New Feature: Search Alerts are available now. Learn more.
Skip to main content

Investment Management Institute 2010


Speaker(s): Arthur B. Laby, Barry P. Barbash, David Bergers, Elizabeth R. Krentzman, Gene A. Gohlke, James N. Benedict, Joan E. McKown, Joel H. Goldberg, John E. Baumgardner, Jr., Joseph W. Sack, Lori A. Martin, Michael S. Sackheim, Norm Champ, Paul F. Roye, Philip L. Kirstein, Robert E. Plaze, Stephanie M. Monaco, Susan M. Olson
Recorded on: Apr. 8, 2010
PLI Program #: 22706

Stephanie M. Monaco is a partner in Mayer Brown’s Financial Services Regulatory & Enforcement practice group. She advises investment management firms, investment companies, broker-dealers and hedge funds across a broad range of investment management needs. Formerly an attorney with the U.S. Securities and Exchange Commission, Stephanie brings a deep understanding of the regulatory environment to counseling clients on issues of compliance and product development. Stephanie joined Mayer Brown in 2005. She also worked with the SEC’s Division of Investment Management, first in the Division’s Chief Counsel’s Office (1983-1986) and, later, in the Division’s Office of Investment Company Regulation (1988-1991).


Robert E. Plaze is a partner in the Washington office of Stroock & Stroock & Lavan LLP.  Mr. Plaze counsels investment advisers, investment companies (and their boards of directors) and other industry service providers on regulatory and compliance matters arising under the federal securities laws. Before joining Stroock, he served as Deputy Director of the Division of Investment Management of the U.S. Securities and Exchange Commission. During his nearly 30 years of service with the Commission, Mr. Plaze was responsible for policy development and management of many of the key regulatory initiatives during that period affecting investment companies and investment advisers under the Investment Company Act of 1940 and the Investment Advisers Act of 1940, including rules governing fund and adviser compliance programs, money market funds, fund corporate governance, personal trading, custody and brokerage practices, and prohibitions on “pay to play” practices.

Mr. Plaze is a member of the District of Columbia Bar Association, and serves as Chairman of its Investment Management Committee.  His listed in The Best Lawyers in America.  Mr. Plaze received both his AB and JD degrees from Georgetown University.


David P. Bergers is the Acting Deputy Director of the Division of Enforcement of the U.S. Securities and Exchange Commission. In his role as Acting Deputy Director, Mr. Bergers is responsible for helping to set enforcement priorities for the SEC and to supervise the civil law enforcement efforts of more than 1,200 SEC personnel located in 12 offices across the country. In addition to serving as Acting Deputy Director, Mr. Bergers has served since 2006 as Director of the Boston Regional Office. The SEC’s Boston Office is responsible for the SEC’s enforcement and examination programs in Massachusetts, Connecticut, New Hampshire, Maine, Vermont and Rhode Island, with over 1100 investment advisers, approximately 60 mutual fund complexes, 375 broker-dealers and over 500 actively traded public companies located in the region. Prior to his appointment as Regional Director, Mr. Bergers served in a number of enforcement positions of increasing responsibility, including head of enforcement in Boston. He has headed hundreds of SEC investigations into broker-dealer and investment adviser fraud, insider trading, financial fraud and other securities law violations.

Mr. Bergers received the SEC’s Stanley Sporkin Award in 2010 for his contributions in the restructuring of the Enforcement Division. He received the SEC and NTEU Labor-Management Relations Award in 2011 and 2012 for his work on a union-management team that helped restructure the SEC’s national examination program. He also was one of several Enforcement staff who received the SEC’s Law and Policy Award in 2011 for his contributions to the development of the SEC’s whistleblower rules.

Mr. Bergers has practiced with law firms in Philadelphia and Boston and also has served as a vice president and assistant general counsel of a regional broker-dealer and an affiliated investment adviser. A recipient of a Lawyer of the Year Award from Massachusetts Lawyers Weekly (2006), Mr. Bergers obtained his bachelor’s degree from Eastern Nazarene College in 1989 and his law degree from Yale Law School in 1992.


GENE A. GOHLKE

Mr. Gohlke is Associate Director for Investment Company and Adviser Compliance in the Securities and Exchange Commission's Office of Compliance Inspections and Examinations. In this position, he is responsible for managing the Commission's program for the examination of registered investment companies and investment advisers. Mr. Gohlke has been a member of the Commission's staff since 1975.
 


