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Nuts & Bolts of Financial Products 2010


Speaker(s): Audrey C. Talley, Bradley H. McGrath, Bruce Karpati, Clifford E. Kirsch, Donna M. Parisi, Eric D. Roiter, John C. Cocchiarella, Kenneth L. Josselyn, Kiye Sakai, Laurin Blumenthal Kleiman, Rebecca J. Simmons, Richard G. Larkins, Robert L.D. Colby, Robert S. Risoleo, Scott J. Lederman, Stuart M. Litwin, W. Thomas Conner
Recorded on: Feb. 22, 2010
PLI Program #: 23346

Audrey C. Talley is a partner with Drinker Biddle & Reath LLP’s Investment Management Group. She concentrates her practice in investment management, corporate and securities, and general corporate law matters, including federal and state securities law compliance, public and private offerings, and securities compliance matters related to the financial services industry, including investment companies, underwriters, investment advisors, and banks. Audrey received her J.D. from Boston University School of Law in 1981, her M.A. from the University of Southern California in 1978, and her B.A. from Vanderbilt University in 1973.


John C. Cocchiarella is currently Director and Counsel at Citi Institutional Clients Group in New York, where he currently advises on capital markets, investment banking and M&A/advisory.  He spent part of 2007 working in Citi’s Hong Kong office on secondment in a similar capacity. Prior to joining Citi in July 2004, he worked for six years at the New York and London offices of Cravath, Swaine & Moore LLP as a corporate attorney advising on a wide variety of capital markets, M&A and credit transactions, as well as on general corporate matters. He graduated from The University of Texas School of Law in 1998 and from Middlebury College in 1993.


ERIC D. ROITER

Mr. Roiter is presently  a lecturer on law at Boston University School of Law and Boston College Law School. From 1997 to June 2008, Mr. Roiter served as Senior Vice President and General Counsel of Fidelity Management & Research Company (FMR Co.), headquartered in Boston, Massachusetts, the investment adviser arm of Fidelity Investments, the nation’s largest mutual fund group. As General Counsel, Mr. Roiter was responsible for supervising and providing legal advice and representation for all aspects of Fidelity’s mutual fund business. 

From 1985 to 1997, Mr. Roiter was a corporate partner with Debevoise & Plimpton, resident in its Washington, D.C. office, specializing in securities and financial services law.  Prior to joining Debevoise & Plimpton as an associate in 1981, Mr. Roiter was with the U.S. Securities and Exchange Commission in Washington, D.C., serving in various legal positions, including Assistant General Counsel from 1979 to 1981.

Mr. Roiter received a J.D. degree in 1973 and an LLM (specializing in securities laws) in 1981  from Georgetown University Law Center. He received his undergraduate degree from the University of Rhode Island (1970) where he was elected to the Phi Kappa Phi honor society.
 


Bob Risoleo joined Sullivan & Cromwell’s New York office in 1985, was named partner in 1992 and has been resident in the Firm’s Washington, DC office since 2000. Mr. Risoleo is a member of the Firm’s Corporate and Finance Group with broad experience in U.S. and cross-border securities offerings, acquisitions and joint ventures, as well as project and structured finance. His corporate finance practice has included scores of domestic and international debt and equity offerings, including privatizations on three continents, as well as securitizations of receivables and other collateral, complex tax-based structures utilizing swaps and other derivatives, and the development of innovative preferred stock products and structured notes. Mr. Risoleo advises a number of foreign and domestic public companies with respect to a wide range of corporate and securities matters, including compliance with the requirements of the Sarbanes-Oxley Act, the Dodd-Frank Act and related regulations. He is co-coordinator of the Firm’s corporate law practice and secretary of its opinion practice committee.  He is a regular speaker at continuing legal education programs on topics relating to new financial products, securities offerings and the federal securities laws, and is also a member of the Tri-Bar Committee on Legal Opinions.

