2021 Securities Law Developments Virtual Conference Speaker Bios

Speaker Bios

ADAM S. ADERTON

Adam S. Aderton is cochief of the SEC Enforcement Division’s Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds. Adam joined the SEC as an enforcement staff attorney in 2008 and became an assistant director in 2013. Before joining the SEC, Adam served as a law clerk to Judge J. Frederick Motz of the US District Court for the District of Maryland and worked in the securities litigation and enforcement practice at Wilmer Cutler Pickering Hale and Dorr LLP. Adam received his undergraduate degree from Truman State University and his JD from the University of Virginia.

ARIEL AYANNA

Ariel Ayanna serves as senior counsel for John Hancock Investment Management, which he joined in 2012. Ariel is responsible for supporting numerous John Hancock mutual funds, including multiple suites of funds of funds, as well as the John Hancock closed-end funds. He also has experience advising unlisted tender offer closed-end funds. He has served on various committees of John Hancock Investment Management LLC and provides support to the John Hancock Group of Funds Board of Trustees and related boards. Before joining John Hancock, Ariel was an associate in the financial services group at Dechert LLP. He received his undergraduate degree from Bard College, his JD from Boston University School of Law, and an LLM from Harvard Law School. He has published legal scholarship in the University of Pennsylvania’s Journal of Labor and Employment Law and the UCLA Women’s Law Journal.

ANNETTE CAPRETTA

Annette Capretta is associate general counsel at the Investment Company Institute and focuses on environmental, social, and governance (ESG) matters. Previously, she served as deputy managing director of the Independent Directors Council (part of ICI). Before joining ICI, Annette held senior management positions at the Securities and Exchange Commission and in the legal department of a large fund complex. Annette began her legal career as a litigator, after a one-year clerkship with a federal judge.

Annette received her law degree from the University of Virginia and a BS in mathematics from the University of North Carolina.

KATHERINE A. COREY

Katherine A. Corey is senior legal counsel for Aberdeen Standard Investments Inc., a subsidiary of abrdn plc, a UK-headquartered investment management firm managing $625 billion in client assets globally. Kate works primarily on all matters relating to the oversight of abrdn’s US-registered investment companies, including open-end and closed-end funds and ETFs of a wide range of investment strategies, including sustainable, impact, and ESG integration funds. Kate joined abrdn as US counsel in 2013. Before joining abrdn, Kate was an associate at Faegre Drinker Biddle & Reath LLP in Philadelphia, where she worked in the firm’s nationally ranked investment management group, focusing much of her time on alternative strategy closed-end funds, including tender offer funds, funds of funds, and master/feeder funds. Kate earned her BS, summa cum laude, from The George Washington University and her law degree, with honors, from The George Washington University Law School.

SARA CORTES

Sara Cortes has more than 15 years of experience in financial regulation. Sara currently advises on regulatory initiatives in the asset management industry within the SEC’s Division of Investment Management, where she has served in key leadership roles, including associate director/deputy chief counsel, and assistant director leading the Investment Adviser Regulation Office.

As senior adviser to then SEC Chair Elisse Walter, Sara advised the commissioner on a variety of enforcement actions and domestic and international regulatory initiatives. During Walter’s tenure as chairman, Sara served as her deputy on the Financial Stability Oversight Council and advised the commissioner on rules implementing Title VII of the Dodd-Frank Act.

Sara has also advised the SEC’s Enforcement Division on numerous enforcement actions as an attorney in the SEC’s Office of General Counsel. Before joining the SEC, Sara served in the Legal Division of the Federal Reserve Board.

Sara lives in Bethesda, Maryland, with her husband and two sons. She leads advocacy efforts within the Montgomery County Public School System and serves as a mentor and advocate in the breast cancer survivor community.

DONALD M. CAIAZZA

Donald M. Caiazza is a vice president, associate general counsel in the Fidelity Investments legal group. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to more than 20 million individuals, institutions, and financial intermediaries.

Don manages a team of attorneys that provide comprehensive legal support to Fidelity’s fixed-income asset management business. In this role, he collaborates with senior management, client relationship teams, portfolio management, legal associates, and other colleagues to support an expansive client base, including mutual funds, ERISA and other benefit plans, stable value accounts, insurance companies, sovereign wealth plans, and private funds. In addition to his management responsibilities, Don’s primary areas of focus include institutional asset management, derivatives, stable value, and the taxable bond trading desk.

