The Hedge Fund Accounting & Compliance Forum

Transcription

1 FinancialResearch A ssociates, LLC Financial Research Associates Proudly Presents Earn up to 15 CPE/CLE credits The Hedge Fund Accounting & Compliance Forum Make Certain That Your Fund s Infrastructure is Streamlined to Thrive in This New Era of Increased Demands by Attending This Valuable Program! July 25-26, 2013 The Princeton Club, New York, NY Ensure Your Fund is Compliant AND Cost-Efficient! Day 1 Hedge Fund Accounting July 25, 2013 Accounting Update: What s New with FASB, IFRS and other Authorities? Successfully Addressing Key Valuation Issues Form PF Best Practices Ensuring an Ongoing Cost-Effective Form PF Process A Look at Accounting Hazards that Can Get Your Fund in Trouble Being FATCA Ready - Preparing Your Fund for the Operational Burdens Hedge Fund Tax Update Lessons Learned From This Past Auditing Season Day 2 Hedge Fund Compliance July 26, 2013 Regulatory Update: A Look at What s New from the SEC AIFMD Everything U.S. Hedge Funds Must Know A Practical Guide to Complying with the Custody Rule Tales of an SEC Audit Looking into the SEC Examination Experience CFTC and NFA Compliance Marketing and Advertising Compliance Attend day 1, day 2, or get the maximum level of insight and attend both days! * You must attend both days to receive 15 credits of continuing education. CLE credit is pending board approval. Conference Sponsors: Gold: Silver:

2 ancialresearch sociates, LLC The Conference Sponsors 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 Hedge Fund Business Operations Association supports the hedge fund community with timely industry intelligence that is especially unique to mid-sized hedge funds and fund of funds. Through useful articles, educational lectures and summits, frequent webinars, valuable web-links, networking mixers and many other useful services we take pride on being the go-to source for useful insight on practical strategies for maintaining a prosperous hedge fund. In order for your hedge fund to survive in these times the need to fortify compliance policies while fine-tuning accounting practices is unequivocally essential. Ensure that your fund s middle and back office is in shape to not only survive today s challenges but thrive in them! Now that your fund is registered with the SEC your to-do list has grown dramatically. From additional reporting requirements to surprise audits, the responsibilities of the middle and back office have catapulted to whole new level. FRA is pleased to provide extremely valuable guidance through our Hedge Fund Accounting and Compliance Forum. This truly unique and highly useful program is aimed at keeping hedge funds of all strategies and sizes well-prepared for this new era of operations and compliance. On day one we ll focus on how to optimize your fund s mid and back-office accounting practices to promote maximum efficiency. On day two, we ll look at how to upgrade your compliance practices and steer clear of the countless pitfalls that loom in light of the Dodd- Frank era. Attend either day by itself, or both days for best value! You ll get useful insight and practical answers to the following questions: How are custody counts triggering further examinations from the SEC? What are the biggest things that are getting funds in trouble from an accounting perspective and how do we avoid them? What are the best practices for ensuring that your Form PF process is as efficient as possible? How do we effectively handle new level 3 disclosures? What are the issues that the SEC is really keying in on right now? Are there any new FASB standards coming down the pike? What changes will our back and middle office need to make to comply with the AIFMD? How can we be sure that we re completely avoiding any conflicts of interest? What precisely do we need to be doing to ensure that we are FATCA-ready? How will the current tax rates and proposed rules affect my fund s tax plan? What should we do to ensure that we re avoiding any FCPA issues? How have the SEC Presence exams been performed and what should we expect? What are the requirements for registering with the NFA and what exemptions still remain? Plus so many more! Audience interaction is very much encouraged so be sure to have your specific questions ready for answers by some of the industry s most savvy professionals! With the ever-changing requirements surrounding our industry, it s crucial to really 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. Attend day one, day two, or for optimum value and guidance attend both days! Call or register online at Sincerely, Erin Busch Erin Busch, Conference Director FINANCIAL RESEARCH ASSOCIATES, LLC P.S. Earn up to 15 CPE and CLE credits by attending this highly useful event! Who Should Attend? From Hedge Funds, and Hedge Fund of Funds: Chief Financial Officers Chief Compliance Officers Chief Operating Officers Controllers General Counsel Internal Accountants The following service providers will find great value in attending this event as well: Auditors Accountants Fund Administrators Consultants Attorneys Tax, Valuation, and Financial Reporting Professionals Top Reasons to Attend Ensure that your fund s infrastructure is streamlined to take on today s countless challenges Hear from funds that have recently gone through the latest SEC examination and learn what exactly to expect Fully understand how FATCA will affect your day-to-day operations so that your fund is well-prepared to face its encumbrances Learn what s on the current radar of the SEC, FASB, IRS and other key authorities Explore ways to safeguard your fund from conflicts of interest Get a crash-course on everything you need to know to make sure you re compliant with the EU s new AIFMD Explore cutting-edge strategies that can help your fund s back and middle office run cost-effectively Network with a diverse range of peers and learn how they re dealing with the countless issues facing the hedge fund industry Earn 15 CPE and CLE credits Rave Reviews from Past Hedge Fund Accounting and Compliance Conferences: Relevant and informative There was no wasted time and I feel like I came away with a lot! 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 Topics were all very relevant and speakers were extremely knowledgeable as well as approachable Very informative conference pacing was good and love the interactive panels! All the hot topics were discussed in great detail Good conference, solid performances by speaking faculty and got to hear what my pears are doing FRA always gets very knowledgeable speakers with real world experience, this conference was no different 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 or [email protected].

