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Keynotes ...

Nathan Greene of Shearman & Sterling reviewed the new Liquidity Risk Management rules due to come into effect in December 2018 and assessed the main compliance implications for fund boards, officers and operational staff.

Norm Champ of Kirkland & Ellis commented on the make up of the new SEC under Chair Clayton, and what this might mean for asset management regulation over the next few years.

Briefing also covered ...

• Review of our Survey Results on Fund Preparedness
• Operational & Implementation Challenges for Fund Boards & Advisers
• New Reporting & Data Cahallenges: N-CEN & N-PORT
• Liquidity Risk Management Data & Tools (including update from FINRA on TRACE and the Liquidity Rules)

The event agenda and presentation can be downloaded using the adjacent buttons.

Nathan Greene | Partner, Shearman & Sterling

Nathan Greene is Co-Practice Group Leader of the Asset Management Group (which includes the firm’s Investment Funds Group), advising on regulatory aspects of fund and investment advisory operations. His practice includes the formation and representation of US and foreign investment companies, sponsors, advisers and directors, including SEC registration, exemptions, inspections and investigations; fund formation, distribution and marketing; fund board and governance matters; compliance manuals and testing; and corporate transactions involving asset management businesses. Mr. Greene has been recognized by leading legal reference publications Chambers USA, which calls him a “notable practitioner…praised for his calm, objective and comprehensive advice,” and Legal 500 U.S., which quotes a source referring to Mr. Greene as “a bona fide expert in ’40 Act law.” In addition, Mr. Greene was recently recognized as a BTI Client Service All-Star 2015.

Norm Champ | Partner, Kirkland & Ellis

Norm Champ is a partner in the New York office of Kirkland & Ellis LLP. Norm is a member of the Investment Funds Group. Previously, Norm was the director of the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC). While at the SEC, Norm played a key role in the SEC’s completion of landmark reforms in 2014 to strengthen the $3 trillion money market fund industry, and led important structural and policy changes in the Division of Investment Management. He was the leader of interactions with the Financial Stability Oversight Council as the Council turned its attention to whether asset management firms are “systemically important.” He also worked on crisis management efforts at securities firms to protect customers of those firms. Norm also headed the creation of Guidance Updates and Senior Level Engagement initiatives, both of which were established to provide transparency to the industry about the priorities and goals of the SEC and to create a dialogue between policymakers and the senior management of asset management firms. Norm’s book, Going Public, about his experiences at the SEC is available on Amazon. For more information on Going Public, visit www.goingpublicthebook.com. Prior to becoming the Director of the Division of Investment Management, he was the Deputy Director of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) and the Associate Regional Director for Examinations in the SEC’s New York Regional Office. In these capacities he supervised SEC examinations of investment advisors, investment companies, broker-dealers, national securities exchanges, credit rating agencies, clearing firms and other market participants.

