Private Investment Fund Accounting & Auditing Forum

Transcription

1 inancialresearch ssociates, Whether you re LLC a hedge fund or a private equity fund, you ll get cutting-edge guidance on how to perfect your fund s operations and back-office procedures. General session topics include FASB Update New and Proposed Accounting Rules A Look at the Latest Developments of IFRS and GAAP Convergence Form PF Lessons Learned and What to Expect Moving Forward SEC Audit Survival Guide What to do When the SEC Comes Knocking An Overview of FATCA and its Projected Impact on Private Investment Funds Addressing Relevant Issues Funds are Facing Regarding FIN 48 Specific Accounting and Auditing Issues Relevant to Funds of Funds Plus we ll feature special breakout sessions that match your interests accordingly Private Equity Track Private Equity Accounting Industry Best Practices in Today s Environment Carried Interest Waterfall Models A Compare and Contrast of Various Models Optimizing Your Private Equity Fund s Operational Game Plan Successfully Addressing Key Valuation Issues for Private Equity Funds Performance Reporting Standards for Private Equity Financial Research Associates and the HFBOA Proudly Presents: Private Investment Fund Accounting & Auditing Forum Ensure compliance AND cost-efficiency! Earn 13.5 CPE credits! Hedge Fund Track Optimizing Your Hedge Fund s Operational Game Plan SOC1/SSAE16s The New Generation of SAS 70s The Increased Role of Corporate Governance and the Board of Directors Successfully Addressing Key Valuation Issues for Hedge Funds Performance Reporting Standards for Hedge Funds July 19th 20th 2012 The Princeton Club, NYC Top Reasons to Attend Fine-tune your fund s back-office accounting practices to ensure maximum efficiency Get expert guidance from some of the industry s top accounting and auditing professionals Learn how to fully prepare for your fund s next audit from lessons learned this past season Be in-the-know of recent developments on the latest accounting and auditing standards issued by FASB and other regulatory bodies Get the latest guidance on upcoming FATCA requirements Optimize your fund s valuation practices Ensure that your performance reporting standards are up-to-par Improve the functionality of your relationship with your third party service providers Protect your fund by learning how to effectively identify and avoid operational risk Expand your network of industry peers and find out what they re doing Earn up to 13.5 CPE credits Conference Sponsors Very good discussion of current events and legislation and how it impacts my fund I found this conference to be packed with extremely useful information Comment from an attendee at our last Accounting, Auditing and Administration Forum Gold: Silver:

2 The Conference Organizer Financial Research Associates provides the financial community with access to business information and networking opportunities. Offering highly targeted conferences, FRA is a preferred resource for executives and managers seeking cutting-edge information on the next wave of business opportunities. Please visit for more information on upcoming events. The Private Investment Fund industry s #1 accounting and auditing conference is back! Ensure that your fund s accounting and back-office practices are as efficient as possible by attending FRA s Private Investment Fund Accounting & Auditing Forum. Whether you re from a hedge fund, a private equity fund or you offer services to both, this highly focused, practical conference will offer valuable industry tips and expert advice on the latest back-office challenges facing the private investment community in a post-dodd-frank world. Through extensive research with a diverse range of industry players we ve developed a robust agenda that s sure to help you refine your operational practices. You ll get answers to the following questions How can I successfully minimize accounting and back-office costs and pitfalls? Are there any new and/or forthcoming accounting standards on the horizon that will affect my fund? What are the latest valuation best practices? What can I be doing to ensure my fund is ready for FATCA? How can I be best prepared for the inevitable SEC audit? What s the status of IFRS and GAAP convergence? What lessons have we learned from filing the form PF and how can I best streamline and/or automate the process? How can I ensure that I m both GAAP compliant AND compliant with industry regulations? What are the latest methods in avoiding risk in back-office procedures? How do I ensure that my fund s performance reporting standards are up-to-par? Plus so many more! Be sure to have your specific questions ready, as audience interaction is welcome! With the ever-evolving requirements surrounding