Don joined Fidelity Investments in 2012, as a senior legal counsel, from Wellington Management Company, LLP, where he served as counsel in the legal services group. Don served as the lead attorney on matters relating to the firm’s derivatives trading. Before joining Wellington Management, Don worked at Bank of America, where he most recently served as a senior vice president (1995–2005), managing a team of attorneys responsible for providing comprehensive legal and documentation support to the Global Capital and Investment Bank.

Don is a graduate of Salem State University and the New England School of Law. He is a member of the Massachusetts and New Hampshire bar associations.

LANCE DIAL

With more than a decade of experience as senior in-house counsel with global investment managers, Lance Dial has a deep understanding of mutual fund law and operation and is fluent in the myriad regulations applicable to investment managers. He is well versed in the creation of investment products and environmental, social, and governance (ESG) and sustainability matters. Lance works extensively on regulatory policy matters engaging with various financial services regulators, including the US Securities and Exchange Commission, US Department of Labor, Internal Revenue Service, and US Department of Treasury.

DOROTHY M. DONOHUE

Dorothy M. Donohue is deputy general counsel, securities regulation, at the Investment Company Institute and has been a member of the Institute’s legal staff since 2002. Earlier in her career, Dorothy was an associate counsel at ICI Mutual Insurance Company and held a number of positions at the SEC. While at the SEC, she was assistant chief counsel, as well as an attorney in both the Division of Investment Management’s Office of Investment Adviser Regulation and the Office of Disclosure and Review.

Dorothy received her JD, cum laude, from Georgetown University Law Center and her BA, summa cum laude, from Fordham University.

KENNETH FANG

Kenneth Fang is associate general counsel at the Investment Company Institute. Previously, he served as vice president and legal counsel at ProShare Advisors LLC, an ETF sponsor. He joined ProShare Advisors after working in the investment management practice groups at Goodwin Procter LLP and Morrison & Foerster LLP. Early in his career, Kenneth held various positions in the SEC’s Division of Investment Management, including as senior counsel in the Office of Chief Counsel. At the SEC, Kenneth received the SEC Capital Markets Award. Kenneth received his undergraduate degree from the University of Michigan, his JD from the University of Maryland School of Law, and his LLM (with distinction) from Georgetown University Law Center.

BRIDGET FARRELL

Bridget Farrell joined the Investment Company Institute in 2019, and is assistant general counsel. Previously, she worked in the Office of Chief Counsel of the SEC Division of Economic and Risk Analysis and the Investment Adviser Regulation Office of the SEC Division of Investment Management. Before joining the SEC, Bridget was a compliance officer for Morgan Stanley Investment Management. Bridget also advised clients on litigation and securities law issues in private practice at Linklaters LLP and Gibson, Dunn & Crutcher LLP. Bridget received her BA from the College of William & Mary and her JD, cum laude, from the University of Pennsylvania Law School.

AARON GILBRIDE

Aaron Gilbride serves as counsel at Davis Polk & Wardwell LLP. In this role, he advises investment advisers, registered funds, private funds, fund directors, and financial institutions on matters under the federal securities and banking laws.

He previously spent six years in the Securities and Exchange Commission’s Division of Investment Management, ultimately as branch chief in the Chief Counsel’s Office of the division. His office was responsible for issuing no-action letters, interpretive letters, and exemptive relief, as well as taking other staff positions. In this capacity, Aaron worked extensively with the SEC’s Office of Compliance Inspections and Examinations (now Division of Examinations) and Division of Enforcement on examinations and enforcement actions, with a focus on investment advisers and private funds.

In his time at the SEC, Aaron also served as senior counsel to the director of the Division of Investment Management and was one of the division’s principal staff members on the Volcker Rule Interagency Group, focusing on covered fund issues.

JANE G. HEINRICHS

Jane G. Heinrichs is an associate general counsel for the Investment Company Institute, where she is primarily responsible for legal and regulatory issues relating to exchange-traded funds, money market funds, and municipal securities. Before joining the Institute in 2004, Jane was an associate in the asset management group at Shearman & Sterling LLP, providing legal and regulatory advice to registered investment companies, private domestic and offshore investment funds, investment advisers, broker-dealers, and other financial institutions. From 1997 to 2000, she worked as an attorney for the US Securities and Exchange Commission, both in the Division of Investment Management and the Office of Compliance Inspections and Examinations.

Jane received a JD, magna cum laude, from the American University, Washington College of Law, and a BA in philosophy from Binghamton University.

