Investment Management SECURITIES

Combining a track record of financial regulatory agency service and extensive investment adviser experience, our lawyers provide comprehensive representation to the investment management industry.


Registered investment companies and their directors, private funds, investment advisers and broker-dealers turn to us for advice on their most challenging and complex regulatory, litigation, enforcement and transactional issues. Clients rely on us for the seasoned insight of a team that includes lawyers who have served in senior positions in the Securities and Exchange Commission's (SEC) Division of Investment Management and the Commodity Futures Trading Commission (CFTC), and as in-house counsel to investment advisers managing registered funds. Our lawyers have substantial experience in all facets of the investment management business, its regulation, and the defense of investment advisers and funds in litigation and regulatory proceedings. We also counsel venture capitalists, hedge funds, offshore funds and their directors, and other unregistered investment companies and their advisers on fund formation, operation and compliance.

Contacts

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McLucas, William R.

William R. McLucas

Chair, Securities Department

+1 202 663 6622 (t)

william.mclucas@wilmerhale.com

Silva, Timothy F.

Timothy F. Silva

Chair, Investment Management Practice

+1 617 526 6502 (t)

timothy.silva@wilmerhale.com

Architzel, Paul M.

Paul M. Architzel

Partner

+1 202 663 6240 (t)

paul.architzel@wilmerhale.com

Boot, Jeannette K.

Jeannette K. Boot

Partner

+1 212 295 6507 (t)

jeannette.boot@wilmerhale.com

Doberman_Amy

Amy R. Doberman

Partner

+1 202 663 6588 (t)

amy.doberman@wilmerhale.com

Martin, Lori A.

Lori A. Martin

Partner

+1 212 295 6412 (t)

lori.martin@wilmerhale.com

Pierce, Leonard A.

Leonard A. Pierce

Partner

+1 617 526 6440 (t)

leonard.pierce@wilmerhale.com

Schnall, Matt

Matthew Schnall

Partner

+1 617 526 6892 (t)

matt.schnall@wilmerhale.com

Silva, Timothy F.

Timothy F. Silva

Partner

+1 617 526 6502 (t)

timothy.silva@wilmerhale.com

Wu, Dino

Dino Wu

Partner

+1 212 295 6436 (t)

dino.wu@wilmerhale.com

Faust, John M.

John M. Faust

Special Counsel

+1 202 663 6105 (t)

john.faust@wilmerhale.com

Experience

Our Investment Management Group has extensive experience representing clients on investment company, investment adviser, hedge fund and broker-dealer regulatory issues, as well as related issues affecting banks and pension funds, and other matters involving investment and financial products. In recent matters, we have:

  • Represented investment advisers, broker-dealers, independent trustees and special committees with respect to directed brokerage, securities lending, expert networks and insider trading, and front-running and risk assessments relating to subprime exposure, as well as related inquiries by the SEC, CFTC, self-regulatory organizations and state attorneys general
  • Obtained exemptive relief from the disqualification provisions of the Investment Company Act on behalf of large financial services firms
  • Developed an investment pool structure to facilitate international offering and asset management of investment funds
  • Created a structure for employee ownership of a private investment fund that does not require registration under the Investment Company Act
  • Served as transactional counsel and/or regulatory counsel to financial services companies in acquisitions of investment management firms with purchase prices ranging from tens of millions to billions of dollars
  • Resolved a FINRA proceeding involving retention and supervision of electronic communications

Background

Several members of our group—which practices in the firm’s Boston, New York and Washington DC offices—have held important positions in the Securities and Exchange Commission’s (SEC) Division of Investment Management and the Commodity Futures Trading Commission (CFTC). Our broader Securities Department, of which the Investment Management Group is a core part, includes a former director and a number of former assistant and associate directors of the SEC's Division of Enforcement and a number of former members of the SEC’s Office of General Counsel, including a former General Counsel and a Deputy General Counsel. Members of the Investment Management Group also have held senior positions with registered investment advisers.

Publications & News

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February 24, 2017

Form SHC Deadline Approaching for Investment Advisers and Other Reporters

Investment advisers should take note that they may be required to file Treasury International Capital Benchmark (TIC) Form SHC by Friday, March 3, 2017.

February 21, 2017

New York Finalizes Cybersecurity Regulations for Financial Institutions

On February 16, the New York State Department of Financial Services (NYDFS) issued cybersecurity regulations for banks, insurance companies and other financial institutions subject to NYDFS jurisdiction.

February 7, 2017

BTI Consulting Recognizes Three WilmerHale Partners as Client Service All-Stars

Partners Paul Architzel, Paul Eckert and Kimberly Wethly were named to BTI's Client Service All-Stars 2017 list.

February 2, 2017

Efficiency at What Cost? Advantages of a Separate Board for ETFs

A recent article by Amy Doberman in The Investment Lawyer alerts asset managers to a number of issues arising from using the same board of trustees to oversee both mutual fund and exchange-traded fund complexes.

January 24, 2017

CFTC Proposes Greater Flexibility for Electronic Record-Keepers

In a move that affects everyone required under its rules to maintain records, the Commodity Futures Trading Commission's is proposing to permit greater flexibility in the technology used for electronic record retention and production, to remove the requirement that records be stored in their “native file format” and to no longer require use of a third-party technical consultant. If adopted, the proposed rule will enable record-keepers to update and potentially streamline their current record storage technology and systems.

January 3, 2017

SEC Settles Two More Whistleblower Protection Cases

Continuing its efforts to bring enforcement actions for violations of whistleblower protections, the Securities and Exchange Commission recently settled two more cases. Both cases involved severance agreements that contained provisions that, the SEC asserted, expressly prohibited former employees from communicating with the government about possible violations of law. This WilmerHale Client Alert was republished by Law360.

December 2, 2016

Change and Continuity in Securities Regulation

Given the fluidity of the regulatory environment, making accurate predictions regarding what to expect from the SEC under a new Administration and a new Chair is difficult. Nevertheless, in this Client Alert we explore possible key areas of securities regulation that may be affected under the new Administration. This Client Alert was republished by the Harvard Law School Forum on Corporate Governance and Financial Regulation.

November 30, 2016

Regulators Implement Enhanced Oversight and Propose Transparency for the Treasury Market

On October 24, 2016, the Federal Reserve Bank of New York held a conference on "The Evolving Structure of the US Treasury Market."

November 11, 2016

SEC Considering Key Changes to Derivative Exposure Calculations

On November 1, 2016, the SEC Division of Economic and Risk Analysis published additional economic analysis setting forth the methodology used to analyze certain comments received on the SEC's proposed rule regarding the use of derivatives by registered funds and business development companies.

November 7, 2016

FTC/DOJ Guidance to Human Resource Professionals—Enforcement Scrutiny of Employment-Related Conduct

Last month, the Federal Trade Commission and Department of Justice issued their Antitrust Guidance for Human Resource Professionals. This WilmerHale Client Alert, which was also published by Bloomberg BNA's Antitrust & Trade Regulation Report on November 25, 2016, summarizes the key lessons and practical impact from the HR Guidance for businesses' employment practices.