private investment funds, it s crucial to know the ins and outs of what s new and what s to come so you can fine-tune your practices and ensure your fund s ultimate success. Register for this highly focused, practical conference today and reap the rewards of finetuning your fund for better cost-efficiency and success! Call or register online at Sincerely, Erin Busch Erin Busch, Senior Conference Director FINANCIAL RESEARCH ASSOCIATES, LLC P.S. Earn up to 13.5 CPE credits P.S.S Save $300 by registering before June 8th!!! Media Partners Who Should Attend? From Hedge Funds, Private Equity Funds, and Hedge Fund of Funds: Chief Financial Officers Chief Compliance Officers Chief Operating Officers Managing Directors Controllers Investment Managers Internal Accountants The following service providers will find great value in attending this event as well: Auditors Consultants Accountants Fund Administrators Tax, Valuation, and Financial Attorneys Reporting Professionals Conference Sponsors Gold: Decosimo is a Top 100 public accounting and business advisory firm serving clients throughout the world and specializing in services to alternative investment funds, offshore entities, fund of funds, real estate funds, investment advisors, broker/dealers, financial institutions, captive insurance companies and alternative loan and private investment groups. Beyond tax and assurance solutions, Decosimo s Financial Services Group provides advisory services for independent due diligence and transaction services; accounting assistance with fund launches; counsel related to fund structure, fee agreements and complex tax allocation issues; advice on matters of board governance and ethics; and attestation services under the SEC Custody Rule provisions. As an independent firm associated with Moore Stephens International Limited, Decosimo has access to additional resources and professionals in 636 office locations across 100 countries offering clients a global reach while maintaining a local perspective. Silver: J.H. Cohn, founded in 1919, is one of the leading accounting and consulting firms in the U.S. and the sixth largest firm in the New York metropolitan area. The firm has more than 170 partners, approximately 1,000 employees, and offices in New York, New Jersey, Connecticut, Massachusetts, California, and the Cayman Islands. Our financial services industry professionals are recognized by clients for their responsive service, knowledgeable approach to technical issues, and extensive experience serving domestic and offshore funds, brokers-dealers, and Registered Investment Advisers. Sponsorship and Exhibit Opportunities Enhance your marketing efforts through sponsoring a special event or exhibiting your product at this event. We can design custom sponsorship packages tailored to your marketing needs, such as a cocktail reception or a custom-designed networking event. To learn more about sponsorship opportunities, please contact Menna Lloyd-White at (704) CPE CREDITS Financial Research Associates is registered with the National Associates of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Ave. North, Suite 700, Nashville, TN Web site: HYPERLINK " Sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. Please note that not all state boards adopted this rule. Some participants may not be able to use one-half credit increments. This course is offered as a group-live course and does not require prerequisites or advance preparation.. It is an advanced level course. The recommended CPE credit for this course is 13.5 credits: 8 credits for Accounting, 3.5 credits for Specialized Knowledge and 2 credits for Tax. For more information regarding administrative policies such as complaint and refund, please contact our offices at Financial Research Associates offers programs at an advanced level of continuing education. Although no prerequisite courses, experience, or advance preparation is required to participate in this program, working knowledge of administrative practice is required, as well as, prior knowledge of the program topic.

