MFA Legal & Compliance London 2022
October 18, 2022
The Connaught Hotel – London, United Kingdom
- October 18, 2022
11:00am - 12:00pm
12:00pm - 12:15pm
Jillien Flores, Managing Director, Head of U.S. Government Affairs, Managed Funds Association
Flores joined MFA after six years at Vanguard, one of the world’s leading asset managers. There, she advocated before Washington policymakers on a range of issues related to US capital markets, tax, and retirement policy. Leveraging policy depth, strategy, and relationships, Flores achieved policy outcomes beneficial to Vanguard’s clients on issues including equity market structure, ESG and corporate governance, and systemic risk.
Throughout her career, Flores has sought opportunities to advance Diversity, Equity, and Inclusion within the financial services sector, serving in leadership roles of related efforts at Vanguard.
Prior to joining Vanguard, Flores was Director of Government Relations at Porterfield, Lowenthal, Fettig & Sears, where she represented clients before Congress and the federal financial regulators in the asset management, insurance, securities, and biotechnology sectors. She was involved in the legislative and rule-writing process for several financial services laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Jumpstart Our Business Startups Act.
Flores earned a B.A. from the George Washington University in Washington, DC.
12:15pm - 12:30pm
FCA Keynote Address
Sarah Pritchard, Executive Director of Supervision, Policy and Competition – Markets, FCA
Sarah is responsible for the delivery of the FCA’s statutory market integrity objective in the combined Supervision, Policy and Competition (SPC) division and co-leads the SPC division with Sheldon Mills.
Sarah was previously the Director at the National Economic Crime Centre (NECC), a multi-agency partnership housed in the National Crime Agency (of which the FCA is part) – which was created in late 2018 to deliver an improved response to economic crime.
Before her role in the NECC, Sarah was General Counsel/Legal Director for the National Crime Agency and led the NCA’s transformational people programme.
Her career has involved stints in investigative, operational and legal roles in a range of government departments and in the private sector. Within the private sector she has led global financial crime compliance and reputational risk teams at HSBC and qualified as a commercial litigator with Dechert LLP.
State of Play: SEC Regulatory Agenda & Post Brexit Outlook
Stephen Berger, Managing Director, Global Head of Government and Regulatory Policy, Citadel LLC
Stephen Berger is a Managing Director and Global Head of Government & Regulatory Policy at Citadel. He leads the firm’s engagement on legislative and regulatory initiatives impacting the financial industry globally, including the Dodd-Frank Act in the United States and EMIR and MiFID II in Europe.
Mr. Berger has testified before the House Agriculture Committee on the impact of the G-20 clearing and trade execution requirements, presented before CFTC advisory committee meetings on issues including package transactions and position limits, participated in workshops at the New York Fed and Chicago Fed on CCP recovery and resolution, and spoken on panels at MFA, FIA, and ISDA conferences on topics ranging from cross-border harmonization to margin requirements for uncleared swaps.
Mr. Berger is a member of the CFTC’s Market Risk Advisory Committee, NFA’s CPO / CTA Advisory Committee, and the Federal Reserve Bank of Chicago’s Working Group on Financial Markets. He has served as Chair of the Managed Funds Association’s Derivatives and Swaps Committee and is an active participant in a number of MFA, AIMA, SIFMA AMG, and ISDA committees.
Prior to joining Citadel, Mr. Berger was an Executive Director at UBS Investment Bank, where he led UBS’s US financial regulatory reform team.
Tania Cruickshank, Global Head of Legal and European General Counsel, Man Group
Reggie Dodge, Chief Compliance Officer and General Counsel, Emso Asset Management Limited
Christopher Leonard, Assistant GC, Head of European Legal and Compliance, Elliott Investment Management
Christopher is Assistant General Counsel and Head of European Legal and Compliance at Elliott Investment Management. Prior to joining Elliott in early 2017, Christopher was a partner at Akin Gump where he co-led the UK/EU financial regulatory group. Christopher began his legal career at Allen & Overy at some point prior to the turn of the millennium and is a graduate of the London School of Economics.
1:05pm - 1:40pm
AML and Financial Crimes: Sanctions, AML Act and Cryptocurrency
Rachpal Thind, Partner, Sidley
1:40pm - 2:15pm
Global ESG Update: SEC Guidelines and Implications
Ilaria Calabresi, Head of Sustainable Investing and Stewardship, Marshall Wace
Stephanie Maier, Global Head of Sustainable and Impact Investment, GAM Investments
Stephanie Maier is Global Head of Sustainable and Impact Investment, responsible for leading GAM’s sustainable and ESG (environmental, social and governance) strategy.
