Private Investment Funds

hedge-funds-structure

Private Investment Funds – Practice, Regulation, and Compliance

 

Professor

Wulf A. Kaal

Syllabus

Spring 2017

Course Description

 

Private Investment Fund – Practice and Regulation Credit, 3 Sem. Hrs.

The purpose of this course is for students to gain an understanding of the practical arrangements and corresponding legal and regulatory regimes that govern the operation of private investment funds.  These privately offered funds include hedge funds, private equity funds, and other managed funds that are exempt from the Investment Company Act of 1940. Private funds control trillions dollars of investment assets around the world and have become part of the mainstream of investment management. The growth of these funds and the expansion of the applicable regulatory framework have given rise to a great demand for legal and compliance advice and corresponding employment opportunities.

Because private funds operate internationally and are subject to different legal systems, the course will, in addition to evaluating the US regulatory structures and recent revisions encompassed in the Dodd-Frank Act, introduce the basics of the legal framework governing private funds that operate in the European Union. The course offers a direct comparison of the rules governing private funds in the Dodd-Frank Act and corresponding SEC rules and implementation efforts on the one hand and the country specific implementations of the European Alternative Investment Fund Managers Directive (AIFMD) on the other hand.

Students will learn the practical implications of managing private funds as well as the applicable regulatory and compliance framework. The course will use a study of statutes, regulations, SEC Forms and corresponding rules, European Directives and corresponding implementation rules, fund documentation, and other relevant materials to familiarize students with the array of legal and compliance issues in private investment fund management. The course will draw on scholarship, data, and practical experience of speakers to convey cutting edge knowledge and insights pertaining to the industry.  Students will not only learn the applicable rules and regulations pertaining to private funds but will also have the opportunity to discuss and critically analyze relevant legal and finance scholarship that evaluates the effects of such rules and regulations.

 

 

Class Location and Times

Mondays 6-9 pm

Room MSL 244

Required Texts

Wulf A. Kaal, Private Investment Funds – Practice, Regulation, and Compliance (Manuscript).

Supplemental reading materials as per assignments below.

New York Times Business Section

Office Hours

Tuesdays: 1:00 pm to 2:00 pm

Honor Code

Students are expected to comply with the Honor Code of the University of St. Thomas School of Law.

Evaluation

Students will be evaluated based on the quality of classroom participation and performance on the final examination.

Examination

The final examination will be a three-hour closed book exam.

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