3 Private Investment Fund Accounting & Auditing Forum Day One: Thursday, July 19, :00 8:45 Registration and continental breakfast 8:45 9:00 Chair s Welcome Karl J. Jordan, CPA, Domestic and International Principal, JOSEPH DECOSIMO AND COMPANY, PLLC 9:00 10:00 FASB Update New and Proposed Accounting Rules We ll look at all relevant accounting updates and standards coming down the pike that affect private investment funds including the latest on: ASU amendments to achieve common fair value measurements and disclosure requirements - Disclosure of quantitative information on significant inputs to fair value of level 3 financial instruments Guidance on proposed ASC Topic 946, Financial Services Investment Companies Revenue recognition for investment managers New master netting rules ASU Topic 210 Other accounting updates that could impact financial statement reporting Marni Pankin, Partner, MARCUM LLP Joseph S. Fisher, Partner, DELOITTE & TOUCHE LLP 10:00 10:45 A Look at the Latest Developments in IFRS and GAAP Convergence Status of convergence Differences of IFRS vs. US GAAP Consolidation of investment companies - Rescission of the scope exception Differences in disclosures Considerations to make when preparing your books and taking advantage of any new rules Alex Fredericks, Partner, ERNST & YOUNG LLP 10:45 11:00 Refreshment break 11:00 12:00 Form PF Lessons Learned and What to Expect Moving Forward Best practices in filing the Form PF Regulatory Assets Under Management (RAUM) - How to calculate? - How is the industry handling the gray areas? How to streamline and automate the process How are compliance firms tacking the form PF from a practical standpoint? How do you include your administrators in this process? Brian J. Tsai, Chief Operating Officer, IMC ASSET MANAGEMENT Christopher Mears, Principal in Charge of Metro NY Financial Services, ROTHSTEIN, KASS & COMPANY, P.C. 12:00 1:15 Luncheon 1:15 2:15 SEC Audit Survival Guide What to do When the SEC Comes Knocking? In this post-dodd-frank world, an SEC audit is now inevitable. Avoid costly pitfalls by knowing what to expect. What questions will they ask? Mitigating conflicts of interest Auditing fair value Complying with the custody rule What documents are they going to be keying in on? How much of a surprise will it be? Considerations for conducting a mock-audit Moderator: Greg Levy, Partner, KAUFMAN ROSSIN & CO. Speakers: Azam Riaz, U.S. SECURITIES & EXCHANGE COMMISSION Kristine O Connor, Chief Financial Officer, FRANKLIN PARK Dianne Mattioli, Chief Compliance Officer, EIM MANAGEMENT USA INC Kara Singleton, Chief Operating Officer, APEX CAPITAL 2:15 2:30 Refreshment break At this point, the conference breaks out into two tracks one that s focused on specific private equity issues and the other that s focused on hedge fund-specific issues. These tracks will continue through until right before lunch on the second day. TRACK A Private Equity TRACK B Hedge Fund 2:30 3:30 Private Equity Accounting Industry Best Practices in Today s Environment How do auditors look at private equity funds What are the risks/concerns for the auditors? Ensuring that your fund is GAAP compliant and compliant with current regulations An in-depth look at the ILPA s new quarterly - Financial Package guidelines - Supplemental Management Reports - Consolidated statements - Statement of Operations Management fee offsets Accounting process of management fee waivers Kristine O Connor, Chief Financial Officer, FRANKLIN PARK Dennis Schall, Partner, MARCUM LLP 2:30 3:30 Optimizing Your Hedge Fund s Operational Game-Plan How to determine if policies are consistent and accurate across the board Best practices for ensuring that appropriate infrastructure is in place Minimizing counterparty risk Compliance monitoring procedures Segregation of assets New value add administration services Should fund personnel replicate what their admins do? Service Level Agreements what should they look like? Nadya Frukter, Chief Financial Officer, HUDSON BAY CAPITAL MANAGEMENT LP Michael Levin, Associate Director, Operational Due Diligence, PAAMCO Chad S. Elson, Chief Operating Officer, SOUTH STREET CAPITAL MANAGEMENT LP To learn more about sponsorship opportunities, please contact Menna Lloyd-White at (704)

4 Private Investment Fund Accounting & Auditing Forum 3:30 4:00 Carried Interest Waterfall Models A Compare and Contrast of Various Models Deal-by-deal model Partial deal-by-deal ( take-as-you-go ) model All contributions-plus-preferred return model Venture capital model Impact of performance hurdles/preferred returns on carried interest Clawback provisions what if too much carried interest was paid? Puneet Gulati, Chief Financial Officer, QUADRANGLE GROUP 4:00 5:00 Optimizing Your Private Equity Fund s Operational Game Plan Compliance program check-list is it up to par by the SEC and your investors standards? Can you outsource the CCO function? Fund administration finding a reasonable balance between what you can handle in-house with what you might outsource Risk assessments how do we look at our back-office? Internal controls Can the SAS 70/SSAE 16 help your fund? Disaster recovery plans Jason Garelli, Head of Operational Due Diligence & Internal Controls, STRATEGIC INVESTMENT GROUP Jason Ment, Partner, General Counsel, CCO, STEPSTONE GROUP Elizabeth Diep, Senior Manager, PRICEWATERHOUSECOOPERS 3:30 4:00 SOC1/SSAE16s The New Generation of SAS 70s Are they more important this