Mr. Risoleo has been recognized as a leading lawyer in The Best Lawyers in America for both corporate and securities work (2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015) as well as IFLR1000 (2013, 2014, 2015). He has been ranked in Chambers Latin America and Chambers Global in various Capital Markets.


Bradley H. McGrath
KPMG, LLP, Director, Transactions & Restructuring – Accounting Advisory Services, New York City

Master of Science in Accounting, Texas A&M University
Bachelor of Science in Accounting, Texas A&M University
Licensed CPA in New York and Texas

Brad is a Director in the New York office of KPMG’s Transactions & Restructuring – Accounting Advisory Services practice. He provides technical accounting assistance to a number of audit and advisory clients, primarily in the financial services industry.  Technical areas of concentration include derivative instruments and hedging activities, consolidations, securitizations, and financial instruments.  Brad is a member of KPMG’s Financial Instrument and Derivatives Resource Team, and he has experience applying accounting principles under both US Generally Accepted Accounting Principles and International Financial Reporting Standards.

Prior to joining KPMG, Brad held a one-year appointment as a Postgraduate Technical Assistant at the Financial Accounting Standards Board (“FASB”).  During his time there, he worked on various FASB and Emerging Issues Task Force projects related to derivative instruments and hedging activities, fair value, and revenue recognition.


Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland (now Eversheds Sutherland) in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.

Experience

Eversheds Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Eversheds Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Eversheds Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.  Eversheds Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Eversheds Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Eversheds Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

Professional Activities

Member, New York City Bar Association

Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania

Former Chair, FINRA Variable Products Committee

Former Board Member, National Society of Compliance Professionals


Donna Parisi is global co-head of Finance at Shearman & Sterling and global head of the firm’s Derivatives & Structured Products practice.

Donna is a leading lawyer in the derivatives and structured products space, respected and recognized for the breadth of her knowledge of derivatives transactions and agreements, regulatory requirements and commercial considerations.

Donna advises clients on the full range of derivatives, structured products, securitization, capital markets and commodities matters. In particular, she has assisted clients in developing and structuring new financial products and has extensive experience in the negotiation and documentation of OTC derivative transactions across all asset classes. In addition, her practice includes the exchange-traded futures and options markets, as well as advising on a variety of investment management matters.

She is ranked as a leading attorney by all prominent legal directories, was recently selected as one of the world’s leading attorneys for Structured Finance and Securitization by Expert Guides and received a Finance Monthly Global award in recognition of her outstanding legal work.

Donna holds a JD from Boston College Law School, where she graduated magna cum laude, Order of the Coif, and a B.A. from Vassar College. She frequently serves as a panelist at events organized by the Financial Times, Glass Hammer, Thomson Reuters and the Practising Law Institute, among others, and has published broadly on the global regulatory reforms following from the recent financial crisis.


Kenneth L. Josselyn is General Counsel for Finance and Corporate Legal. He joined Goldman Sachs in 1988 as a Vice President in New York and became a Managing Director in 2001.

Prior to joining the firm, Ken was an associate at Sullivan & Cromwell in New York and London.

Ken is past Chairman of the SIFMA Capital Markets Committee and a former member of the Corporate Finance Advisory Committee of FINRA. He is currently a member of the SIFMA Retail Structured Products Committee.

Ken earned an AB from Harvard in 1977 and a JD from Harvard Law School in 1980. He lives in New York.


Laurin Blumenthal Kleiman is a co-leader of Sidley’s Investment Funds Global Practice Group. She advises a wide range of domestic and international investment funds and managers on regulatory, compliance and enforcement issues. Laurie is a frequent speaker on investment manager and fund regulation and compliance as well as on issues relating to the advancement of women in law.

Strong advocacy on behalf of her clients has earned Laurie acknowledgment in numerous industry publications, including Chambers USA, The Legal 500 and U.S. News & World Report. She is recognized in the area of Mutual Funds Law by The Best Lawyers in America®, with sources telling the publication: “Ms. Kleiman has been extremely professional and knowledgeable in her service to our firm. We trust her advice explicitly” and “[Laurie] is a true expert in her area, and remarkably commercial and practical.” Laurie was named to Crain’s New York Business’ inaugural “Leading Women Lawyers in New York City” list, where she was lauded as being among the 100 “trailblazing women” who have “found multiple paths to excellence” and have displayed “fierce determination, passion for the law, keen intelligence, and inspiring achievement.” Laurie also was named one of the “50 Leading Women in Hedge Funds” by the Hedge Fund Journal.

Laurie is an active proponent of advancement of women in the legal profession. She is a member and former firmwide co-chair of Sidley’s Committee on Retention and Promotion of Women, which oversees the SidleyWomen initiative. Sidley has been recognized repeatedly for its groundbreaking women’s initiatives, including by Working Mother Magazine’s “50 Best Law Firms for Women, by the Women in Law Empowerment Forum (WILEF), and by Chambers’ with its “Most Inclusive Firm for Minority Women Lawyers” and “Outstanding Firm in Advancing Gender Diversity and Inclusion” honors. Laurie is a frequent speaker on diversity issues, is a member of the WILEF advisory board and was named “2016 Gender Diversity Lawyer of the Year” by Chambers. Laurie is also a member of the Managed Funds Association’s Outside Counsel Forum, the Vanderbilt University Law School Board of Advisors and the board of trustees of the Adaptive Sports Foundation.

Education

  • Vanderbilt University Law School (J.D., Editor, Vanderbilt Law Review)
  • Vanderbilt University (B.A., English and Psychology)


Rebecca Simmons is a partner in S&C’s Financial Services and Capital Markets Groups, head of its payments practice and co-head of its FinTech practice. She represents clients in the development of payments, settlement, clearing and other financial technology businesses and systems; in the structuring and development of financial products, novel securities and structured transactions; in insolvency related matters and resolution planning, including living wills; and in regulated transactions such as the development of new lines of business and corporate acquisitions. Her practice areas include U.S. banking and commodities laws and regulation, payments, technology and outsourcing matters, bankruptcy and insolvency issues relating to complex transactions, corporate restructuring, derivatives structuring and regulation, U.S. securities laws and capital markets transactions. She was recently named a Fintech “MVP” by Law360.

Ms. Simmons has represented financial institutions in developing and operating payments, clearing and settlement, trading and related systems, including the establishment of CLS Bank, the foreign exchange settlement system; the development of several synthetic-AAA derivative products companies and services, including the first such service conducted within an insured depository institution; the development of rules for derivatives clearing organizations to accommodate cleared swap transactions; and in the development of payment systems utilizing distributed ledger and related technologies. She represented a consortium of banks in the development of Identrus, an early identity certification service, and continues to be involved in issues relating to identity and authentication in web commerce.

Ms. Simmons leads S&C’s resolution planning practice and payments practice. Her insolvency-related practice addresses insolvency and bankruptcy matters inherent in structuring transactions and business relationships, the restructuring and resolution of failed financial institutions, and resolution planning in response to U.S. and other regulatory requirements. Her work includes assisting payment and clearing systems in assessing and addressing the risk posed by potential member defaults. She also continues to represent a range of clients in derivatives, structured products and other transactions, financial institutions in capital markets and related transactions, and non-U.S. banks with respect to the financing and operation of their U.S. operations.

Ms. Simmons is the former chair of the Business Law Section of the New York State Bar Association and the former chair of the Committee on Futures Regulation of the New York State Bar Association. She has served as a member of the Committee on Futures Regulation and the Committee on Banking Law of the New York City Bar Association. In addition, she is a member of the board of the advisory board of Legal Information for Families Today; the board of the New York chapter of the Swiss-American Chamber of Commerce; Columbia Law School’s board of visitors; and the President’s Advisory Council of the Chesapeake Bay Foundation.