Jay Baris | Partner, Morrison & Foerster

Jay Baris is the chair of Morrison & Foerster’s Investment Management Practice. Mr. Baris represents investment companies, broker-dealers, investment advisers and other financial institutions in the full spectrum of financial services regulation. He helps clients develop new financial products that cross over banking, commodities, insurance and securities law. Mr. Baris counsels independent directors on governance issues. He also advises mutual funds and investment advisers on mergers and acquisitions, reorganizations, compliance, exemptive applications and innovative regulatory issues. He has advised fund administrators and custodians on a wide range of contractual and operational issues. Mr. Baris is ranked in “Band 2” in the National Investment Funds – Registered Funds category of the Chambers USA 2017 guide. He has also been recognized as a “Leading Lawyer” by the Legal 500 US 2017 guide to outstanding lawyers nationwide and has twice been nominated, in 2012 and 2010, for “Independent Fund Counsel of the Year” by Fund Directions (Institutional Investor). He is listed in Best Lawyers in America (2008–2018) for his work in corporate law, mutual funds law and financial services regulation law, as well as in Chambers USA 2009–2017, Legal 500 US 2009–2017, New York Super Lawyers (Securities and Corporate Finance) 2006–2017 and Super Lawyers Business Edition 2011. Mr. Baris was nominated for the “Fund Titan” Award (Outside Counsel Category) by Ignites.com in 2008. JD Supra recognized Mr. Baris as a top author in its annual Readers’ Choice Awards (2016). Chambers USA 2016 notes that Mr. Baris “receives extensive praise from clients who appreciate his ‘significant knowledge of this practice area, significant experience, and terrific responsiveness.’" Mr. Baris has served as vice chair of the Committee on Federal Regulation of Securities of the American Bar Association’s Business Law Section from 2012-2015. He also served as chair of the Subcommittee on Investment Companies and Investment Advisers from 2003–2009, and vice chair from 1999–2003 and 2009–2012. He currently serves as chair of the Task Force on Investment Company Use of Derivatives and Leverage of the ABA’s Committee on Federal Regulation of Securities, and as a member of the Board of Advisors of The Review of Securities & Commodities Regulation and Advisory Board of the Mutual Fund Directors Forum. Mr. Baris also serves as a member of the Advisory Board of BoardIQ. An active speaker and writer on issues concerning investment management and the regulation of financial institutions, Mr. Baris has been published in a variety of trade and general interest publications, including Insights: The Corporate & Securities Law Advisor, The New York Times, The Wall Street Journal, The Washington Post, The Review of Securities & Commodities Regulation, Fund Action, and The Review of Banking & Financial Services. Mr. Baris received his J.D. from Hofstra University and his B.A. from the State University of New York at Stony Brook. While at Stony Brook, Mr. Baris was a member of Phi Beta Kappa.

Robert Zakem | Managing Director, Deloitte Advisory

Robert Zakem (Bob) is a Managing Director in the Investment Management Regulatory and Compliance practice. Bob has over 25 years of financial services experience, and specializes in the design, implementation, and testing of Compliance and Supervisory Programs for investment companies, investment advisers, and broker-dealers, including policies and procedures, processes, and controls. During the course of his career, Bob has served in senior legal, compliance or risk roles at AIG/SunAmerica, UBS Financial Services, and Bank of America/Merrill Lynch (including CCO of Merrill Lynch Alternative Investments), and most recently as General Counsel and Chief Compliance Officer of RidgeWorth Capital Management. Bob has been an industry leader participating on panels at numerous conferences over the course of his career. He has served as Chair of the Investment Company Institute’s Chief Compliance Officer Committee and of its Intermediary Oversight Working Group, and was a member of its SEC Rules Committee.

Avi Nachmany | Co-Founder, Strategic Insight

As Strategic Insight’s Director of Research, Avi published a number of studies on mutual fund liquidity experiences during three decades of industry’s growth and throughout multiple financial crises. Avi’s study on Mutual Funds and Systemic Risk was shared with the SEC and FSOC (and was referenced by numerous investment managers’ submissions to regulators). Avi also presented on this topic in U.S. and international forums, including to IOSCO. Avi brings over 30 years of mutual fund research experiences as the co-founded of Strategic Insight (SI), a thought leadership and business intelligence firm for industry leaders. Today Avi continues to offer a mutual fund industry perspective as an independent consultant and advisor.

Stefano Pasquali | Head of Liquidity Research, BlackRock

Stefano Pasquali Managing Director, is the Head of Liquidity Research Group at BlackRock Solutions. As Head of Liquidity Research, Mr. Pasquali is responsible for market liquidity modelling both at the security and portfolio level, as well as estimating portfolio liquidity risk profiles. His responsibilities include defining cross asset class models, leveraging available trade data and developing innovative machine learning based approaches to better estimate market liquidity. Mr. Pasquali is heavily involved in developing methodologies to estimate funding liquidity and better estimate funds flows. These models include: the cost of position or portfolio liquidation, time to liquidation, redemption estimation, and investor behavior modelling utilizing a big data approach. Stefano is a member of the Government Relations Steering Committee within BlackRock.

Diane Frost | Director, Voltaire Advisors

Diane has over 20 years of experience working in the financial data industry with a focus on valuation of securities and related reference data. She has worked with financial institutions, mutual funds and alternative investors, on security pricing, regulatory requirements, due diligence, data analysis and integration. Diane was Senior Director of Pricing & Reference Data at Interactive Data, Marketing Manager at DRI/McGraw-Hill, and a Program Trader at CS First Boston.

