2019 Securities Law Developments Conference
December 3
Washington, DC

Speaker Bios

Adam S. Aderton

Adam S. Aderton is cochief of the SEC Enforcement Division’s Asset Management Unit. Adam supervises teams of lawyers and other professionals who investigate potential violations of the federal securities laws by firms and individuals in the asset management industry, including registered investment advisers to retail investors, registered investment companies, and private funds. He received the Enforcement Division’s 2012 Ellen B. Ross Award, which recognizes attorneys for exemplary commitment and performance in promoting the fair and effective enforcement of the federal securities laws. 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; he also worked in the securities litigation and enforcement practice at Wilmer Cutler Pickering Hale and Dorr LLP. Adam received his BA, summa cum laude, from Truman State University and his JD from the University of Virginia School of Law, where he was a member of the Virginia Law Review and inducted to the Order of the Coif.

Natalie S. Bej

Natalie S. Bej is a principal at Vanguard and head of US regulatory affairs. She and her team are responsible for guiding the development of strategies and tactics to advance Vanguard’s public policy agenda and for providing advice on regulatory policy developments affecting various businesses and other stakeholders.

Natalie is a senior member of the office of the general counsel, where she has served in a number of other senior leadership roles before joining government relations, including as head of legal for corporate strategy, marketing, and distribution (2017–2019); chief compliance officer of The Vanguard Group and the Vanguard Funds (2014–2017); and head of legal, securities regulation (2010–2014). Over the years, she has partnered closely with internal and external stakeholders on a variety of public policy issues affecting investors and the capital markets.

Before joining Vanguard in December 2005, Natalie held in-house legal positions with global asset management firms and worked in private law practice. She also served as special counsel in the Division of Investment Management of the SEC.

Natalie holds an AB from Dartmouth College and a JD from George Washington University Law School. She is a member of the bar in the District of Columbia and Pennsylvania.

Sarah A. Bessin

Sarah A. Bessin joined the Investment Company Institute in 2011, and is associate general counsel. Previously, she was assistant director of the Office of Investment Adviser Regulation in the SEC’s Division of Investment Management. She also served in other roles during her more than 10 years at the SEC, including assistant chief counsel in the Division of Enforcement, in which she served as an investment management specialist for the division, and special counsel in the Division of Investment Management’s Office of Chief Counsel. Sarah also spent more than five years in private practice at Shearman & Sterling LLP, advising financial services clients on a wide variety of regulatory, transactional, and compliance matters. Sarah received her BA from the University of Michigan and her JD, cum laude, from the University of Michigan Law School.

Dalia Osman Blass

Dalia Osman Blass is the director of the SEC’s Division of Investment Management. The Division of Investment Management works to protect investors and to promote capital formation and innovation in investment products and services through oversight and regulation of the nation’s multi-trillion-dollar investment management industry. The division is responsible for the Commission’s regulation of investment companies, variable insurance products, and federally registered investment advisers.

Blass previously served in a number of leadership roles in the Division of Investment Management. She returned to the SEC as director of the Division of Investment Management in September 2017 from private practice, where she advised on a broad range of investment fund, private equity, and regulatory matters. Earlier in her career, Blass practiced corporate law in New York and London.

Blass earned a JD from Columbia University School of Law. She received her BA in international studies from the American University and studied political science at the American University in Cairo.

Julien Bourgeois

Based in Washington, DC, Julien Bourgeois focuses on the asset management industry, advising US-registered investment companies and their directors—as well as their investment advisers and other service providers—on regulatory, compliance, governance, and enforcement matters. Julien has experience with all aspects of investment company representations, including board matters; exemptive applications; initial and ongoing registrations; complex fund reorganization transactions; affiliation considerations; and structuring funds of funds, manager of managers funds, and registered funds using alternative investment strategies and fee arrangements.

Julien enjoys working on complex projects involving multidisciplinary advice. He has extensive experience in working on global compliance approaches.

Samantha Brutlag

Samantha Brutlag is senior counsel in the US Securities and Exchange Commission’s Investment Management Division. She has been in IM’s Disclosure Review and Accounting Office since 2015. Before that, Sam was an attorney in the New York office of O’Melveny & Myers LLP. She graduated from the University of Pennsylvania Law School and also received her undergraduate degree from the University of Pennsylvania.

Amy Doberman

Amy Doberman has more than 25 years of experience providing legal advice to asset management and wealth management clients. She counsels investment advisers on regulatory requirements relating to mutual funds and ETFs, wrap programs, retirement products, and separate accounts with respect to a wide variety of issues, including registration requirements, trading issues, affiliated transactions, advertising, and product development. She advises retail broker-dealers and fund complexes on share class and distribution issues, as well as sales practices and due diligence efforts. Amy also assists in managing SEC examinations and representing clients in enforcement matters involving investment advisers, mutual funds, and ETFs.

Amy spent almost seven years at the SEC in the Enforcement and Investment Management Divisions, ultimately serving as an assistant chief counsel of the Division of Investment Management. She also has had extensive in-house experience, serving as general counsel of large asset management firms, and has been active in the Investment Company Institute. Amy is currently a member of the NYC Bar Committee on Investment Management Regulation.

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 an attorney in the Division of Investment Management’s Office of Investment Adviser Regulation and the Office of Disclosure and Review, and assistant chief counsel.

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

Kathleen D. Fuentes

Kathleen D. (Kate) Fuentes is the chief legal officer for AIG’s mutual fund business and a deputy general counsel in the AIG life and retirement division. She is responsible for legal and regulatory matters relating to the approximately 160 registered funds offered through the AIG individual and group retirement products as well as the retail mutual funds, AIG Funds. She is also vice president of SunAmerica Asset Management, LLC (SAAMCo), responsible for legal and regulatory matters relating to SAAMCo’s business as a registered investment adviser, administrator of the funds, and commodity pool operator. Before joining AIG, Kate was an associate in the investment management practice group at Paul Hastings LLP. Her practice focused on advising a variety of investment company structures, including open-end and closed-end mutual funds, unit investment trusts, offshore funds, and private offering of such fund in all phases of their activities, including launching new funds and classes of shares, related products, handling special compliance and regulatory matters, and providing fiduciary counseling. Kate serves on the Board of Trustees of FAMILYConnections, Inc., a community-based counseling and family service agency with more than 35 specialized programs, and is a member of the Strategic Planning committee. She is also a member of AIG’s Women & Allies ERG Career Development Committee.

Melissa Gainor

Melissa Gainor is the assistant director of the Division of Investment Management’s Investment Adviser Regulation Office at the SEC. She assists on the development of policy and rulemaking relating to investment advisers and investment companies. Before joining the SEC in 2012, Melissa was an associate at Ropes & Gray LLP in their Boston and Washington, DC, offices. Melissa graduated magna cum laude with a BA in political science from Boston College, and earned her JD, magna cum laude, from Boston University School of Law.

Jennifer Hafemann

Jen Hafemann is a partner with PwC’s financial services practice. She has more than 18 years of experience with asset management clients, including hedge funds and alternative investment vehicles, registered mutual funds, commodity funds, real estate, and private equity. Jen has extensive experience in valuation, accounting, financial reporting, and operational and control functions relevant for asset managers.

Jen is a member of PwC’s global Reference Rate Reform working group, which is focused on bringing insights and solutions to clients across the network with respect to LIBOR and Reference Rate Reform programs for asset and wealth management clients. She was a coauthor of PwC’s LIBOR thought leadership: “LIBOR’s End for Asset Managers,” and a participant in PwC webcast: “LIBOR’s End: An Opportunity for Asset Management Emerges.”

Brian McLaughlin 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.

Tracey Jordal

Tracey Jordal is an executive vice president in the New York office and deputy general counsel in PIMCO’s legal and compliance department. As head of the counterparty transactional management team, she oversees and advises PIMCO’s global offices on derivatives and forward/financing related transactions and agreements, as well as any related regulatory issues. Tracey is also an active participant in various industry initiatives on behalf of PIMCO with respect to recent regulatory requirements regarding central clearing of derivatives in the United States and Europe. She serves as a member of various advisory boards, steering committees, and working groups of leading industry trade associations, including the International Swap and Derivatives Association (ISDA), SIFMA Asset Managers Group, and the Investment Company Institute. Before joining PIMCO in 2002, Tracey was a member of the legal department at Deutsche Bank AG, working on a variety of derivative-related matters for the corporate/investment banking and asset management divisions. She has more than 17 years of legal and financial services experience and holds a JD from Brooklyn Law School and a bachelor's degree from Connecticut College.

Daniel Kahl

Daniel S. Kahl is deputy director and chief counsel for the Office of Compliance Inspections and Examinations at the SEC. Formerly, Dan was assistant director in charge of the Investment Adviser Regulation Office in the Division of Investment Management at the SEC. Before joining the Commission in 2001, Dan worked for the Investment Adviser Association, FINRA, and the North American Securities Administrators Association. He received his BS from Penn State University, JD from Southern Methodist University, and LLM (securities) from Georgetown University.

Anthony S. Kelly

Anthony S. Kelly focuses his practice on trial, investigations, and securities litigation, with an emphasis on matters concerning the asset management industry. As a former cochief of the Enforcement Division’s Asset Management Unit at the SEC, Anthony has a thorough background in supervising investigations of misconduct by investment advisers and service providers to mutual funds, ETFs, hedge funds, private equity funds, and other investment products. In recognition of his SEC service, he was awarded the Chairman’s Award for Excellence and the Ellen B. Ross Award, which acknowledge his exemplary commitment and performance in enforcing the federal securities laws.

During his time at the SEC, Anthony oversaw investigations and enforcement actions covering a wide range of issues related to asset management, including fund valuation, fund distribution and 12b-1 fees, conflicts of interest, fund governance, trading away and best execution, trade allocation, cross trading and principal transactions, investment adviser and broker-dealer registration, and whistleblower retaliation.

He also has extensive experience in parallel criminal and SEC investigations and insider trading investigations. He investigated a large-scale insider trading ring involving hedge fund traders and other industry professionals, as well as a serial insider trading scheme involving an investment banker and private equity firm associate.

Anthony has spoken at numerous industry and regulatory conferences, hosted by organizations such as the Investment Adviser Association, Investment Company Institute, Managed Funds Association, Mutual Fund Directors Forum, PLI, NYU Program on Corporate Compliance and Enforcement, and American Bar Association.

Jaime A. Madell

Jaime A. Madell is a managing director and head of derivatives legal at Guggenheim Partners Investment Management, LLC. In this capacity, he oversees the negotiation, structuring, and implementation of derivatives (and similar) transactions and related regulatory and advocacy matters. Before joining Guggenheim, Jaime was an attorney at the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP, where he represented numerous buyside and sellside institutions in their derivatives (and related) matters and won a teaching award for excellence in mentoring junior associates. Jaime received a BA in music from Columbia University in 2006 (summa cum laude, phi beta kappa), a master of music from Northwestern University School of Music in 2007 (departmental honors), and a JD from New York University in 2011 (cum laude). He is also a lecturer in law at the University of Chicago Law School.

Daniele Marchesani

Daniele Marchesani is an assistant chief counsel in the Chief Counsel’s Office of the SEC’s Division of Investment Management, which is primarily responsible for applications, and no-action and interpretive positions under the Investment Company Act and the Investment Advisers Act. Most recently, he has worked on matters, including non-transparent ETFs, the ETF rule, affiliated multi-manager relief, the IDC board no-action letters, and the proposed rule for applications under the Investment Company Act. Daniele joined the SEC in 2009, serving first as senior counsel in the Division of Investment Management’s Rulemaking Office and later as branch chief in the Exemptive Applications Office. Previously, Daniele was an associate in the financial services group of Dechert LLP and served as law clerk to the Honorable Carolyn Berger, justice of the Delaware Supreme Court.

Kary A. Moore

Kary A. Moore has worked for Federated for more than 20 years and is Federated’s senior counsel responsible for all legal and regulatory matters affecting Federated product distribution and operations, as well as all Federated corporate and fund-related litigation matters. In addition to her work with Federated, Kary has extensive industry experience, having worked for the investment management group of Reed Smith LLP and as senior vice president and compliance team manager for Hardin Compliance Consulting LLC/Hardin Law Group LLC. Kary received her BA from Miami University and her JD from Duquesne University School of Law, where she has acted as an adjunct professor teaching “Regulation of Investment Companies and Investment Managers.” She is a member of the Pennsylvania 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 SEC’s Division of Investment Management. At the SEC, Susan 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, Susan worked in private practice. She received her undergraduate degree from Wellesley College and her law degree from the University of Virginia.

Scott G. Parkin

Scott G. Parkin joined AllianceBernstein L.P. as vice president and counsel—director of international legal in 2017. Scott is a senior attorney responsible for legal matters involving the firm’s international asset management business, in particular the international fund platforms. Before joining AllianceBernstein L.P., he was senior legal counsel at HSBC Global Asset Management (USA) Inc. covering similar legal matters. He earned a BA from Colgate University and a JD from Western New England School of Law.

Hester M. Peirce

Hester M. Peirce was appointed by President Donald J. Trump to the SEC 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. Hester served as counsel to SEC Commissioner Paul S. Atkins. She also worked as a staff attorney in the SEC’s Division of Investment Management. Hester 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.

Eric S. Purple

Eric S. Purple is a partner in Stradley Ronon Stevens & Young LLP’s Washington, DC, office. Eric’s practice focuses on all aspects of investment company and investment adviser regulation. He represents a broad range of exchange-traded funds, mutual funds, closed-end investment companies, business development companies and other pooled investment vehicles, their investment advisers, or their independent directors on matters arising under the US federal securities laws. Before entering private practice, Eric served for eight years in the US Securities and Exchange Commission’s Division of Investment Management. Before his government service, Eric served as the compliance officer of a small mutual fund complex, and was the lead in-house counsel to an internet financial services start-up. Eric holds a BA from Vanderbilt University, a JD from the University of Alabama School of Law, and an LLM in securities and financial regulation from Georgetown University Law Center.

Fran M. Pollack-Matz

Fran M. 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 SEC; 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.

Emily Westerberg Russell

Emily Westerberg Russell was named chief counsel of the SEC’s Division of Trading and Markets in July 2019, after serving as a member of the Office of Chief Counsel for a decade. The Office of Chief Counsel provides legal and policy advice to the Commission on a variety of matters affecting broker-dealers and the operation of the securities markets. Among other things, the office was responsible for developing and drafting key components of the Commission’s recently adopted package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, in particular, Regulation Best Interest.

Before joining the SEC, she was a senior associate in the financial institutions group at WilmerHale. Emily received her JD from Columbia University School of Law, where she was a James Kent and a Harlan Fiske Stone Scholar, and served as executive editor of the Columbia Journal of Transnational Law. She earned her BA, summa cum laude, in economics and international relations from Colgate University.

Tamara K. Salmon

Tamara K. Salmon is associate general counsel of the Investment Company Institute. In that role, 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 overseeing the Chief Compliance Officer (CCO) Committee, the Chief Risk Officer Committee, the Compliance Advisory Committee, the Internal Audit Committee, the Risk Management Advisory Committee, the 529 Plan Advisory Committee, and the Institute’s working groups on privacy and principal underwriter issues. In addition to these committees, she provides support services to committees within the operations department, including, among others, the Technology Committee, the Chief Information Security Officer Advisory Committee, and the Transfer Agent Advisory Committee. She also serves as the vice chair of the National Business Coalition on E-Commerce and Privacy. Before joining the Institute in 1993, Tamara served as assistant director of the Florida Division of Securities. In her eight years there, she oversaw the division’s registration and examination functions, filed and settled enforcement proceedings, testified frequently as an expert witness, drafted and analyzed statutory and rule changes, and handled various cabinet issues for Florida’s comptroller. Before joining the division, she was an attorney with the Commerce Committee of the Florida House of Representatives, where her duties included drafting and analyzing legislation relating to the financial services industry.

Tamara graduated magna cum laude from Salem Women’s College and magna cum laude, Order of the Coif, from Florida State University College of Law.

Michael Spratt

Michael Spratt is an assistant director in the Division of Investment Management at the SEC. In this role, he leads a team responsible for reviewing investment company filings, including filings by exchange-traded funds, mutual funds, closed-end funds, business development companies, and unit investment trusts. Before that, Michael was counsel to Commissioners Elisse Walter and Kara Stein, where he provided advice on all aspects of asset management issues, including rulemakings, enforcement actions, and policy. Before working at the Commission, Michael was an associate in the asset management group at Willkie Farr & Gallagher, LLP. He received his BA from Johns Hopkins University and JD from Georgetown University Law Center.

Steven W. Stone

Steven W. Stone is a securities lawyer at Morgan Lewis & Bockius LLP, where he counsels clients on regulations governing broker-dealers, investment advisers and bank fiduciaries, and pooled investment vehicles. Head of the firm’s financial institutions practice, Steve counsels most of the largest and most prominent US broker-dealers, investment banks, investment advisers, and mutual fund organizations. He regularly represents clients before the SEC, both in seeking regulatory relief and assisting clients in enforcement or examination matters. Steve advises major US broker-dealers in the private wealth and private client businesses that offer investment advice and brokerage services to high-net-worth clients as well as broker-dealers serving self-directing clients. He also works as counsel on various matters to the Securities Industry and Financial Markets Association (SIFMA) private client committee and represents most of the best-known US broker-dealers in this area. He also advises broker-dealers and investment advisers in the managed account or wrap fee area, and serves as counsel to the Money Management Institute, the principal trade association focused on managed accounts. Steve also counsels various institutional investment advisers and banks on investment management issues, including conflicts, trading, disclosure, advertising, distribution, and other ongoing regulatory compliance matters.

Steve’s practice includes counseling clients on varied regulatory and transactional matters, including the development of innovative products and services; regulation and operation of managed account (or wrap fee) programs and hedge funds; trading issues affecting broker-dealers and investment advisers; soft dollar arrangements; interpretive and no-action letter requests; insider trading issues; and related matters. He guides clients through SEC, Financial Industry Regulatory Authority (FINRA), and state investigations and enforcement actions. Additionally, he counsels clients on mergers, acquisitions, and joint ventures involving broker-dealers and investment advisers.

Steve serves on the firm’s Advisory Board, and was previously managing partner of the Washington, DC, office. Since 2005, Chambers USA: America’s Leading Lawyers for Business has recognized Steve as one of the leading US lawyers for investment management and broker-dealer law, calling him “one of the best in the field.” Since 2009, The US Legal 500 has listed him for his work with mutual fund formation and management.

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.