Role

Richard is a Partner in Ernst & Young LLP’s National Tax Department in Washington, D.C. Richard works in the Capital Markets Tax Practice and specializes in the taxation of financial products and transactions.

Richard has nearly twenty-five years of experience in the taxation of financial products and transactions. He currently consults with clients on a range of tax issues regarding the taxation of debt instruments, cross-border financing transactions, debt and equity financing, bankruptcy workouts, debt renegotiations, derivatives, hedging transactions, and securitizations.

Richard is a frequent speaker at tax conferences and has authored numerous articles on various topics related to the taxation of financial transactions.  Richard is also a contributing author to the Federal Income Taxation of Debt Instruments (Seventh Edition), published by CCH.

 

Background

Immediately prior to joining Ernst & Young in 2002, Richard was a Principal in Arthur Andersen’s Office of Federal Tax Services in Washington, D.C. Richard has also worked in the U.S. Federal Government as an Attorney-Advisor in the Internal Revenue Service Chief Counsel’s office and as a Special Assistant to the Assistant Attorney General (Tax Division) in the U.S. Department of Justice.  In addition, Richard was an associate at two large law firms.

Richard received a B.A. in Accounting from the University of Washington (1984) and a J.D. from the Northwestern University School of Law (1990). Richard is admitted to the Bar in both Illinois and the District of Columbia. Richard also is a Certified Public Accountant (CPA) licensed in both Washington state and the District of Columbia.

He is a member of the American Institute of CPAs, the National Association of Black Accountants, the American Bar Association, the National Bar Association, and the D.C. Bar Association.  Richard is the chair of the steering committee of the Taxation Section of the D.C. Bar Association.  In addition, Richard is a past vice-chair and chair of the Financial Products Committee of the Taxation Section of the D.C. Bar Association.


Scott J. Lederman shares responsibility for various business relationships and complex product offerings. Mr. Lederman is President and Chief Executive Officer of the Grosvenor Registered Multi-Strategy Funds complex, a member of the Public Markets Seeding Investment Committee, and is responsible for the legislative and regulatory affairs of the firm. In addition, he manages regulatory and administrative matters relating to GCM Grosvenor’s non-U.S. affiliates and structures and implements and manages relationships with certain third party asset managers. Prior to joining GCM Grosvenor, from 1993 to 1998, Mr. Lederman was successively the General Counsel and Chief Operating Officer of S.A.C. Capital Advisors, L.L.C Before joining S.A.C., he was a Partner in the Chicago law firm of Coffield Ungaretti & Harris. From 1984 to 1988, Mr. Lederman practiced at Goldberg Kohn Bell Black Rosenbloom & Moritz, and from 1982 to 1984, he was associated with Levy & Erens. Mr. Lederman received his Bachelor of Science magna cum laude in Economics in 1978 and his Master of Business Administration in Finance in 1979 from The Wharton School of the University of Pennsylvania. He then earned his Juris Doctor cum laude from the University of Chicago in 1982. Mr. Lederman is a member of the Illinois Bar and New York Bar. Mr. Lederman is the author of “Hedge Fund Regulation, Second Edition,” as well as chapters on hedge funds contained in “Financial Product Fundamentals” and “Investment Adviser Regulation,” all of which are publications of the Practicing Law Institute.


Stuart M. Litwin is a partner and co-head of the Securitization/Structured Finance Practice at Mayer Brown LLP.

Stuart is one of the leading and most experienced lawyers in the United States in the representation of originators, investment banks, marketplace platforms, warehouse lenders, underwriters, aggregators, ABCP conduit sponsors, hedge funds, commercial banks and investors (including mutual funds) in structuring, negotiating and documenting U.S. and international asset-backed and other securities transactions, structured financings and loan purchase transactions.

His experience has involved the securitization of virtually all asset types, and he is recognized as an expert in the securitization of retail and commercial auto loans and leases, consumer and small business marketplace loans (including payment processing loans), FFELP and private student loans, dealer floorplan receivables, equipment leases and loans, cell phone device payment plan receivables, global trade finance assets, rental cars, commercial and residential mortgages, cross border transactions, solar leases and power purchase agreements, synthetic risk transfers, money market fund investments and structured transactions in which banks and other clients seek advantageous treatment for accounting, regulatory capital or tax purposes.

Mr. Litwin also regularly represents several funds, reinsurance companies and other investors in their “alternative investments” (i.e., unusual assets or finance companies which are more difficult to fund in securitization or banking markets).

Recent important engagements have included:

 

  • Representing Bank of America Merrill Lynch as underwriters counsel in Verizon’s August 2016 ABS transaction backed by device payment plan receivables, the first-ever ABS transaction backed by cell phone contracts. Mr. Litwin has acted as underwriters counsel in all of the subsequent Verizon ABS transactions.
  • Representing Morgan Stanley as underwriters counsel in the first ABS offering backed by marketplace loans which included multiple funds securitizing loans in the same offering.
  • Representing Morgan Stanley as warehouse lender to Social Finance, Inc.
  • Representing VW Credit, Inc. in its 2016 $9 billion auto loan and lease warehouse facility.
  • The creation of TradeMAPS, the first multi-issuer trade finance securitization platform to enable banks and others to fund their trade finance portfolios in an off-balance sheet manner without supporting potential losses in the portfolios of other banks.The first transaction, TradeMAPS 2013-1, a securitization of Citibank and Banco Santander portfolios, was selected by IFLR as their 2013 “Deal of the Year.”
  • Assisting Santander Consumer USA, Inc. in the creation and financing of the Chrysler Capital platform, including its $5 billion warehouse financing facility,
  • Acted as initial purchasers’ counsel in the first-ever solar ABS deal to provide backleverage for tax equity.SolarCity was the sponsor and the initial purchasers were Bank of America Merrill Lynch and Credit Suisse.This deal was selected by IFLR as their 2015 “Deal of the Year.”
  • The creation of Straight-A Funding, LLC, the $60 billion asset-backed commercial paper conduit that saved the student loan industry during the financial crisis and enabled students to finance the 2009-2010 academic year when government guaranteed student loan backed ABS could not be sold.Straight-A Funding received support from the Department of Education and the Federal Financing Bank.
  • Creating the form customer agreement documentation for the TALF program (and representing many of the primary dealers in their customer agreement negotiations), and working on several of the first TALF transactions,
  • Several tender offers for and restructurings of student loan trusts with auction rate securities,
  • The first ABS offering in the US backed by Australian auto leases,
  • Representing Goldman, Sachs & Co. in the financing of Cerberus’s acquisition of Chrysler, the largest-ever use of asset-backed securities in any M&A transaction ($47 billion of the $60 billion financing),
  • The securitization of its floorplan loans originated by a heavy equipment manufacturer to dealers in “politically sensitive” countries, mostly in Latin America.

Mr. Litwin represents virtually every major bank and investment bank in at least some aspect of its business.  Mr. Litwin has regularly been ranked as one of the best securitization lawyers in the US by, among others, Chambers Global, IFLR, Best Lawyers in America, Who’s Who Legal and Euromoney.

Mr. Litwin was named “Securitization/Structured Finance Lawyer of the Year” for 2017, 2018 and 2019 by Best Lawyers.


As Chief Legal Officer of FINRA, Robert Colby oversees FINRA’s rulemaking, interpretive and corporate legal functions, as well as FINRA’s Advertising, Corporate Financing and Dispute Resolution Departments, and FINRA’s Hearings and Appellate Offices.  

Before joining FINRA, Mr. Colby was a partner in the law firm of Davis Polk & Wardwell LLP, where he advised on regulatory and compliance matters involving securities and derivatives for financial institutions and markets.

Before joining Davis Polk, Mr. Colby served as Deputy Director in the Securities and Exchange Commission’s Division of Trading and Markets. In that capacity, he was responsible for the regulation of broker-dealers, securities markets and clearing organizations. Before serving as Deputy Director, Mr. Colby was Chief Counsel of the Division of Trading and Markets, and Chief of the Division’s Branch of Market Structure.

Mr. Colby received his J.D. cum laude from Harvard Law School and his undergraduate degree summa cum laude from Bowdoin College.


Tom is a member of Reed Smith's Financial Industry Group. The focus of Tom's practice is on the representation of financial services companies including mutual funds, exchange-traded funds (including ETFs that invest in commodities), insurance companies issuing fixed and variable annuities and life insurance, and financial firms offering a wide range of other types of financial products. His practice combines regulatory experience with an extensive knowledge of the mutual fund, ETF, commodity pool, variable contract and investment advisory industries.

Tom assists clients in navigating the complex regulatory requirements governing insurance and securities products, including the federal securities laws administered by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the rules of the Financial Industry Regulatory Authority (FINRA) and the National Futures Association (NFA), and state insurance laws and regulations.

Tom has represented financial service companies in a private practice for over fifteen years. Additionally, Tom was Vice President and General Counsel of the Insured Retirement Institute (IRI) (formerly, the National Association for Variable Annuities (NAVA)). He was responsible for IRI's regulatory affairs program and represented the industry in a number of significant regulatory matters, appearing before regulatory agencies including the SEC, FINRA and National Association of Insurance Commissioners.

In addition to private practice and serving as IRI's General Counsel, Tom was a staff member of the SEC in the Office of Disclosure and Investment Adviser Regulation and the Office of Insurance Products.

Representative Matters

  • Provide ongoing regulatory advice, under federal securities and commodities laws, to Teucrium Trading, a sponsor of commodity-related exchange traded funds (ETFs).
  • Advised client, sponsor of commodity-related exchange traded funds (ETFs), on all aspects of fund formation and registration, as well as for ongoing maintenance and regulatory compliance issues, as such funds are regulated by the SEC, CFTC, NFA and FINRA.
  • Represent major commodities-based ETF provider with structuring and SEC/CFTC/FINRA/NYSE registration and compliance procedure preparation.

Publications

  • "SEC Office of Compliance Inspections and Examinations Releases 2016 Exam Priorities," Private Funds Law Update, 18 February 2016Co-Author(s): Alexandra Poe
  • "SEC Announces 2016 Exam Priorities," Reed Smith Client Alerts, 15 January 2016Co-Author(s): Alexandra Poe
  • "SEC Sanctions Insurance Company for Variable Contract Pricing Violations," Reed Smith Client Alerts, 29 May 2015Co-Author(s): Peggy C. Heminger
  • "CFTC’s Final 'Harmonization' Rules: Shifting Sands in the ETF Competitive Landscape," Reed Smith Client Alert, 20 August 2013
  • "SEC Lifts Moratorium on Non-Leveraged, Actively Managed ETFs that Use Derivatives," Reed Smith Client Alert, 13 December 2012
  • "Exchange-Traded Funds," 42 The Review of Securities and Commodities Regulation 13, July 15, 2009
  • "Summary Prospectus Rule as it Applies to ETFs," The Investment Lawyer, May 2009
  • "Newly Adopted Summary Prospectus Form Tailored for Exchange-Traded Funds," The Investment Lawyer, April 2009
  • "Insurance: Responding to Regulatory Subpoenas," Counsel to Counsel, May 2005
  • "Sarbanes-Oxley Act of 2002: The Perfect Storm," NAVA Outlook, November/December 2002
  • "Gramm-Leach-Bliley Allows New Relationships Between Banks, Securities Firms, and Insurance Companies," Taxation of Financial Institutions, January/February 2001
  • "Mutual Fund and Variable Insurance Products Advertising," 50 The American Bar Association Business Lawyer 925, 1995Co-Author(s): Co-author

