Mutual Funds Today – An ALI CLE Course for Attorneys, Lawyers, and other Legal Professionals
Mutual Funds Today: Current Issues in Fund Regulation and Compliance
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Why You Should Attend

Since 1975, ALI CLE has been the ‘go-to’ source for mutual fund regulatory updates and compliance issues. Newly updated for 2013, Mutual Funds Today, unequaled for its breadth, quality of instruction, and written materials, will give you an overview of mutual fund regulation and timely updates in every substantive area of mutual fund law today.


Register today for this interactive and content-rich live CLE program, comprising 12 full hours of instruction, including one hour of ethics, and guided by a multidisciplinary panel of experts who will help you analyze and properly navigate new situations as they arise in your business or for your clients. The practical instruction covers a wide range of regulatory and compliance issues, including fund disclosure, sales, marketing, and portfolio operations. In addition to the popular traditional sessions, this year’s program features a new concurrent “hands on” workshop on exchange-traded funds.

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What You Will Learn

Leading experts from the industry, private practice, academia, and the government will cover the hottest topics and most essential issues in mutual fund regulation and compliance, including:


Trends in mutual fund litigation and compliance

Portfolio management and trading issues

Alternative investment strategies

Ethical issues associated with affiliated transactions

Organizing a fund and registering its shares

Fund responsibilities and corporate governance

Distributing and marketing the fund’s shares

Corporate governance and ethical considerations of counsel

Key fund service providers and their responsibilities

The core principles of the Investment Company Act of 1940 and how the Act affects the operations of the fund and its service providers today


Daily opportunities to raise questions in sessions, engage with faculty, and network with peers are celebrated aspects of the learning experience.

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Who Should Attend

Attorneys, Chief Compliance Officers and other compliance professionals, anyone who counsels mutual funds or their advisers, distributors, or administrators, and other legal professionals concerned with starting, registering, or operating mutual funds should attend this accredited continuing legal education program from ALI CLE.

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Planning Chairs

Thomas S. Harman, Bingham McCutchen LLP, Washington, D.C.

Karen L. Skidmore, Senior Associate General Counsel, Franklin Templeton Investments, San Mateo, California

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Marguerite Bateman, Income Partner, Schiff Hardin LLP, Washington, D.C.

Darrell Braman, Vice President and Managing Counsel, T. Rowe Price, Baltimore

Amy Doberman, General Counsel, ProFund Advisors LLC, Bethesda, Maryland

Ruth S. Epstein, Stradley Ronon Stevens & Young, LLP, Washington, D.C.

Alison M. Fuller, Stradley Ronon Stevens & Young, LLP, Washington, D.C.

Janet M. Grossnickle, Assistant Director, Exemptive Applications Office, Division of Investment Management, U.S. Securities and Exchange Commission, Washington, D.C.

Ryan Louvar, General Counsel, WisdomTree Asset Management, Inc., New York

Barbara Brooke Manning, General Counsel and Chief Compliance Officer, ClearBridge Investments, New York

W. John McGuire, Bingham McCutchen LLP, Washington, D.C.

Barry A. Mendelson, Principal and Senior Counsel, The Vanguard Group, Inc., Valley Forge, Pennsylvania

Christian J. Mixter, Morgan, Lewis & Bockius LLP, Washington, D.C.

Michael W. Mundt, Stradley Ronon Stevens & Young, LLP, Washington, D.C.

Philip H. Newman, Goodwin Procter LLP, Boston

Danielle Nicholson-Smith, Legal Counsel, T Rowe Price, Baltimore

Barry I. Pershkow, Senior Special Counsel (ETFs), Division of Investment Management, U.S. Securities and Exchange Commission, Washington D.C.

Julie M. Riewe, Deputy Chief, Asset Management Unit, Division of Enforcement, U.S. Securities and Exchange Commission, Washington, D.C.

Christian Sandoe, Assistant Director and Chief Counsel, Division of Investment Management, U.S. Securities and Exchange Commission, Washington, D.C.

