MARHedge Cayman
Hedge Fund Best Practices: Operations and Regulatory Compliance
The Ritz Carlton, Grand Cayman
Golf Tournament - Sponsored by the Cayman Islands Stock Exchange
Blue Tip Golf Course - This Greg Norman Signature designed 9-hole, 3516 yard “Caribbean Monster” will provide a challenging and enjoyable round to golfers of all skill levels. Water will come into play on 8 of 9 holes with a dramatic island green par 3 finish. Blue Tip’s yardage ranges from 2650 to 3516 yards and offers varied lines of play and forced carries.
Registration
Opening Cocktail Reception - Sponsored by the Bermuda International Business Association
Registration & Exhibits Open
Continental Breakfast
Welcome Address
Keynote Address
Global Regulatory Outlook
A diverse panel of regulators will explore the regulatory landscape and potential areas of concern in 2007, including the impact of existing and proposed regulations as well as emerging issues and conflicts.
Coffee Break - Sponsored by Conyers Dill & Pearman
SEC Registration/Examinations Update
June 23rd, the US Court of Appeals for the District of Columbia Circuit struck down the Securities and Exchange Commission's controversial rule expanding oversight of hedge fund advisors, and in August the SEC announced it won't appeal the ruling. This panel will look at the implications of the ruling as well as follow how registration exams are proceeding. Additionally, representatives of offshore jurisdictions, such as CIMA and BIMA, will report on how aggressive the SEC has been in seeking proprietary info from administrators on investors or books and records, what they are looking for and if this is impacting costs to registration.
Enforcement Actions: What Most Concerns the SEC
Case studies of recent enforcement actions will be reviewed to show what attracted the SEC and what managers should and shouldn’t do when they are flagged for possible violations.
Compensation
Managers and compensation experts will discuss how to properly compensate key officials to encourage low turnover and align their interests with those of investors.
Lunch
Featured Lunch Speaker
Due Diligence
Fund of Funds will relay how they evaluate managers from a due diligence/risk management perspective. They will detail the most common mistakes they find, and the impact of any remedial action they take, for example, a cost/benefit analysis in terms of cash outlay, time spent, reduced regulator intrusion(s) and missed investments.
Determining Fund Fee Structures
A look at what goes into the decision-making process when it comes to instituting and setting hurdles, high water marks, side pockets, lock-ups, management and performance fees.
Refreshment Break
Case Study of A Hedge Fund Blowup
Learn to identify what should be considered early warnings of potential trouble. Understand how cross-jurisdictional issues are addressed.
Cocktail Party
Registration & Exhibits Open
Continental Breakfast
Welcome Address
Keynote Speaker Address
How To Manage and Mitigate Compliance Risk
A look at how to implement and maintain compliance infrastructure to effectively address e-mail retention and monitoring, advertising and performance, account documentation and private placement compliance, anti-money laundering, portfolio management & trading, best execution, soft dollars and books and records.
Coffee Break
Valuation Practices and Procedures
Managers will detail the protocols firms use to value illiquid securities, for example private equity investments in side pockets, and the role of independent directors, administrators and auditors in fair value pricing.
Third-party Service Provider Due Diligence.
Many managers look to outsource functions in which they cannot or wish not to perform on their own. In doing so, many place much “trust” and not enough “verify” into these relationships. Panelists will dig into issues including
• What makes a good administrator, custodian and Prime Broker?
• How realistic is it to expect best-practices level service such as obtaining a full copy of their BCP and the most recent testing report.
• How realistic is it to expect proof that they are indeed performing each and every aspect of ones contract such as providing regular reports verifying they are conducting the requisite AML checks.
• Automation of procedures- what is the state of integrating different operations systems such as trade data, position data, NAV mark data, general B&R, investor extracts and other compliance testing.
The Role of Independent Directors
Institutional Investors are increasingly pushing for funds to have independent directors for corporate governance reasons though they are not always required by jurisdictions, for example in Grand Cayman. Allocators will discuss the importance of IDs when selecting a fund; what falls under the ID’s responsibility; who bears the cost of having IDs; what should the qualifications be; and how does the inclusion of IDs or not impact the roles of affiliated directors.
Lunch
Featured Lunch Speaker
Offshore Jurisdictions Update
A look at the initiatives coming from offshore havens such as Grand Cayman, Bermuda, Dublin and others.
The Use of Separately Managed Accounts
Panelists will delve into considerations when choosing or not to offer customized accounts for key investors.
Conference Closes
 |
 |
 |
 |
 |
 |
 |
 |