3 Hedge Fund Accounting DAY ONE: Thursday, July 25, :00 8:45 Registration and continental breakfast 8:45 9:00 Chair s Welcome - Hedge Fund Accounting Karl J. Jordan, CPA, CGMA, Domestic and International Principal DECOSIMO 9:00 10:00 Accounting Update: What s New with FASB, IFRS and other Authorities? Disclosures on offsetting assets and liabilities (ASU ) Proposals on liquidation based accounting FASB s focus on repurchase agreements What s happening with IFRS and accounting principles from around the world? How the CFTC deferrals on CPO exemptions might affect your financial statements Marnie Pankin, Partner MARCUM Charles Plaveczky, Principal ROTHSTEIN KASS Marshall Harvey, Audit Principal DECOSIMO 10:00 10:10 Refreshment break 10:10 11:00 Successfully Addressing Key Valuation Issues Practical implications of ASU Disclosure considerations Best practices in monitoring investment valuations and responsibilities Documenting your understanding of the inputs used by your pricing providers Sufficient documentation for Level 3 Securities? What do audit firms consider when reviewing valuation policies and techniques? - Objectivity of inputs and consistency - Quality and quantity of observable inputs - Use of third party pricing services Valuation committees - Who should be on it, and what is their role? - Use of third parties and pricing providers Transparency with respect to valuation how and why? Alexandra Cottam, CPA Senior Manager COHEN FUND AUDIT SERVICES Justin Mauskopf, Managing Member, Chief Financial Officer LUTETIUM CAPITAL 11:00 12:00 Form PF Best Practices Ensuring an Ongoing Cost-Effective Form PF Process Lessons learned from the challenges of the first year What are the traits of a good work flow design? Data aggregation and data control Use of audit trails How to do effective risk calculations Performing test filings and error checking Evaluating third party providers to assist with the process David Rosenblum, Chief Compliance Officer and Associate General Counsel BEACH POINT CAPITAL MANAGEMENT Boris Onefater, President CONSTELLATION INVESTMENT CONSULTING 12:00 1:10 Luncheon 1:10 2:00 A Look at Accounting Hazards that Can Get Your Fund in Trouble Fund loans to the general partner Side letters that provide substantial preferences Crediting late arriving capital to the first day of the month Stuffing gains realized after a partner s interim withdrawal date Accepting subscriptions from investors who are officers in the companies you invest in Using a most tax efficient tax lot methodology for sales of securities Distributing appreciating securities to an investor and repurchasing those securities Accepting subscriptions into your domestic fund from foreign individuals Admitting foreign partners to the investment manager entity Opening break-even offices in Europe Repeatedly visiting foreign investors Honoring late withdrawal requests James Rankin, Director PACIFIC ALTERNATIVE ASSET MANAGEMENT COMPANY Chris Mears, Principal ROTHSTEIN KASS 2:00 3:00 Being FATCA Ready - Preparing Your Fund for the Operational Burdens This extremely practical session will drill down on the business function of FATCA. Learn how it will affect your day-to-day operations and precisely what you need to be doing. Topics to be addressed include: Domestic funds with foreign partners what do you need to do and when? Offshore funds and master funds- what do you need to do and when? Update on the final regulations Obtaining a GIIN A starting point or an ending point? Intergovernmental Agreements Model I and Model 2- Do they provide relief from compliance? The Cayman Intergovernmental Agreement Analyzing the impact on your Cayman fund The new W-8 series of forms David G. Richardson, Partner KPMG Julie Canty, Partner ERNST & YOUNG LLP 3:00 3:10 Refreshment break 3:10 4:10 Hedge Fund Tax Update The net investment income tax and the proposed regulations Changes in tax rates for 2013 and beyond - Ordinary rates - Qualified dividend rates - Long-term capital gain rates The proposed Cut Unjustified Tax Loopholes Act - The end of Section Carried interests under attack again PFICs- A new answer to some old problems and some new problems - Avoiding adverse tax consequences from investor funds - Planning around tax rate increases and the net investment income tax Self-employment tax developments Natan Hecht, Executive Director, Senior Tax Planning & Analytics (Alternative Asset Management) JP MORGAN CHASE Maury Cartine, Partner MARCUM Jay Freedman, Senior Vice President CHILTON INVESTMENT COMPANY 4:10 5:00 Lessons Learned From This Past Auditing Season Our diverse line-up of auditors will take an up-close look at the top issues they saw over this past season and share tips and techniques to avoid costly hurdles going forward. Brandon Nakagawa, Senior Investment Operations Specialist PACIFIC ALTERNATIVE ASSET MANAGEMENT COMPANY Greg Levy, Partner KAUFMAN ROSSIN Alexandra Cottam, CPA Senior Manager COHEN FUND AUDIT SERVICES 5:00 Day One Sessions Adjourn Cocktail Reception Immediately Following sponsored by To learn more about sponsorship opportunities, please contact Menna Lloyd-White at or [email protected]