James N. Benedict is a partner in the New York office of Milbank, Tweed, Hadley & McCloy, chairman of the firm's Litigation & Arbitration Group and head of its Securities Litigation Practice Group. Prior to joining Milbank in 2004, Mr. Benedict was a partner at Clifford Chance (formerly Rogers & Wells) since 1982 where he served as head of the Global Litigation & Dispute Resolution Practice and, before that, as managing partner for the Americas Region.
Primary Focus & Experience

Mr. Benedict focuses in complex commercial litigation, with emphasis on multiparty class and derivative suits in state and federal courts throughout the nation. In his more than 35 years of practice, Mr. Benedict has handled a wide variety of trial and appellate civil litigation involving securities, antitrust and other issues for some of the largest and best known corporations in America, including Citigroup, Inc., MasterCard International Incorporated, Merrill Lynch & Co., Inc., Prudential Financial and The Coca-Cola Company.

Mr. Benedict has handled several hundred major class and shareholder derivative actions alleging violations of state and federal antitrust and securities laws including some of the largest class actions in the nation. For example, he has acted as the lead attorney defending clients in In re Initial Public Offering Securities Litigation (S.D.N.Y.), In re Merrill Lynch & Co. Inc. Research Reports Securities Litigation (S.D.N.Y.), In re Enron Corporation Securities, Derivatives and ERISA Litigation (S.D. Tex.), In re Mutual Funds Investment Litigation (D. Md.), and In re VisaCheck/MasterMoney Antitrust Litigation (S.D.N.Y.).

In addition, Mr. Benedict has had more than 35 years of experience representing mutual fund investment advisers and their affiliates in litigation under the federal securities laws. During this period, he has successfully defended more than 100 excessive management fee suits and other actions mounted against some of the largest investment advisers in the nation, including AllianceBernstein, American Century, Capital Research, Citigroup, Deutsche Bank, Dreyfus, Federated, Fidelity, ING, Legg Mason, Merrill Lynch, Neuberger Berman, Prudential, and SunAmerica. These suits include Gartenberg v. Merrill Lynch Asset Management, Inc., which was the first case of its kind to be tried on the merits under the Investment Company Act of 1940 and remains the leading case in that area; and Krinsk v. Fund Asset Management Inc., the first case to be tried involving the propriety of a Rule 12b-1 distribution plan.

Most recently, Mr. Benedict successfully tried the Capital Research excessive fees action, which challenged the receipt by Capital Research and its affiliates of more than $15 billion in investment advisory, Rule 12b-1, and administrative fees paid by eight of the largest American Funds over the period 2003-2009. After a two week trial, the court rendered a 105 page opinion dismissing plaintiffs' complaint with prejudice. In re American Mutual Funds Fee Litigation, No. CV 04-5593 GAF (RNBx) (C.D. Cal. Dec. 28, 2009). This case was one of the largest (if not the largest) securities actions ever to go to trial, and was the first excessive fee case in the mutual fund industry to be tried to judgment in more than 20 years.

Mr. Benedict is currently handling numerous securities class actions and derivative suits resulting from the current credit crunch and previous mutual fund scandal. These cases involve a wide variety of products and issues, including subprime mortgages, auction rate securities, collateralized debt obligations, initial public offerings, prospectus disclosures and mutual fund management fees.

Recognitions & Accomplishments

Mr. Benedict has been consistently honored by Chambers USA as one of the nation's leading securities litigators, and in 2009 was the recipient of Chambers USA Award for Excellence in Securities Litigation. He has been selected each year by Lawdragon magazine as one of the 500 Leading Lawyers in America. Lawdragon has also selected him as one of the nation's 500 top litigators, and as one of the 100 Lawyers You Need to Know in Securities Litigation. Mr. Benedict has also been recognized as a leading litigator by The Best Lawyers in America, The Legal 500, Benchmark: Litigation, the Guide to the World's Leading Litigation Lawyers, The International Who's Who of Commercial Litigators, and New York Super Lawyers.

