11th Annual International Conference on Private Investment Funds

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A conference co-presented by the Private Investment Funds Subcommittee of the
IBA Investment Funds Committee and the Subcommittee on Hedge Funds of the
Committee on Federal Regulation of Securities of the American Bar Association
Section of Business Law, and supported by the IBA European Regional Forum




11th Annual International
Conference on Private
Investment Funds
7–9 March 2010
The InterContinental London Park Lane
London, England



In its 11th year this leading conference brings together top
legal, business and fund professionals from around the globe
to analyse the current market and future of private
investment funds, and the prospects of changes and updates
to regulatory regimes, amongst other timely topics.



Topics include:
• The future of hedge funds
• Current US and EU regulatory initiatives
• Pay-to-play practices and regulations in the US
• Managed accounts: what are institutional investors requesting?
• Private equity and alternative fund issues on the continent
• Current US and EU tax issues/Tax 101
                                                                                                       Headline sponsors
• Issues in financing and leverage
• Fraud in the industry
• The impact of illiquidity on private funds
• Current private equity and hedge fund terms
                                                                                                               FUND ADMINISTRATION



Who should attend?
Lawyers in private practice, in-house counsel, business executives at
investment management firms, accountants, custodians and other
service providers in this field.




  * As per the Solicitors Regulation Authority of England and Wales. The number of CPD points/
  hours available may vary for other bar associations and law societies depending on their criteria.
Programme
 Conference Co-Chairs
                                                                    Monday 8 March
 Philip H Harris Skadden Arps Slate Meagher & Flom LLP, New
 York; Former Chair, Private Investment Funds Subcommittee, IBA
                                                                    0800 – 1730 Registration
 Investment Funds Committee
 Paul N Roth Schulte Roth & Zabel LLP, New York; Chair, American
                                                                    0800 – 0830 Welcome coffee/tea
 Bar Association Subcommittee on Hedge Funds

 Organising Committee                                               0830 – 0845 Welcome and Introduction
 Benjamin Aller SJ Berwin, Paris; Vice-Chair, Private Investment    Philip H Harris
 Funds Subcommittee, IBA Investment Funds Committee
 Stephanie Breslow Schulte Roth & Zabel LLP, New York; Secretary,   0845 – 1015 Plenary session one
 Private Investment Funds Subcommittee, IBA Investment Funds        The future of hedge funds
 Committee                                                          The panel will offer an overview of emerging trends, product
 Michael A Gerstenzang Cleary Gottlieb Steen & Hamilton LLP,        developments and ‘hot topics’ in the aftermath of the global financial
 New York; Vice-Chair, Private Investment Funds Subcommittee, IBA   crisis. There will be an emphasis on the business and legal perspectives
 Investment Funds Committee                                         and on how the industry is responding to investor concerns for
 Kees Groffen De Brauw Blackstone Westbroek, Amsterdam              ‘alignment of interests,’ including fees, lock-ups and transparency. The
 Mark Mifsud Kirkland & Ellis International LLP, London; Chair,     panel will also review prime brokerage and custody arrangements,
 Private Investment Funds Subcommittee, IBA Investment Funds        the increasing use of third-party administrators and how changes in
 Committee                                                          regulation are likely to impact the industry.
 Jeffrey E Tabak Weil Gotshal & Manges LLP, New York; Vice-Chair,
                                                                    Moderator
 American Bar Association Subcommittee on Hedge Funds
                                                                    Michael Schmidtberger Sidley Austin LLP, New York

                                                                    Speakers
                                                                    Martin Byman Morgan Stanley, London
Sunday 7 March                                                      Martin Keller Man Group PLC, Pfäffikon, Switzerland
                                                                    Matteo Perruccio Hermes BPK Partners, London
                                                                    Victoria Younghusband SJ Berwin, London
1800 – 2000 Cocktail reception
Grays Suite, InterContinental London Park Lane
                                                                    1015 – 1045 Keynote speech
                                                                    Michael Price MFP Investors LLC, New York

                                                                    1045 – 1115 Coffee/tea break

                                                                    1115 - 1245 Plenary session two
                                                                    Current EU regulatory initiatives
                                                                    In April 2009, the European Commission published a draft Directive on
                                                                    Alternative Investment Fund Managers (AIFM). This panel will explore
                                                                    the potential impact of the AIFM Directive and other EU regulatory
                                                                    initiatives affecting the private funds industry in Europe and North
                                                                    America. Special attention will be given to the types of AIFM that will
                                                                    need to become authorised under the Directive and the way funds
                                                                    and their investors may be affected, conduct of business rules, capital
                                                                    adequacy requirements, the obligation to hire independent valuators
                                                                    and custodians, transparency requirements, restrictions on leverage,
                                                                    marketing restrictions and passporting, together with the possible
                                                                    impact on non-EU funds and non-EU managers.




