Mutual Funds and Investment Management Conference
March 14-17, 2010
Phoenix, Arizona


Sunday, March 14

3:00–7:00 p.m.              

Conference Registration

5:00–7:00 p.m.

Welcome Reception

Monday, March 15

7:00 a.m.–3:00 p.m. 

Conference Registration

7:00–8:00 a.m.

 Continental Breakfast

8:00–8:10 a.m.

Welcoming Remarks

Thomas P. Lemke
Managing Director and General Counsel
Legg Mason, Inc.

Jack D. Lockridge
Executive Director
Federal Bar Association

8:10–8:30 a.m.

President’s Address

Paul Schott Stevens
President and CEO
Investment Company Institute

8:30–9:00 a.m.

Keynote Address

The Honorable Luis A. Aguilar
U.S. Securities and Exchange Commission

9:00–10:15 a.m.

General Session

  • Understanding the Impact of Legislative and Regulatory Changes on Mutual Funds


  • Current status of financial services reform legislation
  • How Congressional reforms might affect the shape of the investment management industry
  • Overview of significant SEC actions

Karrie McMillan, Moderator
General Counsel
Investment Company Institute

Kenneth J. Berman
Debevoise & Plimpton LLP

Peter V. Bonanno
Managing Director and Associate General Counsel
Goldman Sachs Asset Management, L.P.

Kenneth S. Cohen
Senior Vice President and Deputy General Counsel

Phillip S. Gillespie
Executive Vice President and General Counsel
State Street Global Advisors

10:15–10:45 a.m.

Refreshment Break

10:45 a.m.–Noon

Concurrent Panels

  • Risk Management for the Uninitiated


  • Defining risks: investment risk, operation risk
  • Conducting risk assessments
  • Governance issues
  • Emerging risks

Robert M. Zakem, Moderator
Managing Director, Global Wealth and Investment Management Compliance
Bank of America Corp.

Kevin M. Carome
Senior Managing Director and General Counsel
Invesco Ltd.

Anthony S. Evangelista
PricewaterhouseCoopers LLP

David Martin
Senior Vice President
Alliance Bernstein, L.P.

  • Managing Litigation Exposure in Today’s Environment


  • Overview of the current civil litigation landscape
  • Impact of recent court decisions on litigation risks faced by funds, fund directors, and advisers
  • Techniques for addressing and managing civil litigation risk

Daniel T. Steiner
Executive Vice President and General Counsel
ICI Mutual Insurance Company, RRG

Jonathan Eisenberg
Of Counsel
Skadden, Arps, Slate, Meagher & Flom LLP

Mark A. Perry
Gibson, Dunn & Crutcher LLP

Dana N. Pescosolido
Vice President, Deputy General Counsel (Litigation)
Legg Mason, Inc.

Noon–1:30 p.m.

Lunch on your own

1:30–2:45 p.m.

Concurrent Panels

  • What Tax Developments Are Impacting Funds?


  • RIC modernization legislation
  • Cost basis reporting
  • Securities transaction tax
  • International developments

Keith Lawson, Moderator
Senior Counsel
Investment Company Institute

Stephen D. Fisher
Senior Vice President and Deputy General Counsel
Fidelity Investments

Deanna J. Flores
Principal, Washington National Tax

Jacqueline M. Porter
Vice President
Virtus Funds
Director, Fund Administration
Virtus Investment Partners

Karl Walli
Senior Counsel, Office of Tax Policy
U.S. Department of the Treasury

  • What’s in Store for Target Date Funds and Retirement Income Products?


  • Will the SEC and DOL or Congress impose new rules on target date funds?
  • How will the DOL and Treasury act to encourage retirement income distribution options?
  • What are the trends for accumulation and spend-down products?

Anna Driggs, Moderator
Associate Counsel
Investment Company Institute

David M. Abbey
Managing Counsel and Vice President
T. Rowe Price Associates, Inc.

Geoffrey H. Bobroff
Bobroff Consulting, Inc.

Bradford P. Campbell
Of Counsel
Schiff Hardin LLP

E. Thomas Johnson, Jr.
Senior Vice President – Retirement Income Security
New York Life Insurance Company

  • What Issues Arise When Funds Invest and Trade Globally?


  • Reporting requirements and understanding thresholds or triggers
  • Investment restrictions or limitations such as ownership limits or exchange controls
  • Voting rights—what may be different
  • After investment rule changes—risks and impacts
  • Assessing investment routes

Susan M. Olson, Moderator
Senior Counsel
Investment Company Institute

Liliane Corzo
Vice President and Senior Counsel
Capital Research and Management Company

Rebecca O'Brien Radford
K&L Gates

Nancy G. Stetson
Senior Vice President
Brown Brothers Harriman

Stephen J. Tate
Senior Vice President
Putnam Investments

  • What’s on the Horizon for the Derivatives Markets?


  • Implications for funds of legislative proposals
  • Update on SEC/CFTC regulatory reform initiatives
  • Impact of mandatory central clearing and exchange trading
  • Need for update of current fund regulation

Daniel N. Budofsky, Moderator
Davis Polk & Wardwell LLP

Nathan J. Greene
Shearman & Sterling LLP

J. Stephen King, Jr.
Senior Vice President, Legal and Compliance

Robert G. Zack
Executive Vice President and General Counsel
OppenheimerFunds, Inc.

Susan C. Ervin
Senior Advisor, Division of Investment Management
U.S. Securities and Exchange Commission

Tuesday, March 16

7:00 a.m.–1:00 p.m.

Conference Registration

7:00–8:00 a.m.

Continental Breakfast

8:00–9:15 a.m.

General Session

  • Hardy Perennials: Thorny Issues That Don't Go Away


  • Distribution issues (e.g., Rule 12b-1, Point of Sale Disclosure)
  • Disclosure issues (e.g., shareholder reports, risk disclosure)
  • Governance (e.g., board reform—examining the duty of board members)
  • SEC organization and process (e.g., exemptions, subpoena powers)

Heidi Stam, Moderator
Managing Director and General Counsel

Barry P. Barbash
Willkie Farr & Gallagher LLP

Thomas P. Lemke
Managing Director and General Counsel
Legg Mason, Inc.

Susan McGee
President and General Counsel
U.S. Global Investors, Inc.

Andrew J. Donohue
Director, Division of Investment Management
U.S. Securities and Exchange Commission

9:15–9:45 a.m.

Refreshment Break

9:45–11:00 a.m.

Concurrent Panels

  • Legal and Compliance Challenges Arising from Managing Multiple Types of Products


  • Legal and compliance issues (e.g., those related to fees, incentives, and fairness) faced by investment advisory organizations when managing different products
  • Methods for dealing with these issues, including the use of guidelines, procedures, and oversight
  • Discussion of philosophical tensions that exist in this area

Michael J. Downer, Moderator
Senior Vice President, Secretary and Coordinator of Legal and Compliance
Capital Research and Management Company

Jack W. Murphy
Dechert LLP

A. Thomas Smith
Managing Director and Global Head of Legal
Deutsche Asset Management

Howard Surloff
General Counsel of U.S. Funds
BlackRock, Inc.

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

  • Impact of Government and Regulatory Policies on the Money Market and Money Market Funds


  • Money market fund reform
  • Tri-party repo reform
  • Macro forces affecting the money market
  • Low interest rate challenges

Brian Reid, Moderator
Chief Economist
Investment Company Institute

Laurie F. Brignac
Managing Director and Senior Portfolio Manager
Invesco Fixed Income

Peter G. Crane
President and Publisher
Crane Data LLC

Stephen A. Keen
Reed Smith LLP

Robert E. Plaze
Associate Director, Division of Investment Management
U.S. Securities and Exchange Commission

11:00–11:30 a.m.

Refreshment Break

11:30 a.m.–12:45 p.m.

Concurrent Panels

  • The Changing Landscape for Trading and Market Structure


  • Impact of developments on best execution and transaction cost analysis
  • Update on short selling reform and soft dollars
  • SEC concept release and implications for fund trading
  • SEC proposals relating to "dark pools" and "high frequency trading"

Ari Burstein, Moderator
Senior Counsel
Investment Company Institute

William Baxter
Senior Vice President, Head of Equity
Fidelity Management and Research

Steve Sachs
Director of Trading
Diamond Hill Investments

Steven W. Stone
Morgan, Lewis & Bockius LLP

David S. Shillman
Associate Director, Division of Trading and Markets
U.S. Securities and Exchange Commission

  • Navigating Communication Opportunities Using Social Media


  • Overview of fund industry's current use of social media
  • Regulatory issues raised by use of social media
  • Practical issues raised by use of social media
  • The future of social media use

Dorothy Donohue, Moderator
Senior Associate Counsel
Investment Company Institute

Melissa Callison
Vice President, Compliance
Charles Schwab & Co., Inc.

Amy Dobra
Principal, Marketing

Joseph E. Price
Senior Vice President, Advertising Regulation/Corporate Financing

Lawrence P. Stadulis
Stradley Ronon Stevens & Young, LLP


Wednesday, March 17

7:30–11:00 a.m.

Conference Registration

7:30–8:30 a.m.

Continental Breakfast

8:30–9:45 a.m.

General Session

  • What’s New in OCIE and Enforcement?


  • Structural changes in OCIE and Enforcement
  • Areas of examination focus for funds and advisers
  • Enforcement trends and lessons to learn from them

Frank J. Nasta, Moderator
Managing Director, Head of JPMorgan Funds Management Legal
J.P. Morgan Investment Management, Inc.

Paul S. Atkins
Managing Director
Patomak Partners LLC

Christine C. Carsman
Senior Vice President and Chief Regulatory Counsel
Affiliated Managers Group, Inc.

Kathryn L. Quirk
Chief Legal Office
Prudential Investments

Carlo V. di Florio
Director, Office of Compliance Inspections and Examinations
U.S. Securities and Exchange Commission

9:45–10:15 a.m.

Refreshment Break

10:15–11:30 a.m.

General Session

  • Emerging Ethics Issues for Lawyers, Compliance Officers, and Chief Financial Officers


  • Case studies illustrating ethical dilemmas and conflict of interest concerns from the perspective of: (i) Fund Chief Legal Officer/General Counsel of Adviser, (ii) Fund Chief Compliance Officer, (iii) Fund Chief Financial Officer, and (iv) Fund Counsel
  • Focus on obligations and responsibilities under federal securities laws and federal and state ethics rules

Alison E. Baur, Moderator
Senior Associate General Counsel
Franklin Templeton Investments

Paul G. Cellupica
Chief Counsel, Securities Regulation & Corporation Services
MetLife, Inc.

Timothy T. Lupfer
Deloitte Consulting LLP

Kathryn B. McGrath
Senior Vice President and General Counsel
ICMA Retirement Corporation

Catherine L. Newell
General Counsel, Secretary and Vice President
Dimensional Fund Advisors

Michael R. Rosella
Paul, Hastings, Janofsky & Walker LLP             

11:30 a.m.

Conference Adjourns