Mr. Benedict regularly lectures at industry conferences and other forums, and has published more than three dozen articles which have appeared in numerous publications, including the Cornell Law Review, New York University Law Review and The Review of Securities and Commodities Regulation. He is a member of the Board of Advisors of the Mutual Fund Directors Forum, and a member of the Board of Editors of The Review of Securities and Commodities Regulation, the Securities and Class Action Litigation Report, and the Villanova Journal of Law and Investment Management.

Board Memberships

Mr. Benedict is a Trustee of the United States Ski and Snowboard Team Foundation and a member of the Board of Trustees at Albany Law School. He has previously served as a Trustee for St. Lawrence University, as President of both his college and law school alumni associations, and as a director of several other charitable and community organizations.
 


Joel Goldberg has more than 25 years’ experience advising mutual funds, as well as mutual fund management teams and independent directors. Mr. Goldberg has particular expertise in the areas of mutual fund regulation and investment adviser regulation. He regularly advises clients on complex questions relating to distribution, including issues arising under Rule 12b-1.

Mr. Goldberg has authored numerous publications on various aspects of the Investment Company Act of 1940. He has also lectured frequently and participated in many panels on these and related subjects.

Prior to joining Stroock, Mr. Goldberg was a partner at Willkie Farr & Gallagher LLP and Shearman & Sterling LLP. He also has 13 years’ experience in various government positions, including his tenure as Director of the Securities and Exchange Commission’s Division of Investment Management.


Arthur Laby is Professor at Rutgers Law School, Co-Director of the Rutgers Center for Corporate law and Governance, and formerly Assistant General Counsel of the U.S. Securities and Exchange Commission. Arthur teaches securities regulation, business organizations, mutual fund regulation, fiduciary law, and other courses. His research focuses on the regulation of investment advisers and broker-dealers, conflicts of interest, and the fiduciary relationship. Arthur is a frequent speaker in the United States and abroad and has published widely in the areas of financial services regulation and the fiduciary relationship. Arthur also has worked with prominent law firms on regulatory, compliance, and enforcement matters.

Before joining the Rutgers faculty, Arthur served for nearly ten years on the staff of the U.S. Securities and Exchange Commission, including positions in the Office of International Affairs, the Division of Investment Management, and the Office of General Counsel. As Assistant General Counsel, Arthur advised the Commissioners, the General Counsel, and the SEC’s operating divisions on legal, policy, and administrative law issues raised by SEC rulemakings and enforcement matters, with a focus on investment management and international securities regulation.

Arthur recently completed a four-year term as a Director of the Certified Financial Planner Board of Standards (CFP Board). He is a member of the American Law Institute, the Executive Committee of the American Association of Law Schools Section on Securities Regulation, the Academic Advisory Board of the Philadelphia Chapter of the National Association of Corporate Directors, and the SEC Historical Society Board of Advisors.

Arthur is a magna cum laude graduate of Boston University School of Law, where he was an editor on the Law Review. He is a magna cum laude graduate of the University of Pittsburgh where he was elected to Phi Beta Kappa. Arthur clerked for the Honorable J. Frederick Motz, United States District Court for the District of Maryland, after which he joined the law firm of WilmerHale (then Wilmer, Cutler & Pickering) in Washington. From 1994 to 1996, Arthur was awarded a Fulbright scholarship and taught at two law schools in Germany.


Barry P. Barbash is a co-head of the firm’s Asset Management Group and has been a practitioner in the asset management area for over 35 years.  He combines deep private practice experience with extensive knowledge of the regulation of the asset management business, having, among other things, served from September 1993 until October 1998, as the Director of the Securities and Exchange Commission’s Division of Investment Management.

Mr. Barbash has a diverse practice covering all aspects of the asset management business. He regularly advises investment managers and fiduciaries, independent directors and trustees, and mutual fund, exchange-traded fund, hedge fund, private equity fund and venture capital fund clients on a variety of transactional, compliance and regulatory matters. His areas of expertise include investment adviser operations, compliance procedures and policies and fund governance matters.  He regularly represents buyers and sellers in asset management merger and acquisition transactions and restructurings and advises asset managers of all types in connection with administrative and court actions brought by securities regulators.  He has particular experience and expertise dealing with “status” issues arising under the Investment Advisers Act of 1940 and the Investment Company Act of 1940.  He has, in addition to serving as the Director of the SEC’s Division of Investment Management, held staff attorney positions with the Division of Investment Management and the Plan Benefits Security Division of the Office of the Solicitor of the U.S. Department of Labor, which has responsibility for the administration of the fiduciary responsibility provisions of the U.S. federal employee benefit plans law.  His practice has been focused on investment advisers, fiduciaries and securities regulation since 1978.