4 Hedge Fund Compliance DAY TWO: Friday, July 26, :00 8:45 Continental breakfast and registration for Hedge Fund Compliance 8:45-9:00 Chair s Welcome Hedge Fund Compliance Karl J. Jordan, CPA, CGMA, Domestic and International Principal DECOSIMO 9:00 10:15 Regulatory Update: A Look at What s New from the SEC What are the biggest things the SEC is focusing on in 2013 (and beyond)? Valuation - what is the SEC enforcement staff looking at? Insider trading what kind of controls should be in place to make sure you re in the safe zone? Foreign Corrupt Practices Act - What should your game plan be to avoid FCPA issues? - What are the nuances in the details? - Who is a government official? Identifying and handling conflicts of interest - Conflicts with fees and expenses - Inventoried conflicts - Risk assessed conflicts Guide to the Risk Assessment Process Latest on other areas of regulatory focus - Pay-to-play - Black box technology - Extension of aberrational performance initiative Steven A. Yadegari, Executive Vice President and General CRAMER ROSENTHAL MCGLYNN LLC Dianne Mattioli, Chief Compliance Officer EIM MANAGEMENT USA Michael R. Botowsky, Partner JONES DAY 10:15 10:30 Refreshment break 10:30 11:20 AIFMD Everything U.S. Hedge Funds Must Know Key provisions that funds must pay close attention to Transparency requirements Cooperation arrangements between regulators of an EU and the home jurisdiction of the AIFM Steering clear of anti-money laundering and terrorist financing A look at what will need to be included in your annual reports A look at the additional information reporting requirements to investors and EU regulators Disclosure requirements on fund managers compensation Brendan Kalb, General Counsel AQR CAPITAL MANAGEMENT Stephen Sims, Partner SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 11:30-12:20 A Practical Guide to Complying with the Custody Rule Use of qualified custodians What should you do with sub-docs, loan agreements, etc.? Compiling client notices and account statements What to expect in a surprise exam Examples of current discrepancies that the SEC is finding Identifying and repairing the true ongoing risks Relative findings from the Government Accountabilities Office (GAO) report Steven M. Felsenthal, General Counsel and Chief Compliance Officer MILLBURN RIDGEFIELD CORPORATION Lisa Conrad, Chief Compliance Officer SILVERMINE CAPITAL MANAGEMENT LLC 12:20 1:30 Luncheon 1:30 2:45 Tales of an SEC Audit Looking into the SEC Examination Experience We ll hear from some funds that have recently gone through a presence exam and learn how to prepare and what to expect. We ll also look into what happens postaudit and if/when you should expect another visit from the SEC. Michael Cohn, Deputy General Counsel and Chief Compliance Officer FORTRESS INVESTMENT GROUP Kara Singleton, Chief Operating Officer APEX CAPITAL Keith T. Kirk, Deputy General Counsel and Chief Compliance Officer DOUBLELINE CAPITAL 2:45 3:00 Refreshment break 3:00 4:00 CFTC and NFA Compliance The registration process - Who should be registered? What are the requirements for registering and what exemptions remain? - How are swaps relevant to the determination? What compliance controls will you need in place? What to expect from a CFTC/NFA audit - How often are they occurring? - What are they finding? - How do you answer all the requests? Update on latest swap and derivative regulation Stephen McShea, General Counsel & CCO Larch Lane Advisors L.L.C. Michael Schwaeber, Chief Financial Officer 303 CAPITAL 4:00 5:00 Marketing and Advertising Compliance Status of the JOBS Act and its potential impact - General solicitation what s a reasonable step? Case studies of compliance hurdles funds have faced while soliciting investors Issues to be aware of when marketing globally 5:00 Conference Adjourns Media Partners:

5 The Hedge Fund Accounting and Compliance Forum Conference Sponsors Gold: DECOSIMO is a leading 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 600 office locations across 101 countries offering clients a global reach while maintaining a local perspective. Silver: Cohen Fund Audit Services, Ltd. (www. cohenfund.com) provides audit and tax solutions for mutual funds, hedge funds, broker/dealers, investment advisors and service providers. The firm is a dynamic, growth-oriented company focused on delivering superior client service with a level of technical expertise unmatched in the investment industry. One hundred percent of our clients are companies in the investment industry. That s a level of focus every client can depend upon and few competitors can match The Firm is registered with the Public Company Accounting Oversight Board (PCAOB) and a member of the American Institute of Certified Public Accountants (AICPA). 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: 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 15 credits: 7.5 credits for Accounting and 7.5 credits for Regulatory Ethics 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 hedge fund accounting, auditing and compliance is required, as well as, prior knowledge of the program topic. *CLE Credit Upon conclusion, this program will be submitted for review and approval through a state that has reciprocity with many other states. Certificates will be sent upon receipt of approval. The company policy for financial hardship guidelines and procedures is as follows. Financial Research Associates hardship policy is handled on a case-by-case basis. For those who cannot afford the standard fee to attend, our executive committee reviews each request for a reduced fee and will in nearly all cases accommodate the person needing to attend at a reduced fee. This reduced fee is determined by contacting the person directly and determining how much s/he can afford to pay. Typically, sole practitioners or attorneys in offices with fewer than 5 employees with revenues of less than $500,000 per year are entitled to a 20% discount. Important Information To Register: Fax: Mail: Financial Research Associates NE Cedar Drive Battle Ground, WA Phone: Online: The Hedge Fund Accounting and Compliance Forum July 25-26, 2013 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 over this time frame, or consult your local travel agent. Please note that FRA has not negotiated rates with any of these hotels. Area Hotels: Mansfield Hotel (212) Algonquin Hotel (212) City Club Hotel (212) Royalton Hotel (212) Iroquois Hotel (212) Sofitel Hotel (212) Fees and Payments: The fee for attendance at the Hedge Fund Accounting and Compliance Forum is: $1895 for both days Hedge Fund Accounting and Compliance $1095 for Accounting day only (July 25) $1095 for Compliance only (July 26) Please make checks payable to Financial Research Associates, and write code B876 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 18, 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 call Kathie Eberhard 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 softdollars.aspx. 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 or [email protected]

6 The Hedge Fund Accounting and Compliance Forum To Register: Call: Fax: Online: Mail: Financial Research Associates NE Cedar Drive Battle Ground, WA Please Mention This Priority Code When Registering Financial Research Associates 200 Washington St. Ste. 201 Santa Cruz, CA PRSRT STD U.S. POSTAGE PAID BURLINGTON,VT PERMIT NO. 21 FinancialResearch Associates, Attention LLCMailroom: If undeliverable, please forward to the Chief Financial Officer q Yes! Register me for the entire conference (both days): $1895 q Yes! Register me for Hedge Fund Accounting Only (July 25): $1095 q Yes! Register me for Hedge Fund Compliance Only (July 26): $1095 q Please contact me: I m interested in a Group Discount Rate for my team. q Please contact me: I m interested in Marketing Opportunities at this event. q I wish to receive updates on FRA s upcoming events via fax, & phone. Name Company Address Signature: Dept. Title City State Zip Telephone: Fax: Please bill my: q MasterCard q Visa q Amex q Discover Card Number Exp.Date Name on Card Signature q Check enclosed q Please bill me later Make checks payable to Financial Research Associates and write B876 and attendee(s) name on your check. Conference Code: B876 FinancialResearch A ssociates, LLC Financial Research Associates Proudly Presents Earn up to 15 CPE/CLE credits The Hedge Fund Accounting & Compliance Forum Make Certain That Your Fund s Infrastructure is Streamlined to Thrive in This New Era of Increased Demands by Attending This Valuable Program! July 25-26, 2013 The Princeton Club, New York, NY