Stephanie joined GAM Investments in January 2021 from HSBC Global Asset Management, where she was Director for Responsible Investment. Prior to that, she spent seven years at Aviva Investors, latterly as Head of Responsible Investment Strategy and Research, and was formerly Head of Research for EIRIS, an ESG research and consultancy firm. Stephanie holds an MSc in Environmental Technology from Imperial College London, a BA in Biological Sciences from Oxford University and the Investment Management Certificate (IMC).
Jason Mitchell, Head of Responsible Investment Research, Man Group
Jason Mitchell is Head of Responsible Investment Research at Man Group and co-chairs Man Group’s Stewardship Committee. Previously, Jason was Co-Head of Responsible Investment at
Jason worked at Man GLG from 2004 to 2008 as a portfolio manager. Between 2008 to 2010, he advised the UK government on infrastructure development across Sub-Saharan Africa. He returned to Man GLG in 2010 as a portfolio manager, before becoming a sustainability strategist across Man Group in 2017. Prior to Man GLG, he was a Vice President at Andor Capital Management and an investment research analyst with Pequot Capital Management.
Besides having managed environmental and sustainability strategies, he speaks and publishes widely on responsible investment. Jason’s articles and comments on sustainable investing have been quoted in a number of top-tier publications, including Institutional Investor, Wall Street Journal, CNBC Squawk Box, Responsible Investor, Aftenposten, Global Times, AIMA Journal and Investment Europe. He has written widely on the European refugee migrant crisis. He also hosts the award-winning podcast series, A Sustainable Future.
Jason serves on the Esmée Fairbairn Foundation Investment Committee, SASB (Sustainable Accounting Standards Board) Investor Advisory Group, the CFA Institute’s ESG Technical Committee, the World Bank Carbon Pricing Leadership Coalition (CPLC) Advisory Group and the United Nations-supported Principles for Responsible Investment (PRI) Academic Advisory Committee. He previously served on the EFRAG (European Financial Reporting Advisory Group) Lab Steering Group and chaired the PRI Hedge Funds Advisory Committee. He is a contributing author to: CFA UK’s Certificate in ESG Investing Textbook (Ed. 2 & 3, 2021); Responsible Investing: A Guide to Environmental, Social, and Governance Investments (Routledge: 2018); Sustainable Investing: Revolutions in Theory and Practice (Routledge: 2017) and Evolutions in Sustainable Investing: Strategies, Funds and Thought Leadership (Wiley Finance: 2012).
Jason holds a MSc in International Political Economy from the London School of Economics and a bachelor’s degree in English literature and classics. He is a Fellow of the Royal Society of the Arts and the British-American Project. He was named one of Institutional Investor’s 2011 Hedge Fund Rising Stars and one of the 50 most influential people in sustainable finance by Financial News in 2022.
Coralie Yeo, EMEA Head of Prime Brokerage Consulting, Bank of America Securities
Coralie Yeo is the EMEA Head of Business Consulting within Prime Brokerage at Bank of America Securities. She and her team partner with a broad range of hedge fund managers, from start-up boutiques to large global alternatives groups, in an advisory capacity on various strategic projects & initiatives.
Beyond her primary role in Prime Brokerage, Coralie also spearheads BofA’s ESG strategic advisory efforts for Equities in EMEA. She is a member of multiple regional & global ESG committees at BofA which focus on the Bank’s sustainable finance commitments to help identify and drive initiatives from policy & research, to the deployment of capital, client advisory engagements and product development.
Coralie joined BofA in 2016, prior to this she worked within the Equity Prime Brokerage division at Morgan Stanley where she joined on the sales & trading graduate scheme in 2012. Coralie holds a first class honours degree in Economics from the University of Bath.
2"15pm - 2:45pm
2:45pm - 3:25pm
Evolving Regulatory Landscape for UK Investment Managers
Jon May, Parnter, Marshall Wace
Jon May is the General Counsel and Head of Compliance at Marshall Wace, with responsibility for all legal and compliance matters relating to the Marshall Wace group and its funds. Jon joined Marshall Wace in 2005 and was made a partner of the firm in 2010.
Prior to joining Marshall Wace, Jon worked at Man Investments as a Manager within the Product Structuring team. From 1999 to 2004, Jon worked at Simmons & Simmons, qualifying as a solicitor in the Financial Services group in 2001, where he specialised in the establishment of hedge funds and the provision of regulatory advice to investment managers. Jon read Law at St John’s College, Cambridge.
