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Global Investment Funds 2018

Speaker(s): Anthony Nolan, Christopher D. Christian, Clifford E. Kirsch, David Harris, Michaela Walker, Peter M. Rosenblum, Sandra Lu, Sara P. Crovitz
Recorded on: Sep. 20, 2018
PLI Program #: 241989

Anthony R.G. Nolan is a partner in the New York office of K&L Gates LLP.  He has a domestic and international practice that emphasizes lending transactions, fixed income securities, structured finance, structured products and derivatives. He often works at the intersection of finance and investment management, including trading and regulation of swaps and security-based swaps, loan trading, securities lending and repo as well as traditional borrowing and leverage transactions.

Mr. Nolan has significant experience in (i) securities laws affecting asset-backed securities, corporate debt securities, and security-based swaps, (ii) commodity futures laws impacting swaps and commodity pool participants, (iii) banking laws that regulate the derivatives and securities activities of depository institutions and their affiliates including under the Volcker Rule and (iv) securities and commodities regulation of digital assets and initial coin offerings.

Mr. Nolan regularly advises clients in transactions involving the financial services, energy, transportation, equipment leasing, manufacturing, health care and real estate industries. His structured finance experience encompasses cash and synthetic securitizations and covers a wide range of financial assets including commercial loans and loan participations, aircraft and equipment leases and many types of consumer assets. He also represents investment advisers in various aspects of structured finance, both as investors and as sponsors of CLOs and other securitizations.

Mr. Nolan has been selected by his peers for inclusion in the 2019 edition of Best Lawyers in America.

Christopher D. Christian is a partner in Dechert’s Financial Services Practice Group. He advises U.S. and European asset managers and investment funds and their boards of directors, including U.S. registered funds, funds organized under the European Union directive on Undertakings for Collective Investment in Transferable Securities (UCITS), and funds organized in other jurisdictions offered on a private basis.

Mr. Christian’s practice has a significant international component. He advises offshore funds on compliance with U.S. regulatory requirements and routinely counsels European retail and institutional funds on organization, registration, corporate governance, and global distribution issues. He has assisted clients in coordinating offering advisory services and various types of investment funds in compliance with local law in jurisdictions in Europe, Asia, the Middle East, and Latin and South America.

Mr. Christian is the architect of Dechert’s World Compass, an innovative marketing compliance subscription service that offers investment firms advice in more than 100 jurisdictions. He is the former Chair of the International Bar Association’s Investment Funds Committee. He has spent considerable time working in Dechert’s London office and is a frequent conference speaker.

Mr. Christian graduated from Brandeis University (B.A., 1995), The Catholic University of America Columbus School of Law (J.D., cum laude, 1998) and Georgetown University Law Center (LL.M. in Securities and Financial Regulation, 1999). He is a member of the District of Columbia and Massachusetts Bars.

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.


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

David Harris served as Head of Emerging Technologies at the London Stock Exchange Group (LSEG).  In this role, Mr. Harris led a diverse team of technologists and business analysts developing blockchain technologies and creating blockchain applications.  Mr. Harris also led data strategy, which included liaising with business to identify data science problems, recruiting data scientists, and applying cognitive computing and other advanced data science techniques to a newly-created big data infrastructure.   Utilizing nearly 20 years of market structure, regulatory and business experience, Mr. Harris formulated LSEG’s blockchain strategy and served as LSEG’s primary communicator with respect to emerging technologies and fintech with customers, regulators, securities analysts, and LSEG executive management.  

Before LSEG, Mr. Harris was the Chief Executive Officer and President of the Chicago Board Option Exchange Stock Exchange (CBSX), as well as the Chairman and Chief Executive Officer of the National Stock Exchange (NSX).   As a thought leader in the securities industry, Mr. Harris has testified before Congress and government agencies, served as a member of industry boards and committees, and has provided counsel during national market structure crises and periods of national market stress.  As a trained attorney, he has been a leading force for regulatory compliance at the companies he’s served.

Before CBSX and NSX, Mr. Harris worked as Senior Vice President of Business Planning and Strategy at the American Stock Exchange and was a founder of Nasdaq Liffe Markets, LLC (NQLX), a joint venture between The Nasdaq Stock Market, Inc. and the London Financial Futures and Options Exchange.  Early in his career, Mr. Harris was Counsel to the Chairman/Chief Executive Officer of the NASD and Nasdaq, worked as a Senior Associate at the law firm of Kirkpatrick & Lockhart and was a Senior Counsel in the Division of Enforcement at the U.S. Securities and Exchange Commission. 

He holds a law degree from Columbus School of Law and a B.S. in International Business from Villanova University.

Peter M. Rosenblum is a partner at Foley Hoag LLP, a co-chair of its Mergers & Acquisitions Group and chairman of its Private Equity Transactions Group.  He is actively involved in the firm’s corporate, corporate finance and international practices.  His clients include private equity and venture capital funds, registered investment advisers, hedge funds, and other private funds, both onshore and offshore.  He is active in representation of investors in private equity, venture capital and other private funds.  He has structured and organized numerous partnerships, limited partnerships, limited liability companies and offshore companies employed in the management and ownership of investments in public and private securities and alternative investments.  He is principal outside counsel to numerous clients in a broad range of other industries.

