ALI-ABA

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What You Will Learn

his annual advanced course of study, comprising more than 12 hours of instruction, is designed for private practitioners, corporate counsel, and compliance personnel who deal with mutual funds and related investment vehicles. The course covers developments in investment management regulation, recent regulatory initiatives affecting the mutual fund industry, and alternative investment vehicles such as hedge funds. The active participation of SEC and NASD representatives is one of the reasons that this course has become one of the leading conferences for those seeking to stay current with legal developments in this area.

The format for this year’s presentation of the course has been modified to facilitate interaction among the registrants and faculty, and includes a number of other new features. On Thursday morning, there is an optional session that introduces registrants to the Investment Company Act. This discussion will be useful not only to people relatively new to investment management, but also as a refresher for the more experienced. The first day of the program also includes an open session devoted entirely to registrants' questions. The second day has concurrent ("breakout") sessions on Section 529 and bank issues, led and moderated by experts in the areas.

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Planning Chairs

Tamar Frankel, Michaels Faculty Research Scholar and Professor of Law, Boston University School of Law, Boston (also on faculty)

Clifford E. Kirsch, Sutherland Asbill & Brennan LLP, New York

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Faculty

Barry P. Barbash, Willkie Farr & Gallagher LLP, Washington, D.C.

Steven B. Boehm, Sutherland Asbill and Brennan LLP, Washington, D.C.

Paul G. Cellupica, Chief Counsel, Securities Products & Regulation, MetLife, Inc., New York

Nathaniel Dalton, Executive Vice President, Affiliated Managers Group, Inc., Boston

Joseph D. Emanuel, Vice President & Chief Legal Officer, Prudential Financial, Shelton, Connecticut

Jill E. Fisch, T.J. Maloney Professor of Business Law, Fordham Law School, New York

Helene T. Glotzer, Associate Regional Director, Northeast Regional Office, Securities and Exchange Commission, New York

Julie K. Glynn, Regional Counsel, District 10, NASD, New York

David M. Jaffe, Chief Counsel, District 10, NASD, New York

Simon M. Lorne, Vice Chairman and Chief Legal Officer, Millennium Partners, L.P., New York

Martin E. Lybecker, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C.

Paul S. Maco, Vinson & Elkins L.L.P., Washington, D.C.

Richard D. Marshall, Kirkpatrick & Lockhart Nicholson Graham LLP, New York

Nancy J. Moore, Professor and Nancy Barton Scholar, Boston University School of Law, Boston

Christopher E. Palmer, Goodwin Procter LLP, Washington, D.C.

Robert E. Plaze, Associate Director, Division of Investment Management, Securities and Exchange Commission, Washington, D.C.

Nicholas J. Prokos, Senior Principal Consultant, Adviser Compliance Associates, LLC, Boston

Eric D. Roiter, Senior Vice President and General Counsel, Fidelity Management and Research Company, Boston

Stephen E. Roth, Sutherland Asbill & Brennan LLP, Washington, D.C.

Peter M. Rosenblum, Foley Hoag LLP, Boston

Joseph P. Savage, Associate Vice President, Investment Companies Regulation, NASD Regulation, Inc., Rockville, Maryland

William A. Schmidt, Kirkpatrick & Lockhart Nicholson Graham LLP, Washington, D.C.

John Schneider, Managing Director, Navigant Consulting, Inc., Boston

Erik R. Sirri, Professor of Finance, Babson College, Wellesley, Massachusetts

Stuart Strauss, Clifford Chance, New York

Audrey C. Talley, Drinker Biddle & Reath LLP, Philadelphia

Scott M. Zoltowski, Vice President and Counsel, State Street Corporation, Boston

Additional participating SEC staff members to be confirmed

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KEYNOTE SPEAKER Paul Schott Stevens, President, Investment Company Institute, Washington, D.C.

Program Schedule

Thursday, November 30, 2006

• 7:15 a.m. Registration and Continental Breakfast, James B.M. McNally Amphitheatre, Fordham University School of Law
• 8:00 a.m. Introductory Overview of the Investment Company Act (optional) – Professor Frankel
• 9:00 a.m. Program Introduction
• 9:15 a.m. Keynote Address – Mr. Stevens
• 9:45 a.m. SEC and NASD Regulatory Update – Messrs. Plaze and Savage
• 10:30 a.m. Networking Break
• 10:45 a.m. SEC and NASD Enforcement Update – Mss. Glotzer and Glynn and Mr. Jaffe
• 11:30 a.m. Taking Private Equity Public: Business Development Companies (BDCs) and Other Alternative Vehicles – Mr. Boehm
• 12:00 noon Exchange Traded Funds (ETFs) – Messrs. Strauss and Zoltowski
• 12:30 p.m. Lunch Break
• 2:00 p.m. Private Fund Developments – Messrs. Barbash, Dalton, Lorne, and Rosenblum
• 3:30 p.m. Networking Break
• 3:45 p.m. Corporate Governance and Portfolio Management – Professor Fisch and Messrs. Barbash, Boehm, and Roiter
• * Soft Dollars
• * The SEC's Corporate Governance Rulemaking
• 4:30 p.m. Open Forum: Questions and Answers – Messrs. Barbash, Roiter, and Rosenblum and Professor Sirri
• 5:00 p.m. Adjournment for the Day; Networking Reception for Registrants and Faculty Hosted by Sutherland Asbill & Brennan LLP

Friday, December 1, 2006

• 8:30 a.m. Continental Breakfast
• 9:00 a.m. Compliance – Messrs. Marshall, Palmer, Prokos, and Schneider
• 10:15 a.m. ERISA Update – Mr. Schmidt
• 10:45 a.m. Networking Break
• 11:00 a.m. Variable Annuities – Messrs. Cellupica, Emanuel, and Roth
• 11:45 a.m. Distribution – Professor Sirri and Ms. Talley
• * 12b-1 Developments
• * Broker-Dealer Distribution
• 12:30 p.m. Lunch Break
• 2:00 p.m. Ethics – Professors Frankel and Moore
• 3:00 p.m. Concurrent ("Breakout") Sessions
• * Section 529 Plans – Mr. Maco
• * Bank Issues – Mr. Lybecker
• 4:00 p.m. Adjournment

Total 60-minute hours of instruction: 12.25 (assuming attendance at the optional introductory session), including one hour of ethics

Suggested Prerequisite: Limited experience in legal practice in subject matter or completion of Basic CLE Course in subject matter

Educational Objective: Maintenance of professional competence as a practitioner; provision of information on recent legal developments

Level of Instruction: Advanced

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Here's what registrants have said about this course:

I thought the course was extremely well-organized, thought-out, and interesting. The dynamics of the various panels created an exceptionally creative environment. Very informative – the topics were diverse but very structured and the panelists integrated the material very well. Cliff and Tamar have outdone themselves.

This was a well organized conference covering timely topics. Presenters all were very knowledgeable concerning the subject matter.

An outstanding program. The organizers (Kirsch and Frankel) are to be congratulated. Their hard work in putting it together is much appreciated.

I have traditionally attended the ALI-ABA Pension Conference in Washington in October. I shifted to Investment Management Regulation this year since my practice increasingly involves Investment Advisor and Mutual Fund issues. This course brings the same high quality faculty and government officials to the table as the Pension Conference. It was very informative and educational.

The course was excellent! The SEC professionals were impressive – it was great to hear their thoughts and comments. The other speakers were also impressive and many were very helpful in flushing out issues and concerns with the SEC.

This seminar is the best I've attended in 10 years of being a lawyer.

This is the best CLE course I’ve taken! The panels were all thoroughly knowledgeable – impressive!

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