JAY C. HEROLD

Jay C. Herold is vice president and senior counsel at MFS Investment Management® (MFS®). In his role, he is responsible for providing legal counsel in the areas of mutual fund and advisory services distribution. He regularly advises key personnel on marketing, licensing, supervisory, and recordkeeping issues for US-registered investment companies, UCITS funds, and separately managed accounts. Jay joined MFS in 2013. He previously spent nine years at Fidelity Investments serving in various roles, including most recently as senior legal counsel supporting Fidelity’s outside mutual fund distribution platform.

Jay earned a BS from Emerson College and a JD from St. Thomas University.

BRIAN M. JOHNSON

Brian McLaughlin Johnson is an assistant director in the Rulemaking Office in the SEC’s Division of Investment Management. Brian heads the division’s Investment Company Regulation Office, which is responsible for rulemaking activities under the Investment Company Act in the division and provides advice on policy initiatives affecting the asset management industry.

Before joining the SEC in 2010, Brian was an associate at the Washington, DC, offices of K&L Gates and WilmerHale. Brian received his BA from the University of Delaware and his JD from the George Mason University School of Law.

DANIEL KAHL

Daniel Kahl is acting director of the Division of Examinations at the Securities and Exchange Commission. Daniel joined the SEC in 2001 and has served as a deputy director of the Division of Examinations since 2018 and as the division’s chief counsel since 2016. Before joining the Division of Examinations, he led the Division of Investment Management’s Office of Investment Adviser Regulation. Earlier, Daniel was an attorney at the Investment Adviser Association, the Financial Industry Regulatory Authority, and the North American Securities Administrators Association (NASAA). Daniel holds a BS from Penn State University, a JD from Southern Methodist University, and an LLM from Georgetown University Law Center.

THOMAS T. KIM

Thomas T. Kim comes to IDC from the Mortgage Bankers Association, where he was senior vice president responsible for strategy, public policy, and member engagement across MBA’s commercial real estate finance membership. He oversaw and spearheaded public policy on financial services regulation, portfolio lending, capital markets, securitization, and market liquidity matters.

In leading member engagement across commercial real estate finance sectors, Tom managed member committees, executive roundtables, content development for conferences and programs, industry standards, and best practices. He also oversaw governance across member constituencies, advising the Commercial Board of Governors.

Previously, Tom served as associate general counsel at Freddie Mac advising the company on regulations and policy affecting mortgage investments and capital markets. He also served as associate counsel at the Investment Company Institute, where he focused on legislative and regulatory matters that affect mutual funds and their shareholders.

Tom is a cofounder and board member of a nonprofit organization that combats human trafficking in developing countries, and served on the board of directors of MBA’s Opens Doors Foundation, which provides mortgage and rental assistance grants to families with critically ill children. Tom received his BA, summa cum laude, from the University of California, Irvine; his JD from the UCLA School of Law, where he served as a law review editor; and his LLM, with distinction, from the Georgetown Law Center.

ANDREW KLOSTERMANN

Andrew Klostermann has worked at Charles Schwab Investment Management (CSIM) since 2013 and is currently a director in the fund administration team. Andrew oversees CSIM’s pricing and fair valuation team as well as the fund administration group’s strategic operations efforts. Before joining CSIM, Andrew oversaw the NAV quality assurance group at Brown Brothers Harriman (BBH). He joined BBH as part of the lift-out of the fund administration operations at Oppenheimer Funds to BBH. At Oppenheimer, he held several roles, including NAV oversight, custodian management, and accounting for structured products and bank loan instruments. Andrew earned his MS in finance from the University of Colorado at Denver and graduated summa cum laude from the University of Colorado at Boulder with a BA in economics.

THOMAS P. LEMKE

Thomas P. Lemke is an independent director of JP Morgan Exchange-Traded Trust and SEI Funds (AIC III). Before becoming an independent director, Tom was executive vice president, general counsel, and head of governance for Legg Mason, Inc. He previously was a partner at Morgan, Lewis & Bockius, where his practice specialized in asset management and broker-dealer matters. Earlier in his career, he served as a chief operating officer as well as in various legal positions at asset management firms. He started his career at the US Securities and Exchange Commission in Washington, DC, where he last served as chief counsel of the Division of Investment Management.

Tom has coauthored a number of legal treatises covering all aspects of asset management regulation, including the regulation of investment companies. He also is a trustee for the Copland House, which is dedicated to nurturing and renewing America’s musical heritage and to fostering greater public awareness and appreciation of our nation’s contemporary composers and their work. Tom lives in Middleburg, Virginia.