year than ever before? Not every SSAE 16 is the same how do you deal with diversity? A look at related parties and conflicts What s involved in doing an internal controls report? What does it entail for an investment advisor and/or an administrator? Brandon Nakagawa, CPA, Investment Operations Manager, PAAMCO Marlena Kaplan, Chief Financial Officer, CANTOR FITZGERALD INVESTMENT ADVISORS 4:00 5:00 The Increased Role of Corporate Governance and the Board of Directors What are the obligations of an independent director? How involved is the board in risk management? Frequency of meetings how many, how often? What impact will listing directors in your ADV have? Secession planning Key-man risk what happens if your portfolio manager leaves? CIMA registration James Rankin, Director, PAAMCO Dave Cielusniak, Chief Operating Officer, CONQUEST CAPITAL GROUP 5:00 Day One Sessions Adjourn; Cocktail reception immediately following sponsored by: Day Two: Friday, July 20, :00 9:00 Registration and continental breakfast 9:00-9:15 Chair s Welcome Karl J. Jordan, CPA, Domestic and International Principal, JOSEPH DECOSIMO AND COMPANY, PLLC TRACK A Private Equity TRACK B Hedge Fund 9:15 10:15 Successfully Addressing Key Valuation Issues for Private Equity Funds Valuation continues to be a hot-button issue for auditors and the SEC. Ensure that your practices are properly aligned with industry best practices. Industry best practices Effectively handling valuation errors Latest IPEV developments How are auditors testing valuation? What specifically is the SEC looking for? Reliance upon independent appraisers and investment managers Daniel Levinson, Chief Financial Officer, Chief Operating Officer, ATALAYA CAPITAL MANAGEMENT Greg Sonis, Chief Financial Officer, EIDESIS CAPITAL 9:15 10:15 Performance Reporting Standards for Hedge Funds Clients are now asking tougher questions than ever. Are you prepared to answer these questions? What are investor expectations? Performance analytic measures what are funds doing? GIPS TM compliance - What are the standards? - What is the process of being compliant? Looking beyond NAV statements Dan Bender, Chief Financial Officer, RAMSEY ASSET MANAGEMENT Aditya Kumtakar, CFA, FRM, CA Financial Officer, THE WORLD BANK Aleksandr Khaytin, Chief Operations Officer, Chief Compliance Officer, ED CAPITAL MANAGEMENT LLC Rave Reviews from Past Hedge Fund Auditing, Accounting and Administration Conferences: Superb content, high-level discussion Speakers were very clear and concise! The speakers were very knowledgeable on all subject matter and were able to answer everyone s questions Provided me with extremely useful take-aways that I look forward to applying to my day-to-day practice Great and timely topics, excellent and knowledgeable presenters! Excellent forum that always covers the most relevant issues that the industry is facing Very knowledgeable and relevant topics and speakers. Real industry experience presented.

5 Private Investment Fund Accounting & Auditing Forum 10:15 11:15 Performance Reporting Standards for Private Equity Clients are now asking tougher questions than ever. Are you prepared to answer these questions? What are investor expectations? Performance reporting Performance analytic measures what are investors doing? GIPS TM compliance - What are the standards? - What is the process of being compliant? Looking beyond NAV statements Benchmarking performance which benchmarks to use? Reviewing marketing materials to ensure they align with SEC rules 10:15 11:15 Successfully Addressing Key Valuation Issues for Hedge Funds Valuation continues to be a hot-button issue for auditors and the SEC. Ensure that your practices are properly aligned with industry best practices. Level 2 vs. Level 3 Effectively handling valuation errors Broker quotes How are auditors testing valuation? PCAOB s view on how auditors should address the use of pricing services What happens when there s a discrepancy between the auditor and third party administrator? Giovanni A. Serrano, Managing Director, AMEDROZ CAPITAL MANAGEMENT Karyn Vincent, Founder, VINCENT PERFORMANCE SERVICES LLC 11:15 11:30 Refreshment break 11:30 12:30 An Overview of FATCA and its Projected Impact on Private Investment Funds Digesting the various rules involved What are administrators doing to prepare? How are funds going to report their US investors? Foreign Financial Institution (FFI) filings James K. Wall, JD, LLM, Principal and International Tax Director, J.H. COHN LLP 12:30 1:45 Lunch 1:45 2:45 Addressing Relevant Issues Funds are Facing Regarding FIN 48 What should you know about various countries? - Australia - Spain - Asia - Middle East Who s going after what? Swaps can swaps protect you from capital gains penalties? Issues with