Mr. Barbash received a JD from Cornell Law School in 1978, and an AB (summa cum laude) from Bowdoin College in 1975.

Selected Significant Matters

  • Serves as independent counsel to three mutual fund boards.
  • Served as independent counsel to the independent directors of a non-U.S. investment company having substantial investments in the securities of Puerto Rico issuers.
  • Lead partner in serving as legal counsel to numerous investment advisers of major U.S. mutual fund complexes and private funds.
  • Successful representation of numerous clients before the SEC in connection with examinations and potential enforcements actions.


Elizabeth Krentzman serves as Deloitte’s U.S. mutual fund leader where she oversees national development and delivery of mutual fund strategies across audit, tax, financial advisory and consulting to mutual fund complexes, boards of directors and service providers.

Elizabeth has over 25 years of experience in the asset management industry, including as former General Counsel to the Investment Company Institute (ICI).  During her tenure at the ICI, she was recognized by Compliance Reporter as “Lobbyist of the Year” in connection with her regulatory efforts.  Before joining the ICI, Elizabeth spent seven years at Deloitte & Touche where she led the investment management regulatory services group for the Financial Regulatory Consulting practice. Elizabeth also formerly served as an Assistant Director in the U.S. Securities and Exchange Commission’s Division of Investment Management, where she was responsible for rules involving investment company reporting and investment adviser registration and disclosure obligations.  Elizabeth began her career with the law firm of Ropes & Gray, where she handled regulatory and compliance matters for investment companies, their advisers and directors. 

Elizabeth serves on the editorial board of The Investment Lawyer, is a published author and speaks at numerous conferences in the United States and around the world.  She is also a member of the Advisory Board of the SEC Historical Society.  Elizabeth is a member of the District of Columbia and Florida Bar Associations and is a former chair of the District of Columbia Bar Investment Management Subcommittee.  She received her BA and JD degrees from the University of Florida and served on the University of Florida Law Review.


John Baumgardner is engaged in a wide variety of corporate and securities matters and coordinates the Firm’s practice in the investment management area. He is also a member of the Firm’s Financial Services, Investment Management, Broker-Dealer and Commodities, Futures and Derivatives Groups.

Mr. Baumgardner has represented issuers, independent trustees, advisers and underwriters of dozens of U.S. registered, publicly offered open- and closed-end investment companies, and currently concentrates on independent trustee engagements, including those sponsored by Fidelity Fixed Income Funds, Fidelity Sector Funds, and Pioneer Investments. He has represented the Investment Company Institute, the principal trade association of the mutual funds industry, on some of its most important projects. Mr. Baumgardner’s practice also includes representation of private equity and alternative investment funds and various U.S. registered broker-dealers.

Mr. Baumgardner has been a frequent speaker or panelist at conferences sponsored by the Practising Law Institute, Investment Company Institute and the New York City Bar Association. He was former chair of the Committee on Investment Management Regulation of the Association and is the Chair of the Association’s Committee on the Investment of Funds.

Mr. Baumgardner has been named in The Best Lawyers in America for more than 15 years. He has also been recognized as a leading lawyer by numerous publications.

Mr. Baumgardner is a member of the Board of Advisors of the Yale School of Music and on the Board of Directors of OperaAmerica. He is also a member of the Princeton University Advisory Council for the Department of Politics. Mr. Baumgardner was until August 2012 a director of New York City Opera.

Mr. Baumgardner is also Chairman of The Lakeville Journal Company, LLC, a community newspaper group in Northwest Connecticut.


Lori A. Martin is partner in the Securities and Litigation/Controversy departments of WilmerHale, where she is resident in the New York office. She handles regulatory proceedings and litigation on behalf of investment advisers, open and closed-end investment companies, hedge funds, and broker dealers offering investment advisory services. She was selected as the “Mutual Funds Law Lawyer of the Year” in the New York area by The Best Lawyers in America® in 2014 and 2020. Prior to joining WilmerHale, she was First Vice President and Assistant General Counsel of Merrill Lynch Investment Managers.