MICHAEL MUNDT

Michael Mundt is nationally recognized for his work in the area of exchange-traded funds (ETFs). He assists clients with all phases of the complex regulatory process required to introduce and operate index-based and actively managed ETFs, as well as next generation exchange-traded products. More generally, he counsels investment advisers and investment companies on a wide range of issues arising under the Investment Company Act of 1940 and other federal securities laws.

Before joining Stradley, Mike worked at the US Securities and Exchange Commission for almost 14 years, ultimately serving as an assistant director in the Division of Investment Management. While at the SEC, Mike had a leading role in ETF policy issues and supervised the office that reviewed exemptive applications under the Investment Company Act. This experience gives him unique insight into the SEC regulation of the investment management industry.

Before working at the SEC, Mike served as assistant counsel at ICI Mutual Insurance Company, the captive insurance company for the mutual fund industry, where he worked on insurance and risk management issues for funds and their investment advisers. Mike received his BA, cum laude, from Louisiana State University (where he was Phi Beta Kappa); his MA from Louisiana State University; and his JD from Georgetown University Law Center. He is a member of the Virginia bar.

SUSAN M. OLSON

Susan M. Olson is general counsel of the Investment Company Institute, serving as the Institute’s chief legal officer, with responsibility for the full range of legal and regulatory matters affecting the Institute and its members. She joined ICI as senior counsel, international affairs, in 2007, and served as chief counsel of ICI Global from 2014 to 2017. Before joining ICI, Olson served in the Division of Investment Management at the Securities and Exchange Commission (SEC). At the SEC, Olson worked in the international branch of the division’s Office of the Chief Counsel, where she resolved legal issues arising under the Investment Company Act and the Investment Advisers Act and provided guidance for trade negotiations. She also participated as an SEC representative on the International Organization of Securities Commission (IOSCO) Standing Committee 5, focusing on the regulation of mutual funds and other collective investment vehicles. Before joining the Commission, Olson worked in private practice. She received her undergraduate degree from Wellesley College and her law degree from the University of Virginia.

ERIC J. PAN

Eric J. Pan is the president and chief executive officer of the Investment Company Institute. He took office as the 10th chief executive in ICI’s history on November 9, 2020.

Pan was previously a managing director of Rock Creek Global Advisors LLC, an international economic policy advisory firm in Washington, DC, and a senior research fellow at the Center for Law and Economic Studies at Columbia Law School in New York.

Pan served as the director of the Office of International Affairs at the US Commodity Futures Trading Commission from 2015 to 2019 and head of international regulatory policy at the US Securities and Exchange Commission from 2011 to 2015. He represented both market regulators in international standard-setting bodies, including the International Organization of Securities Commissions and Financial Stability Board, and in regulatory dialogues with European and Asian counterparts.

Before entering government service, Pan was the director of the Heyman Center on Corporate Governance and a professor at the Benjamin N. Cardozo School of Law in New York, where he wrote extensively about financial regulation and corporate law. He also practiced corporate and international law with Covington & Burling in Washington, DC.

Pan is a graduate of Harvard College, the University of Edinburgh, and the Harvard Law School. He is a member of the American Law Institute and an adjunct professor at Columbia Law School.

HESTER M. PEIRCE

Hester M. Peirce was appointed by President Donald J. Trump to the US Securities and Exchange Commission and was sworn in on January 11, 2018.

Before joining the SEC, Hester conducted research on the regulation of financial markets at the Mercatus Center at George Mason University. She was a senior counsel on the US Senate Committee on Banking, Housing, and Urban Affairs, where she advised Ranking Member Richard Shelby and other members of the committee on securities issues. She served as counsel to SEC Commissioner Paul S. Atkins. She also worked as a staff attorney in the SEC’s Division of Investment Management, was an associate at Wilmer, Cutler & Pickering (now WilmerHale), and clerked for Judge Roger Andewelt on the Court of Federal Claims.

Hester earned her bachelor’s degree in economics from Case Western Reserve University and her JD from Yale Law School.

FRAN POLLACK-MATZ

Fran Pollack-Matz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. She is a senior legal counsel in the legal department, responsible for legal matters related to the 1940 Act regulatory products, including the Price Funds. Before joining T. Rowe Price, she held positions working on investment management issues, including, most recently, as an attorney in the Division of Investment Management at the Securities and Exchange Commission; as counsel at Dechert, LLP; and as a senior counsel and director at Deutsche Bank AG. Fran earned a BBA in finance from George Washington University and a JD from the George Washington University Law School. She is a Series 7 and 24 registered representative.

TAMI SALMON

Tami Salmon is associate general counsel at ICI, where she handles a variety of state and federal legal and regulatory issues relating to mutual funds, 529 plans, broker-dealers, and investment advisers. Her responsibilities include running ICI’s CCO, Chief Risk Officer, Internal Audit, International Compliance Advisory, and International Internal Audit Committees. She also provides support services to ICI’s CISO, Technology, and Transfer Agent Advisory Committees.

SARAH G. TEN SIETHOFF

Sarah G. ten Siethoff is the associate director for the Rulemaking Office of the SEC’s Division of Investment Management. She leads the development of policy and rulemaking relating to investment advisers and investment companies. Before joining the SEC, Sarah was an associate with Cleary Gottlieb Steen & Hamilton LLP in their New York and Washington, DC, offices. Sarah received her JD from Yale Law School, her MA in international relations from Yale University, and her BA from the University of Virginia.

JEREMY C. SMITH

Jeremy C. Smith is a partner in the asset management group at Ropes & Gray. Jeremy’s practice focuses on advising mutual funds, closed-end funds and ETFs, their independent directors, and investment advisers. Jeremy advises clients regularly regarding the establishment, registration, and operation of retail and institutional investment products, including ETFs, closed-end funds, and wrap products. He has significant experience structuring and representing registered funds with alternative investment strategies. Jeremy regularly assists clients experiencing or anticipating compliance, examination, enforcement, or other regulatory issues with the Securities and Exchange Commission and other regulatory agencies. He also has extensive experience with exchange listing and compliance matters.

Jeremy has also worked with DoubleLine Funds and their board of directors; Goldman Sachs Asset Management; Brighthouse Funds and Brighthouse Investment Advisers, LLC (formerly the MetLife Funds and MetLife Advisers, LLC); PNC Funds and PNC Capital Advisors, LLC; Schroders Investment Management North America Inc. and the US mutual funds sponsored by Schroders; Pacific Investment Management Company LLC; the Merger Fund; the independent trustees of VanEck Vectors ETF Trust; and a London-based investment adviser. He received his JD from Northeastern University School of Law and his BA,magna cum laude, in history from the University of New Hampshire. He is a member of the bar in the District of Columbia, Massachusetts, and New York.

MATTHEW THORNTON

Matthew Thornton is assistant general counsel for the Investment Company Institute, with responsibility for a wide range of legal issues affecting registered investment companies. Matthew’s primary areas of responsibility include valuation, liquidity, stress testing, corporate governance and proxy voting, advertising/social media, issues related to fixed income, anti–money laundering, target date funds, disclosure, and investment advisory matters. Before joining the Institute in 2014, he was an associate in Dechert LLP’s financial services group from 2005 to 2014. Before practicing law, Matthew held positions in the financial services industry at SunTrust Banks from 1998 to 2005 and Merrill Lynch from 1997 to 1998. Matthew is a Certified Financial Planner™. He received his BA in economics from the University of Notre Dame and his JD from Georgetown University Law Center.

TOM WIPF

Tom Wipf is vice chairman of institutional securities at Morgan Stanley, where he is responsible for the firm’s transition efforts to alternative reference rates to replace LIBOR through the firm’s Global LIBOR Transition Steering Committee. This group, spanning ISG, wealth management, and investment management, will ensure that all businesses and infrastructure organizations have a consistent set of firm-level guidelines, their own transition plans, and accountability for transition readiness before year-end 2021. Tom most recently led the firm’s global business continuity management organization. He is a member of the firm’s Securities Operating Committee, Risk Management Committee, and Asset/Liability Management Committee. Before being named vice chairman, Tom was the global head of the bank resource management division, where he was responsible for the firm’s secured funding, securities lending, global hedging, and collateral management activities.

In April 2019, Tom was named chair of the Alternative Reference Rates Committee (ARRC) by the Federal Reserve Board. The ARRC is a group of private-market participants convened to help ensure a successful transition from USD LIBOR to a more robust reference rate. Tom was appointed to the ARRC in 2014. Tom was appointed chair of the US Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee in October 2018. In May 2021, Tom joined the Bank of Canada’s Canadian Alternative Reference Rate Working Group (CARR). The CARR is responsible for the implementation of the recommendations of the Official Sector Steering Group (OSSG) for Canada. Tom served as chair of the Treasury Market Practices Group (TMPG) from November 2007 to May 2019. Tom currently serves on the board of directors of International Swaps and Derivatives Association, Inc. (ISDA). Tom previously served on the Financial Research Advisory Committee to the US Treasury Office of Financial Research from 2012 to 2017.