Standard Tuition $400 US
Senior Fellow Tom Biolsi, CPA, Principal, PricewaterhouseCoopers
Through speeches, examinations and enforcement actions, the SEC and its staff have made clear that they consider asset managers’ conflicts of interest to be one of the agency’s primary focus areas. While conflicts of interest have always been a focus of the SEC, the organization of the Enforcement Division Asset Management Unit and the National Examination Program have prompted the SEC to home in on conflicts with an attention to detail and a zeal for prosecution that are new to the asset management industry.
In particular, the SEC and its staff have indicated concerns about a number of conflicts of interest that may be present in unique or heightened form in the operations of hedge fund and private equity fund managers. As a result, the SEC’s activities in this area have created new and more defined regulatory expectations that unfortunately are not stated expressly through rulemaking or interpretive guidance.
This Course will discuss many of the most important new expectations, as well as the cases and pronouncements that have prompted them. This Course also will describe a number of practical techniques and procedures to address and mitigate these conflicts of interest.
Students shall learn the following within this Course:
- Side letters and differences in investors’ terms, especially on liquidity/redemption and information/transparency rights
- Allocation of expenses between the manager and its funds
- Conflicts that arise from the relationship between a private fund manager and its funds’ portfolio companies, including the conflicts that arise from
- Allocation of fund and portfolio company expenses;
- Relations with service providers and vendors;
- Expense shifting between funds;
- Portfolio company capital structure; and
- Transaction, monitoring, consultancy, and directors fees paid by portfolio companies to a manager or its personnel
- Funds assisting funds, including through loans or follow-on investments
- “Side-by-side” management of performance fee and non-performance fee accounts or funds
- Trade and investment allocation issues, cherry picking and issues arising from co-investment practices and arrangements
Tom Biolsi, CPA, Principal, PWC
Anthony Kelly, JD, Asst Director, Div of Enforcement, Asset Management Unit, SEC*
Dov Lando, JD, Managing Dir, General Counsel, MKP Capital
Maryellen Maurer, Senior Compliance, TPG Capital
Mark Perlow, JD, Partner, K&L Gates
David Harpest, JD, Financial Svcs Regulatory Consulting, PWC
Matthew Nullet, CPA, Financial Svcs Regulatory Consulting, PWC
Credit Hours: 4
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 6
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
Course ID Number: 8592
Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
Arizona: Does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
New Hamphsire: The approval is for three years from recorded date.
New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
Tennessee: The approval is for the calendar year in which the live program was presented.
Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
If applicable, the RCA will apply for credit in your state upon request.