid investments and pursue them?
   - Side pockets
   - Liquidity issues
• Regulatory commonalities between hedge funds and private equity funds
4:00 pm - 5:00 pmRoundtable 1: FCPA: Lessons Learned from Recent Cases
Moderator: Tram Nguyen, Partner, Paul Hastings
Moderator: Palmina Fava, Partner, Litigation: Investigations & White Collar Defense Practice, Paul Hastings LLP

• Measures to include within your compliance program to avoid corruption
• How the current SEC administration and Justice Department are working to combat corruption

Sponsored by: Paul Hastings

 

Roundtable 2: Anatomy of a Hedge Fund Blow-Up – and Surviving Litigation in the Aftermath – What You Need to Know Now
Moderator: John D’Agostino, Managing Director, DMS Governance
Moderator: Mary-Olga Lovett, Co-Regional Operating Shareholder, Greenberg Traurig, LLP


Caught in the wake of what was, at the time, the largest hedge fund blow up in history (Amaranth Advisors), a smaller, competing hedge fund sustained massive losses and was forced to close down. We will examine the series of events that led to and immediately followed these events, along with an examination of the ensuing (unsuccessful) investor lawsuit and how the investment manager and their legal team unraveled a complex series of facts almost a decade later to successfully defend against claims.

Sponsored by Greenberg Traurig

Roundtable 3: Tipper X: A Case Study into Hedge Fund Insider Trading
Moderator: Tom Hardin, CEO and Co-Founder, Tipper X Advisors LLC
Tom Hardin shares his story as Tipper X and reflects on his first year of hedge fund presentations. From his former analyst perspective, he will lead a discussion on hedge fund compliance best practices for preventing insider trading activity. Areas covered will include:
Management meetings
Sell-side research
Analyst relationships and communication
Data scraping and semi-private data
Expert networks
Political consultants

Roundtable 4: Third Party Vendor Management and Due Diligence
Moderator: Joanna Fields, CEO & Founding Principal, Aplomb Strategies
Moderator: Vivian Maese, Partner, Latham & Watkins, LLP

• How should this be approached? What do you need to look out for? What are fund managers doing?
• Ensuring your vendors are taking the necessary cybersecurity precautions and knowing how to evaluate your own cyber providers

Sponsored by: Aplomb Strategies

5:00 pm - 6:00 pmCocktail Reception
Sponsored by: Kessler Topaz Meltzer & Check, LLP   

October 5, 2017
8:00 am - 8:40 amBreakfast and Registration
Sponsored by: RPN Executive Search Consultants  
8:40 am - 8:45 amWelcome Back from Conference Chair
8:45 am - 9:45 amShedding Light on the Exam and Enforcement Landscape Under the Trump Administration
Moderator: Tram Nguyen, Partner, Paul Hastings
Irshad Karim, Counsel and Chief Compliance Officer, Lion Point Capital
Bruce Karpati, Managing Director, Global Chief Compliance Officer, KKR
Kevin Kelcourse, Associate Director for the Office of Compliance Inspections and Examinations, SEC

• Now that we are approaching the one-year mark of the new administration, what has changed? How are hedge funds being impacted?
• What are the latest SEC mandates, goals and regulatory priorities?
• Anecdotal evidence of SEC and NFA exams and enforcement actions under the new regime: What to expect
• How will big data be used by the new administration and how will this impact enforcement?
9:45 am - 10:45 amNew Regulatory Developments: How to Avoid the SEC’s Common Compliance Deficiencies and Respond to Examiners
Moderator: Robert E. Plaze, Partner, Proskauer
Cynthia Aragon, Chief Compliance Officer, Altegris
Michael Neus, Senior Fellow, Program on Corporate Compliance and Enforcement, New York University School of Law
Karen L. Shapiro, Chief Compliance Officer, ZAIS Group, LLC

• Compliance Rule
• Regulatory filings
• Code of Ethics Rule
• Book and Records Rule

Sponsored by Proskauer 
10:45 am - 11:00 am Networking Break
11:00 am - 12:00 pmThe Regulators Aren’t the Only Eyes On Your Compliance Program: Successfully Responding to Increased Investor Scrutiny
Moderator: Nicole Kalajian, Counsel, Stradley Ronon
Andrew Dominus, General Counsel & Chief Compliance Officer, Seer Capital Management, LP
Maura Harris, Head of Due Diligence, Bostwick Capital
Michael R. Schwenk, General Counsel & Chief Compliance Officer, NWI Management LP
Laura Torrado, General Counsel, Chief Compliance Officer and Human Resources Director, Knighthead Capital Management, L.L.C.

• What investors look for when evaluating a fund manager’s compliance practices
• Opportunities for in-house counsel and compliance officers to add value and reduce risk
• How to select and oversee a compliance consultant
12:00 pm - 12:45 pmLuncheon
12:45 pm - 1:45 pmWhat Hedge Fund Counsel and Compliance Officers Need to Know About the SEC Custody Rule in 2017 - CLOSED TO PRESS
Moderator: Richard Marshall, Partner, KattenMuchinRosenman LLP
David Campbell, Chief Compliance Officer and General Counsel, Silvercrest Asset Management Group LLC
Megan Vesely, General Counsel and Corporate Secretary, Sigma Analysis & Management Ltd.
Ronen Voloshin, Chief Compliance Officer and Deputy General Counsel, Monarch Alternative Capital

• Breaking down the complications of the rule
• Understanding and complying with the latest guidance as per the “Five Most Frequent Compliance Topics Identified in OCIE Examinations of Investment Advisers”
• Tools for addressing the technical difficulties the industry faces when applying the custody rule
1:45 pm - 2:45 pmTools and Procedures to Manage Cybersecurity Risk and Reduce SEC Violations
Moderator: Stephen A. Weisbrod, Partner, Weisbrod Matteis & Copley PLLC
Marshall Terry, Esq., Managing Director, Chief Operating Officer and Chief Compliance Officer, Rotation Capital Management, LP
Serina Vash, Executive Director, GRC and General Counsel, RANE (Risk Assistance Network + Exchange)
Mark Sangster, Vice President and Industry Security Strategist, eSentire Inc.

• Takeaways from the SECs 2016 sweep exams
• Understanding the New York State Department of Financial Services Cybersecurity Regulation (DFS Rule)
   - Does it or does it not apply to investment advisors?
   - Even if it is not a requirement for investment advisors, to what extent will this legislation become a best practice for investment advisors to follow?
Sponsored by Weisbrod Matteis & Copley:

Sponsored by eSentire: 


2:45 pm - 3:00 pmNetworking Break
3:00 pm - 4:00 pmThe Ethics of Using Big Data as an Information Channel: Exploring the Legal and Compliance Framework - CLOSED TO PRESS
Moderator: Mark K Schonfeld, Partner, Gibson Dunn
Matthew H. Bloom, Chief Compliance Officer & Associate General Counsel, Viking Global Investors LP
Betsy Thedford, Deputy Chief Compliance Officer/Counsel, Highfields Capital Management LP
Steven Rosen, Former Chief Compliance Officer, Surveyor Capital
• How hedge funds benefit from using consumer-related big data (credit card statistics, healthcare data, satellite images, drones) to help make investment decisions
• Understanding and protecting yourself against the legal, compliance and ethical implications associated with:
   - Obtaining material, non-public information that can be construed as insider trading
   - Data privacy
   - Information security
   - Using social media to receive input regarding your investment process
4:00 pmConference Adjourns