Speaking Engagements

  • 20 September 2016A Practical Guide to Complying with the DOL's New Fiduciary Rules
  • 28-29 January 2016Understanding Financial Products 2016, New York, New York
  • 6-7 January 2014Understanding Financial Products 2014, New York, New York"Mutual Funds, Closed-End Funds, BDCs and ETFs"
  • 12 September 2012iGlobal Forum 3rd Annual ETF Investing Summit "ETF Sector Performance Results for all Asset Classes"
  • 2010 and 2011PLI: Nuts and Bolts of Financial Products "Exchange Traded Funds/Exchange Traded Notes"
  • 7-9 June 2009NAVA Government & Regulatory Affairs Conference "Changes in Living Benefits and Other Product Evolutions"
  • 6-8 May 2009Investment Company Institute (ICI) General Membership Meeting "How Regulatory Requirements Impact the Competitive Balance Between Conventional ETFs and New Types of Commodities-Based ETFs"
  • 23-24 February 2009PLI: Nuts and Bolts of Financial Products "Exchange-Traded Products: How New SEC Rules May Tip the Competitive Balance"
  • 23-24 June 20082008 Investment Advisors’ Exchange Traded Funds Summit
  • 16-17 November 2006ALI-ABA Life Insurance Company Products Conference
  • 25-28 March 2007ICI & FBA—Mutual Funds and Investment Management Conference
  • 12-14 July 2006ACLI Compliance Section Annual Meeting
  • 26-28 June 2005National Association for Variable Annuities 2005 Compliance & Regulatory Affairs Conference

Employment History

  • 2012 - Partner -Reed Smith
  • 2011 - Partner - Sutherland Asbill & Brennan LLP
  • 1998 - Vice President and General Counsel, Insured Retirement Institute (formerly, the National Association for Variable Annuities)
  • 1994 - Associate - Sutherland Asbill & Brennan LLP
  • 1991 - Attorney - Adviser, Office of Disclosure and Investment Adviser Regulation U.S. Securities and Exchange Commission
  • 1989 -Associate - Goodwin Procter LLP

Education

George Washington University Law School, J.D.

George Washington University, MBA

Professional Admissions / Qualifications

District of Columbia

Massachusetts

Virginia


Bruce Karpati joined KKR in 2014, is a Partner of the Firm, and serves as Global Chief Compliance Officer and Counsel. Prior to joining KKR, he was the Chief Compliance Officer of Prudential Investments, the mutual fund and distribution business of Prudential Financial.  Mr. Karpati was previously the National Chief of the SEC’s Asset Management Unit which he co-founded.  In this role, he supervised a staff of 75 attorneys, industry experts, and other professionals. Mr. Karpati joined the SEC as a staff attorney in 2000, was promoted to Branch Chief in 2002, Assistant Regional Director in 2005, and Co-Chief of the SEC's Asset Management Unit in 2010.  In 2007, he founded the SEC’s Hedge Fund Working Group, a cross-office initiative to combat securities fraud in the hedge fund industry. Mr. Karpati is on the Board of NSCP, and also serves as an adjunct professor at Fordham University Law School. He began his career in private practice at Dechert LLP.  Mr. Karpati earned his JD cum laude from the University at Buffalo Law School, and his Bachelor’s degree cum laude in International Relations from Tufts University.


Kiye Sakai is a Managing Director and Counsel at UBS, where she leads the Derivatives and Structured Products legal team in the Americas.  The Derivatives and Structured Products legal team supports all derivatives businesses and structured products businesses of UBS’s Investment Bank division.  Before UBS, she was a counsel at Davis Polk & Wardwell, specializing in credit and structured products.  She also worked as a lawyer at IBM Credit Corporation.

Ms. Sakai is a graduate of Harvard and Radcliffe Colleges and Stanford Law School.  She is a member of the New York bar and an authorized house counsel in Connecticut.