Joseph P. Savage, Vice President and Counsel, Investment Companies Regulation, FINRA, Rockville, Maryland

Douglas J. Scheidt, Associate Director and Chief Counsel, Division of Investment Management, U.S. Securities and Exchange Commission, Washington, D.C.

Stephen J. Shenkenberg, Managing Director, General Counsel, and Chief Compliance Officer, Munder Capital Management, Birmingham, Michigan

Wylie Tollette, Senior Vice President, Risk Management and Performance, Franklin Templeton Investments, Sacramento

ALI CLE Program Attorney: Thomas M. Hennessey (

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Program Schedule

Monday, October 28, 2013

8:00 a.m. Course Registration and Continental Breakfast

8:55 a.m. Welcome and Announcements - ALI CLE Staff
Video Webcast Segment A

9:00 a.m. Welcome and Overview - Thomas S. Harman, Planning Co-Chair

9:05 a.m. Organizing a Fund, Registering Its Shares and Maintaining a Continuous Offering
Moderator: Mr. Harman
   •  Regulatory statues and framework
   •  Mutual fund structures and organizational legal considerations
   •  Overview of SEC registration of a mutual fund and its securities
   •  Updates to the prospectus (485a filings vs. 485b filings, prospectus stickers)

10:05 a.m. Break

10:15 a.m. Fund Responsibilities, Corporate Governance and Accountability
Moderator: Mr. Harman
   •  Boards of Directors, their composition, election, and manner of conducting business
   •  Director duties under state and federal law
   •  Independence issues and liability
   •  Key fund matters, including potential conflicts of interest monitoring, compliance program, disclosure, fund mergers, and shareholder voting

11:15 a.m. Key Fund Service Providers and Their Responsibilities
Moderator: Mr. Harman
   •  Investment advisers and sub-advisers
   •  Underwriter and/or distributors
   •  Transfer agent, custodian, independent public accountant, fund and independent director counsel

10:15 a.m. Interactive Workshop on Organizing, Advising, and Investing in Active or Index-Based Exchange-Traded Funds (ETFs)
Moderator: Mr. McGuire
(not webcast or recorded)

12:15 p.m. Lunch Break
Video Webcast Segment B

1:45 p.m. Distributing and Marketing the Fund's Shares
Moderator: Ms. Skidmore
Sales charge structures and limitations Omnibus accounts, third-party arrangements and platforms, including revenue sharing between funds and intermediaries
   •  FINRA oversight and hot issues in marketing
   •  Electronic communications, including web sites, email, blogs, and social media
   •  Questions and Answers

3:15 p.m. Networking and Refreshment Break

3:30 p.m. Corporate Governance and Ethical Considerations of Counsel
Moderator: Ms. Skidmore
   •  Trends in corporate governance, including risk management oversight, "best practices," and independent director/trustee issues
   •  Trends in the annual "15(c)" investment adviser contract renewal process and the effect of Jones v. Harris Associates, the latest U.S. Supreme Court case involving fees paid to advisers
   •  Board oversight of pricing and fair valuation of portfolio securities
   •  Shareholder democracy, proxies, and social activism in the mutual fund arena
   •  Questions and Answers

5:00 p.m. Adjournment for the Day; Networking Reception for Registrants and Faculty, sponsored by Bingham McCutchen LLP, an international provider of legal services to the investment company industry

Tuesday, October 29, 2013

8:00 a.m. Networking Session and Continental Breakfast
Video Webcast Segment C

8:30 a.m. Portfolio Management and Trading
Moderator: Mr. Harman
   •  Dissecting a trade (Process Map)
   •  Trade allocation issues, including "side by side" trading
   •  Securities lending
   •  Best price and execution duty, including electronic trading
   •  Questions and Answers

10:00 a.m. Networking and Refreshment Break

10:15 a.m. Alternate Investment Strategies in Mutual Funds
Moderator: Ms. Skidmore