Mr. Rosenblum was Chairman of Foley Hoag’s Business Department from 2008 to 2011, a member of its Executive Committee from 2013 to 2016, and Co-Managing Partner from 2000 to 2005.  He was Chairman of the Corporate Law Committee of the Boston Bar Association from 1995 to 1997 and Chairman of the Business Law Section of the Boston Bar Association from 1997 to 1999.

Mr. Rosenblum has been listed in The Best Lawyers in America since 1999.  He is also listed in Chambers U.S.A.: America’s Leading Business Lawyers for private equity-buyouts and venture capital investment and corporate/mergers and acquisitions and in Legal Media Group’s Guide to the World’s Leading Lawyers for Banking, Finance and Transactional Law for investment funds and private equity, and was listed in Chambers Global: The World’s Leading Lawyers for Business for private equity-buyouts and venture capital investment.

Mr. Rosenblum graduated, summa cum laude, from Amherst College, and received his M.A. in History from Yale University and his J.D., cum laude, from Harvard Law School.  Prior to entering the private practice of law, he served as Law Clerk to Chief Justice G. Joseph Tauro of the Massachusetts Supreme Judicial Court.  He is Chairman of the Boston Lawyers Group and a member of the Board of Directors of Ceres, Inc.  He is a member of the Society of Investment Law.

Mr. Rosenblum has written and lectured on a wide variety of subjects related to investment advisers and private funds.  He is the author of “Offshore/Non-U.S. Advisers” and “Overview of Institutional and Offshore Advisory Activity” in C. Kirsch, Investment Adviser Regulation (2006, 2008, 2016) and “Organization of a Private Investment Fund: Basic Structural and Legal Issues” in C. Kirsch, Financial Product Fundamentals (New York 2006, 2009, 2013).

Sandra Lu has extensive experience and expertise in securities investments, private funds and hedge funds.  Sandra represented a large number of Chinese financial institutions to set up the fund management companies, and also advised foreign financial institutions to acquire the stake in the Chinese fund management companies. 

Sandra is highly involved in the innovative funds products in the Mainland market including providing the legislative advice to the regulator and the legal advice to the fund houses. The innovative funds include the cross boarder EFT, cross market ETF, gold EFT, commodity ETF, principal guaranteed product, the publicly offered REITs, the publicly offered PE investment fund and the publicly offered leveraged investment product.

In the meanwhile, with the development of the global investment capability of the Chinese FMCs, Ms. Lu acts as the legal advisor for a majority of the QDII Funds offered in China. In addition, Ms. Lu is very active in QDLP and QDIE initiatives respectively launched in Shanghai and Shenzhen. QDLP and QDIE products provide the opportunity for the Chinese investors to get a broader global exposure, and also the opportunity for the global asset managers to set up onshore WFOE entities to raise money directly from the Chinese investors.

Since 30 June 2016, the Chinese regulator allowed foreign financial institutions to set up the private fund management WFOE (“PFM WFOE”). Ms. Lu have represented over 20 global fund managers, including the long only fund managers and hedge fund managers, to set up PFM WFOE and instructed them to submit the private fund manager registration with the regulator.

QFII and RQFII are the main practice area of Ms. Lu as well. Ms. Lu assists the QFII and RQFII to apply for the Chinese license and quota, supports their ongoing legal and compliance requirement and reviews their offshore offering documents from the PRC law perspective.

Recently, Ms. Lu has been advising a number of HK fund managers for their MRF (Mutual Recognition of Funds Scheme) application with the CSRC and providing the ongoing legal and compliance services under MRF scheme.

Sara P. Crovitz provides counsel on all aspects of investment company and investment adviser regulation.

Prior to joining Stradley Ronon, Sara was Deputy Chief Counsel and Associate Director at the U.S. Securities and Exchange Commission in Washington, DC. Sara worked at the SEC for 21 years, including 17 years in the Division of Investment Management focusing on issues under the Investment Company and Investment Advisers Acts of 1940. While in the Division, Sara supervised the provision of significant legal guidance to the investment management industry through no-action and interpretive letters, exemptive applications, IM guidance updates and other written and oral means.

Sara helped develop key positions on many areas of importance, including:

  • Clean shares
  • MiFID II
  • Auditor independence
  • Investment company and investment adviser custody
  • Investment company and investment adviser status
  • Fund governance
  • Affiliated transaction

For many years, Sara also led the Division's international efforts, including numerous IOSCO and FSB work streams, such as private fund manager and non-bank systemically important financial institution oversight. She spoke on panels for the International Bar Association and the Investment Company Institute. Sara also worked extensively to provide investment management-related guidance to other SEC Divisions and Offices, including Enforcement, Trading and Markets, Corporation Finance, OCIE, General Counsel and International Affairs.

Michaela Walker is the head of the asset management and regulatory team at Eversheds Sutherland. She has more than 20 years’ experience of advising asset managers, depositaries, custodians, administrators, charities, pension schemes and other financial institutions on regulatory and product related work. She regularly advises clients in the structuring and establishment of investment funds, both onshore and offshore, the regulation of investment funds and their operators and asset management firms more generally. Michaela has been involved recently in advising clients on the MiFID II changes, Brexit and PRIIPs. She regularly contributes to industry publications and speaks at seminars and is named as a leading individual in Legal 500 and Chambers.