Jon is a member of the Financial Markets Law Committee, and is a member of AIMA’s Asset Management Standing Committee and AIMA’s Government Affairs Committee.
Brigid Rentoul, General Counsel, Winton
Ms. Rentoul is General Counsel and Company Secretary of Winton, responsible for legal, compliance ad regulatory matters. She joined Winton in July 2012 from Linklaters where she had been a leading international securities lawyer and a partner for 15 years. Ms. Rentoul read Law at Cambridge University and was a Mellon Fellow at Yale Law School before joining Davis Polk & Wardwell in New York. She joined Linklaters in 1992 and continued to practice as both a US lawyer and an English solicitor, becoming a Partner in 1997. Ms. Rentoul was appointed as a director of Winton Capital Management Limited in January 2014 and as a director of Winton Group Limited in February 2015.
Ezra Zahabi, Partner, Akin Gump Strauss Hauer & Feld LLP
- Focuses her practice on financial regulatory matters relevant to the investment management and funds industry.
- Advising a major technology investment fund on start-up issues, including internal controls and information handling protocols, and conducting market abuse and compliance training for staff. We also provided advice in relation to market abuse requirements and trade issues.
- Advising a US VC investment manager on “appointed representative” arrangements.
- Advising a large PE manager with establishing UK operations, including FCA authorisation application.
- Advising the K. office of a global investment manager on the Senior Managers and Certification Regime (SMCR) implementation process
Ezra Zahabi advises on relevant developments and considerations regarding changes to the U.K. and EU financial regulatory framework, particularly with regard to:
- The U.K. financial services regulatory framework, including the Financial Services and Markets Act 2000, the rules of the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
- The EU legislative and regulatory framework, including the revised Markets in Financial Instruments Directive and the related Regulation (MiFID II); the Alternative Investment Fund Managers Directive (AIFMD); the Market Abuse Regulation; the Short Selling Regulation and the European Markets and Infrastructure Regulation (EMIR).
- Structuring and promotion of sustainable funds, and the application of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation.
Ezra counsels investment management clients (including credit, hedge fund and private equity managers) on a variety of matters, including:
- Senior Managers and Certification
- Remuneration Code
- Strategic advice in connection with new or forthcoming regulatory
- Market abuse and market
- Marketing and distribution of funds, managed accounts and
- Interactions with regulatory authorities, including regulatory applications and notifications.
- Structuring of investment management and advisory
Ezra participates in industry associations including the Sustainable Investment and Investment Management Sub-Committees of the Financial Markets Law Committee (a committee of the Bank of England) and the Alternative Investment Management Association (AIMA) working groups. She provides client training on regulatory and legal matters, including market abuse.
- Advice on FCA authorization
- SMCR implementation for investment
- Advice to issuers and market participants on insider dealing
- Advice on post-Brexit marketing considerations for UK and other non-EU investment managers/advisors.
3:25pm - 3:50pm
SEC Investment Management
William Birdthistle, Director of Investment Management, U.S. Securities and Exchange Commission
William Birdthistle is the Director of the Securities and Exchange Commission’s Division of Investment Management. He leads the development of policy and rulemaking relating to investment advisers and investment companies.
Prior to joining the SEC, Mr. Birdthistle joined the faculty at Chicago-Kent College of Law in 2006, and he earned the school’s Excellence in Teaching Award in 2010. He also has served as a visiting professor of law at the University of Chicago Law School, where he won the Award for Teaching Excellence in 2019 for teaching securities regulation. His research explores investment funds, securities regulation, and corporate governance, and he has served as counsel of record on multiple amicus briefs to the U.S. Supreme Court.
Mr. Birdthistle received his J.D. from Harvard Law School, where he served as managing editor of the Harvard Law Review, and received a B.A. summa cum laude in English and psychology from Duke University in 1995.
Jennifer W. Han, Executive Vice President, Chief Counsel, Head of Global Regulatory Affairs, Managed Funds Association
Jennifer Han serves as Associate General Counsel at Managed Funds Association (MFA). In her position, she advocates and shapes legislative and regulatory policies affecting the alternative investment industry in the U.S., Europe and Asia. She advises on, develops and implements strategies for MFA members in seeking legal, regulatory and compliance changes and/or guidance for investment advisers, commodity trading advisors and commodity pool operators. She has extensive experience working with policy makers and regulators, such as throughout the financial crisis, post-crisis and to refinement of today’s regulatory framework. She works regularly with legislative policy makers and regulators, including the SEC, CFTC, Department of Treasury, Federal Reserve, NFA, ESMA, UK FCA and IOSCO, among many others.