   •  Derivative instruments and their primary uses by funds today
   •  Management oversight through cross-functional complex securities review committees designed to review and address investment risk (e.g., monitoring counterparties), operational risks (e.g., valuation and liquidity), compliance and regulatory restrictions (e.g., leverage and diversification), accounting and tax considerations, and disclosure and reporting
   •  Fund board oversight, including board education, board committees, and ongoing monitoring through reporting by the adviser, chief compliance officer, internal audit, and outside accountants
   •  New CFTC regulation of mutual funds using derivatives
   •  Questions and Answers

11:45 a.m. Lunch Break
Video Webcast Segment D

1:15 p.m. Potential Conflicts of Interests Issues, Including Affiliated Transactions
Moderator: Mr. Harman
   •  Fiduciary considerations and managing potential conflicts of interest
   •  Personal trading and code of ethics
   •  Affiliated transactions under Section 17 and Section 10(f)
   •  Questions and Answers

2:45 p.m. Networking and Refreshment Break

3:00 p.m. Compliance and Litigation
Moderator: Mr. Harman
   •  Recent and emerging trends in SEC and private litigation are analyzed, including causation under the 1933 Act, "material" misstatements or omissions, disclosure claims, and "control person" liability after Janus
   •  Practical advice on cultivating the "culture of compliance" and maintaining a robust and effective compliance program involving chief compliance officers, collaboration with the business units, written policies and procedures, and a healthy relationship with the fund board
   •  Recent and emerging trends in SEC inspections and enforcement process
   •  Questions and Answers

4:25 p.m. Closing Remarks - Karen L. Skidmore, Planning Co-Chair

4:30 p.m. Adjurnment

Total 60-minute hours of instruction: 12 hours

Suggested Prerequisite: Limited experience in general legal practice or completion of CLE Orientation Course

Educational Objective: Acquisition of knowledge and skills to develop proficiency as a practitioner; provision of information on recent legal developments

Click Here for MCLE Credit Information

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Here's what registrants have said about this course:
I thought this course was great.
I think the faculty was exceptionally knowledgeable and considerate of the class, even those who are not experienced in this area of practice.
I liked the representation of perspectives from firms, in-house counsel, regulators.
I found this course to be very helpful for someone who was already familiar with the topics but did not know very much in depth about them. I think it balanced the basics very well with unique insight at a higher level. I especially enjoyed the input from the non-lawyers or from the lawyers who gave insight about the investment practices—like the use of derivatives and how trades are affected. Hearing the perspective of a portfolio manager from someone who also had a great understanding of legal constraints was very interesting and useful.
Great course. I’m not a ‘40 Act lawyer, I don’t even play one on TV, but I am a lawyer at a ‘40 Act regulated mutual fund company. Your course has given me a needed overview of some of the important issues that we face.
I think this program is really terrific. It made me realize that I have a lot of bricks that needed to be dusted off, and now I have a lot of the mortar as well. I had consistently attended my prior firm’s IM training program annually for more than 5 years, but it was always over my head as a new lawyer. This is perfect. Thank you so much. The layout and progression of topics was great. The course materials are incredible, and the speakers were informative, expert, and engaging. I look forward to picking up more ‘mortar’ in the future. Thanks!
Faculty, presentation, course materials were all exceptional. This was the first ALI-CLE course I’ve attended and felt I couldn’t have made a better choice. ALI CLE can count on my attendance at future courses, if they all measure up and exceed expectations as Investment Company Regulation and Compliance did! BRAVO! 
I have been practicing in the investment management industry for a few years. The course was a good refresher. The materials are excellent. They provide a detailed overview with reference to the important issues of the practice.
I thought the panelists overall were very good.
I think this is a great program for lawyers with little exposure to this area. I view it as a refresher for me.
The classes were great, pace was good, specific examples were appreciated. The instruction well; it was very fluid and organized.
I thought the best speaker this year was Mr. Hamilton. While this seminar is always good and the panel is always engaging, he did a wonderful job kicking off day with really focusing on what is going on in ht e market today, which was exceptional and what those of us who attend frequently really like to hear. Great job by all.

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All times are Eastern

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