SEC enforcement seminar scheduled

Mourant Ozannes, in collaboration with international law firm Shearman & Sterling, will host a regulatory and United States Securities and Exchange Commission enforcement seminar on Friday, 15 February from 2 to 5pm at the Westin Grand Cayman Seven Mile Beach Resort & Spa.

The seminar is a reprise of an event held early last year.

Mourant Ozannes litigation partner Hector Robinson will host the event. Speakers will include Gail Johnson-Goring, legal counsel at the Cayman Islands Monetary Authority, who will look at the scope of regulatory cooperation by CIMA with the SEC and other regulators, and Tim Richards, senior associate from Mourant Ozannes’ litigation group, who will look at the proposed Data Protection Bill and its likely impact.

Shearman & Sterling partner Adam Hakki and his colleague, counsel Lindi Beaudreault, who also presented at last year’s seminar, will provide an update on SEC enforcement actions involving fund managers and independent directors. They also aim to suggest ways to structure disclosure documents so as to deflect SEC and investor criticism.

Mr. Hakki and Ms Beaudreault will be joined on their panel by Adam Reback, the chief compliance officer for hedge fund manager J. Goldman & Co., L.P.

“We look forward to discussing with our Cayman colleagues the current landscape of enforcement cases, and impact of current cases on the way that business is being done and investor disclosures are being made,” Ms Beaudreault said.

With respect to fund managers, the panel will discuss trends in insider trading cases brought by criminal prosecutors, the SEC and other countries’ securities regulatory authorities.

The panel will review significant insider trading cases from 2012 and discuss ways these cases may change the way that business is done. The panel will also discuss cases where advisers and administrators were charged for deviating from stated investment objectives, and cases triggered by SEC’s Aberrational Performance Inquiry.

With respect to independent directors, the panel will take a look at the charges brought by the SEC against former fund directors for purported fund valuation failures and discuss structuring disclosure documents to maximise their liability protection and marketing value.

Mr. Hakki has extensive experience representing clients in complex securities class action and shareholder litigation, as well as in civil and criminal investigations and cases brought by the US Department of Justice, SEC, Commodities Futures Trading Commission and state attorneys general, concerning disclosure, securities and insider trading, derivatives, commodities, financial products, financial reporting, accounting, ERISA, conflicts of interest, and major corporate transactions.

Ms Beaudreault, who was once a senior counsel in the SEC’s Division of Enforcement, has experience defending clients in complex government and SRO investigations and proceedings pertaining to securities, commodities, financial products, financial reporting, broker-dealers and hedge funds. Ms Beaudreault also advises broker-dealers, hedge funds and other asset managers regarding regulatory compliance, disclosures and best practices.

As chief compliance officer of J. Goldman & Co., a multi-strategy hedge fund manager based in New York, Mr. Reback has more than 16 years of experience in hedge funds, investment advising, as well as compliance in investment companies and broker-dealers. Mr. Reback has primary responsibility for all legal/compliance and regulatory matters at JGC, including the development, implementation and assessment of the firm’s compliance programmes.

In addition, Mr. Reback oversees the administration/human resources, operations and information technology departments of the firm. Mr. Reback serves on the board of directors of the National Society of Compliance Professionals, and is a member of the Managed Funds Association, Hedge Fund Association, SIFMA Compliance & Legal Society and is a founding member of the Alternative Investment Compliance Association.

All three visiting speakers are based in New York.

Space for the complimentary seminar attendance is limited. To enquire about space availability contact: Nancy Kirkaldy-Barnard at Mourant Ozannes at 814-9133 or [email protected]

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