David Askin | Director of Sales, FixtHub

Throughout his extensive capital markets career, David has been a pioneer in creating innovative solutions that are directed toward real world situations and are based on finding fresh ways to address both old and newer problems on behalf of his clients. He has done this as a fixed income strategist, researcher, portfolio manager, valuations and sales executive for a series of world-class organizations. Presently, David is the Director of Sales for FixtHub, a fixed income trade generation (FITG) SaaS company. FixtHub has developed a successful cloud-based platform that enables clients to navigate the avalanche of information they receive each day to identify in real time bonds available in the market that closely align with their trading and investment strategies. The firm also employs big data analytics so that clients can readily ascertain the true signal from amongst the noise. Previously, David was a co-founder of BVAL, Bloomberg’s leading evaluated pricing service for over the counter instruments – bonds and derivatives. He also built successful fixed income portfolio management, sales, trading and analytics businesses spanning the full spectrum of OTC asset classes, strategies and business functions at firms such as Merrill Lynch, Moody’s, Drexel Burnham Lambert, Daiwa and his own hedge fund company. David began his financial services career as a research analyst at the Federal Reserve Bank of Philadelphia. He also has been an adjunct professor of finance at the Wharton School of Business at the University of Pennsylvania and at the Columbia Business School, as well as in the Financial Engineering Program at NYU’s Tandon School of Engineering. David has published chapters in several financial textbooks, as well as articles and white papers in the field.

Alié Diagne | Director, Transparency Services, FINRA

Alié Diagne is a Director in FINRA’s Transparency Services Department, which operates FINRA’s trade and quote reporting facilities. In his capacity, he is responsible for the TRACE program, including operations, transparency policy and research and analysis of fixed income markets. Previously, Alié was an Operations Manager with oversight of the equity and fixed income reporting platforms, and real-time monitoring of trade reporting. Alié joined FINRA in 1999 in the Market Regulation Department, focusing on firm quote compliance, equity derivatives, and market manipulation. Alié received his MBA from the University of Maryland and his undergraduate degree from Georgetown University.

Robert Kane | CEO, BondView

Robert Kane is a 25 year veteran of the financial technology industry and has founded several successful technology companies. Mr Kane worked at Goldman Sachs, JP Morgan and Citibank in the fixed income & technology groups. He is currently a leading advocate on fixed income Liquidity Assessment for Municipal Bonds. He has previously presented to The Chairman of the Securities & Exchange Commission and his comments have been published by the U.S. Congressional Record, the Municipal Securities Rule making Board, the Federal Reserve Board and the Federal Deposit Insurance Corporation. He is frequent media commentator. Mr. Kane moved from Goldman Sachs to found Intrusion Detection Inc., a successful network security company with much of Fortune 500 as customers. He lead the the company’s growth and engineered its sale to publicly traded RSA Security (Nasdaq: RSAS). As an Executive Vice President at RSA, he managed strategic security relationships with Google, Apple and various Fortune 500 firms. Robert is a founding member of New York Angels, a limited partner with two Venture Capital firms, a member of Tiger21 and an investor in several FINTEC technology start-ups.

Karl Mackelburg | Head of Sovereign, Corporate Bond, and Money Market Evaluations, Thomson Reuters

Karl Mackelburg is the head of Sovereign, Corporate Bond, and Money Market evaluations at Thomson Reuters Pricing Service, responsible for the daily pricing of over 200K taxable instruments. Karl joined Thomson Reuters in 2001. Prior to Thomson Reuters, he worked at Interactive Data for fourteen years in fixed income evaluations and sales. Karl’s career began at New York Life Insurance as an analyst in policy owner services. He is a graduate of St. John’s University, and holds a Masters in Finance from Fordham University.

Tom Stock | SVP, Product Management, GoldenSource

Tom Stock is Head of the Product Management function at GoldenSource. His responsibilities include the specification of market requirements for current and future products and the management of the entire product lifecycle. Tom been part of the GoldenSource leadership team for over 15 years. Prior to his appointment as SVP for Product Management, Tom held various senior management positions within the company’s development and support organizations. In this capacity, his responsibilities included supporting several major GoldenSource installations at some of the world’s largest financial institutions. Tom started his career developing enterprise systems for American Express and Bank of New York.