As background, MFA represents the global alternative investment industry and its investors by advocating for sound industry practices and public policies that foster efficient, transparent, and fair capital markets. MFA, based in Washington, DC, is an advocacy, education, and communications organization established to enable hedge fund and managed futures firms in the alternative investment industry to participate in public policy discourse, share best practices and learn from peers, and communicate the industry’s contributions to the global economy. MFA members help pension plans, university endowments, charitable organizations, qualified individuals and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time. MFA has cultivated a global membership and actively engages with regulators and policy makers in Asia, Europe, the Americas, Australia and many other regions where MFA members are market participants.
Prior to joining MFA, Jennifer was a staff attorney in the Office of Compliance Inspections and Examinations at the SEC, where she conducted inspections and examinations, and advised on legal and compliance matters relating to developments in securities regulations and industry practices. Jennifer began her legal career as an associate with Pickard and Djinis LLP, a boutique securities law firm in Washington, D.C. She received her Bachelor of Arts degree from Cornell University and her Juris Doctor from American University. While in law school, she was an Editor of the American University International Law Review. Jennifer is a member in good standing of the Virginia bar.
3:50pm - 4:15pm
SEC Trading and Markets
Dr. Haoxiang Zhu, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission
4:15pm - 4:40pm
Digital Assets: The Regulatory Outlook
Christy Goldsmith Romero, Commissioner, Commodity Futures Trading Commission
Commissioner Goldsmith Romero was sworn in as a CFTC Commissioner on March 30, 2022, after being nominated by President Joseph Biden in September 2021, and unanimously confirmed by the U.S. Senate. Prior to becoming a CFTC Commissioner, Commissioner Goldsmith Romero served for a decade as the Special Inspector General for TARP (SIGTARP), a role for which she was nominated by President Barack Obama and unanimously confirmed by the Senate on March 29, 2012. In that role, she led a nationwide federal law enforcement agency and watchdog over TARP, a program where the U.S. Government became a shareholder in banks, the automotive industry and insurance industry; owned, exchanged, and traded in corporate securities and derivatives; and administered foreclosure relief for consumers.
Commissioner Goldsmith Romero also served on the staff at the U.S. Securities and Exchange Commission. She served on the Executive Staff during the financial crisis, as counsel to SEC Chairwoman Mary Schapiro and Chairman Christopher Cox. In that role, she advised the Chairs, and served as a liaison to SEC commissioners and staff. For four years she served as senior counsel in the SEC’s Enforcement Division, where she investigated securities law violations, including related to financial institution fraud, insider trading, hedge funds, and retail investor fraud. Prior to her service at the SEC, Commissioner Goldsmith Romero served as an associate and counsel at law firms, and served a federal judicial clerkship.
Commissioner Goldsmith Romero’s leadership has protected markets, the financial system, investors and consumers. She has testified before Congress 12 times, and meets often with Congress on policy issues related to the financial system and regulation. She served on a group of inspectors general conducting oversight of the Financial Stability Oversight Council. She led SIGTARP’s investigations into bank fraud, securities fraud, violations of bank and securities laws, money laundering, corruption, mortgage fraud, and conspiracy. These investigations resulted in recoveries of more than $11 billion, criminal charges against 465 defendants, and Department of Justice, SEC, and other federal and state enforcement actions against financial institutions, corporations, and individuals. These landmark cases had lasting impact to make the financial industry safer.
Under Commissioner Goldsmith Romero’s leadership, SIGTARP was known for its unique ability to find fraud in financial institutions. SIGTARP’s investigations resulted in criminal charges against more than 100 bankers, with courts sentencing 74 bankers to prison. Commissioner Goldsmith Romero’s actions to protect markets and investors led SIGTARP to uncover fraudulent sales practices by broker dealers in mortgage-backed securities that had never been addressed by any other federal agency. These cases resulted in Department of Justice prosecutions, SEC civil enforcement actions, and widespread changes to industry sales tactics. Commissioner Goldsmith Romero has also written on, and investigated, harm to consumers. She also led investigations resulting in prison sentences for more than 100 mortgage fraudsters.