NYC UBT tax? Limitation on investment expenses Tolga Bakircioglu, Tax Director, COWEN GROUP 2:45 3:00 Refreshment Break 3:00 4:00 Specific Accounting and Auditing Issues Relevant to Funds of Funds Form PF What will this mean for funds of funds? Specific valuation issues affecting funds of funds What to expect as a fund of fund now registered with the SEC The CFTC s new rules on CPO exemptions Speakers: TBD 4:00 Conference Adjourns Important Information To Register: Fax: Phone: Online: Private Investment Fund Accounting & Auditing Forum July 19th 20th, 2012 The Princeton Club 15 West 43rd Street, New York, NY (212) If you require overnight accommodation for this conference, please contact any of the following nearby hotels to check their best available corporate rate, or consult your local travel agent. Please note that FRA has not negotiated rates with any of these hotels. Area Hotels: Mansfield Hotel (212) Royalton Hotel (212) Algonquin Hotel (212) Iroquois Hotel (212) City Club Hotel (212) Sofitel Hotel (212) Fees and Payments: The fee for attendance at the Private Investment Fund Accounting & Auditing Forum is: $1795 through June 8th, 2012 $2095 June 9th until the date of conference Please make checks payable to Financial Research Associates, and write code B818 on your check. You may also pay by Visa, MasterCard, Discover, or American Express. Purchase orders are also accepted. Payments must be received no later than July 12th, Team Discounts: Three people will receive 10% off. Four people will receive 15% off. Five people or more will receive 20% off. In order to secure a group discount, all delegates must place their registrations at the same time. Group discounts cannot be issued retroactively. For more information, please contact Kathie Eberhard at (704) or [email protected] SOFT DOLLAR YOUR CONFERENCE REGISTRATION! This FRA conference may be eligible under section 28(e) of the Securities Exchange Act of 1934 for payment via soft dollars. For further information or a Soft Dollar Application form, please visit our website Cancellations: If we receive your request to cancel 30 days or more prior to the conference start date, your registration fee will be refunded minus a $ administrative fee. Cancellations occurring between 29 days and the first day of the conference receive either a 1) $200 refund; or 2) a credit voucher for the amount of the original registration fee, less a $ administrative fee. No refunds or credits will be granted for cancellations received after a conference begins or for no-shows. Credit vouchers are valid for 12 months from the date of issue and can be used by either the person named on the voucher or a colleague from the same company. Please Note: For reasons beyond our control it is occasionally necessary to alter the content and timing of the program or to substitute speakers. Thus, the speakers and agenda are subject to change without notice. In the event of a speaker cancellation, every effort to find a replacement speaker will be made. To learn more about sponsorship opportunities, please contact Menna Lloyd-White at (704)

6 Private Investment Fund Accounting and Auditing Forum To Register: 7 Fax: ( Call: Online: Please Mention This Priority Code When Registering Mail: Financial Research Associates NE Cedar Drive Battle Ground, WA Financial Research Associates 200 Washington St. Ste. 101 Santa Cruz, CA PRSRT STD U.S. POSTAGE PAID BURLINGTON,VT PERMIT NO. 21 FinancialResearch Attention Mailroom: If undeliverable, please forward to Associates, LLC the Chief Financial Officer. n Yes! Register me for early bird registration - $1795 (Through June 8th, 2012) n Yes! Register me for the conference: $2095 (Standard fee from June 9th) n Please contact me: I m interested in a Group Discount Rate for my team. n Please contact me: I m interested in Marketing Opportunities at this event. n I wish to receive updates on FRA s upcoming events via fax, & phone. Signature: Name Title Company Dept. Address City State Zip Telephone: Fax: Please bill my: n MasterCard n Visa n Amex n Discover Card Number Exp.Date Name on Card Signature n Check enclosed n Please bill me later Make checks payable to Financial Research Associates and write B818 and attendee(s) name on your check. Conference Code: B818 Financial Research Associates and the HFBOA Proudly Presents: Earn 13.5 CPE credits! July 19th 20th 2012 The Princeton Club, NYC Very good discussion of current events and legislation and how it impacts my fund I found this conference to be packed with extremely useful information Comment from an attendee at our last Accounting, Auditing and Administration Forum Private Investment Fund Accounting & Auditing Forum Ensure compliance AND cost-efficiency! Conference Sponsors Gold: Silver: