LAW COURSE DESCRIPTIONS

LAW-2913 Investment Management Regulation Prof. Joseph Franco, 3 credits day; 3 credits evening.

Grading will be based on a final exam, written assignments and in-class exercises. Securities Regulation is recommended.

Trillions of dollars in assets in the U.S. economy are managed by professional investment managers. This course examines how investment managers and different types of investment vehicles (such as mutual funds and hedge funds) are regulated. The course gives primary emphasis to applicable federal securities law requirements principally found in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The principal legal topics covered include: the definitions of an investment adviser and investment company, prohibitions and regulations relating to conflicts of interest, disclosure obligations and governance of investment companies. Although primarily legal in nature, the course as necessary will provide an introduction to business and financial considerations relating to investment management services. In addition, a limited number of students enrolled in this course will be eligible for placement in designated internships intended to complement the subject matter of this course. The designated internships will be for a minimum of 3 credits and enrollment in Investment Management Regulation will satisfy the classroom requirement for the internship. Students interested in the internship option should see the clinical professor for internships when registering for Investment Management Regulation and consult applicable internship requirements. The Law School's Financial Services Concentration has worked closely with three providers of investment management services (Brown Brothers Harriman & Co., Barings Asset Management and Natixis Global Asset Management) to develop the three internships that will be offered in conjunction with the School's Investment Management Regulation offering in the spring semester. Internship responsibilities will vary between companies, but each company will make an effort to give interns working exposure to at least some of the topics addressed in the course. Additional internship duties will depend upon the nature and current needs of the company selected. The internships are limited in number and so only a small fraction of the students enrolled in the course will be able to take advantage of the internships. The internship placements are briefly described below and students should see Ms. Betsy Roberti, the Administrative Director for Concentrations regarding application procedures for the internship component. Barings Asset Management ("Barings") is an investment management adviser that manages over $46 billion on behalf of clients located worldwide. The company offers a wide range of equity and fixed income products in both domestic and international markets through mutual funds, commingled funds and separate account vehicles. The intern will be placed in Barings’ North American legal department and will assist with product creation, contract drafting, and implementation of controls and procedures to ensure compliance with regulatory and statutory requirements, including the Investment Advisors Act of 1940. The intern will also assist with Barings’ compliance with the Investment Company Act of 1940 in its role as an advisor to registered investment companies and provide legal support to Barings’ offshore and onshore unregistered vehicles.