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


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


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


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


Dechert LLP

Eric D. Roiter

Lecturer in Law

Boston University School of Law

(former SEC Assistant General Counsel)

Peter M. Rosenblum


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


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