Her publications include: “Litigation Under the Investment Company Act of 1940,” Vol. 2, Chapter 26 Mutual Fund Regulation (Practicing Law Institute, 2017) (Clifford E. Kirsch, ed.); “Supreme Court Endorses Gartenberg, But It's Not the Same Old Standard,” WilmerHale Client Alert (April 5, 2010) (with Matthew A. Chambers); “Enforcement Trends and Themes,” Investment Management Institute (Practicing Law Institute, 2007-2019); “State Regulators and the Mutual Fund Industry,” 39 The Review o/Securities & Commodities Regulation 219 (Nov. 15, 2006) (with Cristina Alger); and “Emails and the Recordkeeping Obligations of Investment Advisers,” 12 The Investment Lawyer 16 (February 2005).

Ms. Martin's recent speeches include: "Investment Management: Enforcement and Litigation Trends," panel presentation at the Investment Management Institute 2019 conference, sponsored by the Practising Law Institute (New York, New York) (March 22, 2019) ; “Excessive Fee Litigation, Contract Renewal and Share Class Developments,” panel presentation at the PLI Basics of Mutual Funds and Other Registered Investment Companies 2018 conference (New York, New York) (May 14, 2018); “Investment Management:  Enforcement and Litigation Trends,” panel presentation at the PLI Investment Management Institute 2018 conference (New York, New York) (April 30, 2018); “Key Legal and Regulatory Issues:  Asset Management,” panel presentation at the SIFMA Compliance & Legal Regional Seminar (Boston, Massachusetts) (June 7, 2017); and “Valuation Issues, SEC Examinations & Enforcement Actions,” panel presentation on a webinar co-sponsored by Deloitte & WilmerHale (June 19, 2013).

Ms. Martin graduated with honors from the University of Chicago School of Law in 1988, where she was a member of the University of Chicago Law Review. She graduated with honors from Wellesley College in 1985.


Paul F. Roye is a senior vice president and senior counsel of the Fund Business Management Group of Capital Research and Management Company ("Capital Research"); director of Capital Research; member of Capital Research Executive Committee; vice chairman and trustee of the Capital Group Private Client Services Funds, Capital Group Emerging Markets Total Opportunities Fund and Emerging Markets Growth Fund, Inc.; executive vice president, principal executive officer and trustee of Washington Mutual Investors Fund; executive vice president and principal executive officer of Growth Fund of America, American Funds Fundamental Investors and SMALLCAP World Fund; and senior vice president of American Balanced Fund, The Income Fund of America and Investment Company of America.

Prior to joining Capital Research in 2005, he was Director of the Division of lnvestment Management for the U.S. Securities and Exchange Commission, where he worked for three SEC Chairman and was among the most senior financial services regulators in the United States, with principal oversight for the investment management industry and public utility holding companies. During his tenure, he received the Chairman's Award of Excellence, the highest honor that can be bestowed upon an SEC staff member. Prior to becoming director, he was a member of the Washington office of the law firm of Dechert, where he was a partner in the firm's Financial Services, lnvestment Management and Corporate Securities Practice Group, specializing in the area of institutional investor law. His practice involved providing advice and assistance to a wide variety of domestic and foreign investment companies, as well as investment advisers, broker-dealers, banks and insurance companies.

Paul holds a J.D. from the University of Michigan Law School at Ann Arbor, where he was Note and Comment Editor of the University of Michigan Journal of Law Reform. He also holds an A.B., cum laude, from Dartmouth College in Hanover, New Hampshire. Paul serves on the Investor Issues Committee of the Financial Industry Regulatory Authority and on the Board of Directors of the Association of Securities and Exchange Commission Alumni and Friends of the Legal Resources Centre of South Africa. He also serves on the Executive Council of the Federal Bar Association.

Paul is admitted to practice law in the District of Columbia and is a member of the District of Columbia Bar Association.


Joan McKown has more than 30 years of experience in Securities and Exchange Commission (SEC) enforcement and financial regulatory matters including investigations, exams, internal investigations, and disputes throughout the United States. She has in-depth knowledge of investigatory issues relating to financial fraud, corporate disclosure, corporate governance, accounting, compliance, private equity, FCPA, broker dealer, investment adviser, investment companies, and insider trading. Joan represents corporations, and financial services firms, and their officers, directors, and employees, counseling them to avoid regulatory scrutiny, and when necessary, resolving matters on the best terms possible.