Commissioner Goldsmith Romero has received national recognition for her work. She has written extensively on issues related to the financial system, including on systemic risk, the interconnected nature of the financial system, Too Big to Fail, capital, lending, and market issues. Her work and publications have received substantial media coverage by ABC, NBC, USA Today, The Associated Press, The Wall Street Journal, The New York Times, The Financial Times, Reuters, Forbes, Bloomberg, The Washington Post, The Washington Examiner, Politico, CNBC, Fox News, CNN, MSNBC, American Banker, NPR, The Guardian, The International Business Times, The Los Angeles Times, The San Francisco Examiner, The Charlotte Observer, and many other local and trade news outlets.
Commissioner Goldsmith Romero lives in Virginia with her wife, and is an empty-nester to three adult daughters.
Anna Maleva-Otto, Partner, Schulte Roth & Zabel
Anna Maleva-Otto concentrates her practice on a range of UK financial services regulatory matters, including the impact of EU directives and regulations. She advises on all aspects of the establishment and operation of FCA-regulated businesses in the United Kingdom, as well as trading on UK and EU markets. Anna frequently participates in industry working groups in connection with new and emerging regulatory initiatives, and has advised asset managers on several key pieces of recent EU legislation (including GDPR, Short Selling Regulation, AIFMD, MiFID II, MAR, EMIR, SFTR and Securitisation Regulation). Anna also frequently assists clients with the design of their compliance policies and procedures, internal investigations and staff training.
Anna is listed in The Legal 500 UK as a “Leading Individual” in Investment Fund Formation and Management — Hedge Funds and a “Recommended” lawyer in Financial Services: Non-Contentious Regulatory. An interviewee described her as “excellent — highly responsive, well informed and pragmatic in her advice, and a pleasure to work with.” She has also been named among the world’s “50 Leading Women in Hedge Funds” by The Hedge Fund Journal. Anna frequently speaks and writes on topics related to her areas of expertise. For the past three years, Anna has co-authored the UK chapter in the Chambers Alternative Funds Guide — a guide examining key industry trends and regulatory and tax matters impacting funds, managers and investors. Anna has also worked with AIMA to produce MiFID2 — A Guide for Investment Managers and authored the “Insider Trading Law in the United Kingdom” chapter in the Insider Trading Law and Compliance Answer Book (Practising Law Institute). Her recent speaking engagements have addressed topics such as market abuse, insider dealing, best practices for electronic communications and MiFID II. Anna is admitted to practice in England and Wales, and New York.
4:40pm - 5:10pm
Preparing for Regulatory Examinations
Kathleen Clapper, Managing Director, Compliance, National Futures Association
Kathleen Clapper is a Managing Director in NFA’s Compliance Department. In this role, she helps oversee the department’s examination, investigation, and financial surveillance programs. Prior to joining NFA, Ms. Clapper served as Chief Compliance Officer for R.J. O’Brien & Associates, LLC where she was responsible for leading a team of compliance professionals, administering the policies and procedures of the futures commission merchant (FCM) to ensure compliance with applicable rules and regulations, and developing strategic compliance initiatives. Ms. Clapper also spent more than 12 years at CME Group in roles supporting the exchange’s self-regulatory organization functions, including performing financial and compliance examinations of FCMs. Ms. Clapper received a Bachelor of Science in Accountancy from the University of Illinois at Urbana-Champaign and an MBA from DePaul University. She is a Certified Public Accountant and Certified Fraud Examiner.
Maryellen Maurer, Senior Securities Compliance Examiner, Division of Examinations – Private Funds Unit, U.S. Securities and Exchange Commission
Allison Scher Bernbach, Partner, Schulte Roth & Zabel
Allison Scher Bernbach focuses her practice on counseling private fund advisers in navigating the increasingly complex regulatory landscape, including compliance with the requirements of the Investment Advisers Act of 1940. This includes assisting clients with respect to structuring their compliance programs, complex regulatory matters, SEC examinations, and advice in connection with the structuring of acquisitions of other investment managers.
Allison has more than 20 years of regulatory compliance experience servicing global, multi-strategy asset management firms, including private equity sponsors, both as outside counsel and in-house, and in both compliance and legal roles. She has experience advising both traditional and alternative asset managers, assisting in the development and implementation of compliance programs.
• Simpson Thacher & Bartlett LLP
• CCMP Capital Advisors, LLC
• Oak Hill Capital Management
• Fischer Frances Trees and Watts
• Alliance Capital Management
• Seward & Kissel LLP
• New York
• New York University School of Law, J.D., 1996
• Binghamton University, State University of New York, B.A., 1993
5:30pm - 7:00pm