Prior to joining Jones Day in 2010, Joan was the longest serving chief counsel in the Division of Enforcement at the SEC, where she played a key role in establishing enforcement policies and worked closely with Commission and senior SEC staff. Joan literally wrote the book on SEC enforcement when she oversaw creation of the first version of the SEC Enforcement Manual. As chief counsel, she led hundreds of Wells meetings and settlement negotiations. At Jones Day, Joan has extensive experience submitting persuasive Wells submissions, having reviewed thousands of such submissions while on the SEC staff.

Joan is the president-elect of the board of trustees of the SEC Historical Society. She also serves on the Executive Committee of the board of trustees of the Legal Aid Society of the District of Columbia. She frequently speaks and writes on SEC enforcement related topics.


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).

Norm’s book, Going Public, about his experiences at the SEC is due out from McGraw-Hill in 2017.

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. 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 created to provide transparency to the industry and to engage with boards and senior management of asset management firms.

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.

Norm is one of several members of the SEC’s Division of Investment Management who have recently joined Kirkland’s Investment Funds Group Regulatory Practice. Jamie Walter served as senior counsel in the Private Funds Branch of the Division’s Rulemaking Office. Aaron Schlaphoff was an attorney fellow in the Division’s Rulemaking Office.

Norm is a frequent and seasoned speaker having presented on securities law topics at SEC programs, Princeton University’s Bendheim Center for Finance, the Practicing Law Institute, ICI, SIFMA, MFA, the Saudi Central Bank, the New York City Bar Association, the International Bar Association, the ACA Compliance Group, Financial Times, and others.

He is also a lecturer on investment management law at Harvard Law School.

Mr. Champ has an A.B. in History from Princeton University and a J.D. from Harvard Law School. He was a Fulbright Scholar at King’s College in London where he received his M.A. in War Studies.


Michael Sackheim is senior counsel in the New York office of Sidley Austin LLP where he concentrates on derivatives regulatory, transactional and enforcement matters.  Michael is a past Chair of the New York City Bar Derivatives Regulation Committee, and he is the managing editor of Futures & Derivatives Law Report (Thomson Reuters, publ.).  Michael is also the co-editor of a new legal treatise, The Virtual Currency Regulation Review (November 2018, Law Business Research Ltd).


Philip L. Kirstein was the Independent Compliance Officer and Senior Officer to the Boards of the AllianceBernstein U.S. registered investment companies from October 2003 until December 31, 2017. Previously, he was the General Counsel of Merrill Lynch Investment Managers, LP (formerly Merrill Lynch Asset Management) from May 1984 through March 2003 and was Of Counsel to Kirkpatrick & Lockhart LLP from October 2003 until October 2004.

Mr. Kirstein is a member of the New York City Bar Committee on the Investment of Funds and a past Chair of the New York City Bar Committee on Investment Management Regulation. He is also a former member of the American Bar Association Committee on Federal Regulation of Securities, Subcommittee on Investment Companies and Investment Advisers; and a former member of the Executive Committee and Board of Directors of ICI Mutual Insurance Company and the Planning Committee of the Investment Company Institute/Federal Bar Association Mutual Fund Conference.

Mr. Kirstein was a member of the Independent Directors Council Task Force that prepared the Board Oversight of Fund Compliance Report. He is a frequent panelist at conferences regarding investment company legal, compliance and regulatory issues.

Mr. Kirstein is a graduate of the University of North Carolina (Chapel Hill), College of Law, Syracuse University and School of Law, New York University. 

Mr. Kirstein is a former member of the Board of Directors of Cancer Care of New Jersey and a former member of the board of Directors of the Susan G. Komen for the Cure, Central and South Jersey affiliate. He is currently on the Investment Committee of the New York New Jersey Trail Conference, Inc. He retired as a Captain of the United States Naval Reserve. 

 


Susan Olson is Chief Counsel of ICI Global, after serving as the Investment Company Institute's Senior Counsel for International Affairs since 2007.  Before joining ICI, Olson served in the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC).  At the SEC, Olson 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, Olson worked in private practice.  She received her undergraduate degree from Wellesley College and her law degree from the University of Virginia.