                 Associate social event sponsors                                 Cocktail reception sponsors (7th March)
Moderator                                                                     Workshop 3
Tamasin Little SJ Berwin, London                                              Private equity and alternative fund issues on the
                                                                              continent
Speakers
                                                                              This workshop will discuss matters relating to alternative investment
Margaret Chamberlain Travers Smith, London
                                                                              funds from the perspective of continental Europe, including: (i) the
James Modrall Cleary Gottlieb Steen & Hamilton LLP, Brussels
                                                                              practical implications for the local alternative investment markets of
Rob Price Financial Services Authority, London
                                                                              current regulatory developments (forum shopping, level playing field
Eddy Wymeersch Chair of the Committee of European Securities
                                                                              and the Fortress Europe); (ii) tax and regulatory issues facing managers
Regulators, Brussels
                                                                              in establishing fund structures (permanent establishment, license
                                                                              requirements, local laws); (iii) the treatment of offshore funds and
1245 – 1400 Buffet lunch
                                                                              their ‘onshore’ alternatives; (iv) carried interest and VAT developments;
                                                                              (v) regulatory oversight of EU institutional investors following the
1400 – 1530 FIRST WORKSHOP SESSIONS
                                                                              credit crisis (will it be enhanced and/or affect investment and fund
                                                                              raising activity?); and (vi) multi jurisdictional default and enforcement
Workshop 1
                                                                              implications.
Current US and EU tax issues/Tax 101
This workshop will discuss current global tax considerations affecting        Speakers
private investment funds. Topics will include the status of carried           Fabio Brunelli Di Tanno & Associati, Rome
interest legislation and proposals, regulatory updates, permanent             Harold Parize Oostvogels Pfister Feyton, London
establishment issues, and use of offshore structures.                         Patricia Volhard P+P Pöllath + Partners, Frankfurt am Main

Speakers
                                                                              Workshop 4
Stephan Eilers Freshfields Bruckhaus Deringer, Cologne
                                                                              Issues in refinancing, restructuring and end of fund life
Marco de Lignie Loyens & Loeff, Amsterdam
                                                                              This workshop will focus on issues faced by private equity and
Patrick Gallagher Kirkland & Ellis LLP, New York
                                                                              hedge funds in connection with refinancing and exiting investments
Vania Petrella Cleary Gottlieb Steen & Hamilton LLP, Rome
                                                                              and winding down funds. Topics will include, in the private equity
                                                                              context, transfers of investments to successor funds; conflicts relating
Workshop 2
                                                                              to supporting investments of prior funds; availability and terms
Fraud in the industry
                                                                              of subscription lines; rescue financing; parameters of follow-on
This workshop will explore some of the most common theories of
                                                                              investments; and scope of activities during wind-up. In the hedge
securities fraud liability affecting money managers, including issues
                                                                              context, topics will include fund restructurings and in-kind distributions;
relating to fraud in connection with making investments, as well as
                                                                              margin loan and other financing issues; separation of legacy portfolios;
handling institutional conflicts relating to such matters as allocating and
                                                                              and permitted activities during suspension.
valuing investments. In addition it will focus on the kinds of ‘red flags’
that can help a firm uncover potentially illegal activity and what a firm     Speakers
should do in response.                                                        Jennifer Burleigh Debevoise & Plimpton LLP, New York
                                                                              Barrie Covit Simpson Thacher & Bartlett LLP, New York
Speakers
                                                                              Leor Landa Davis Polk & Wardwell LLP, New York
Tom Biolsi PricewaterhouseCoopers, New York
Jules Kroll K2 Global Partners, New York
                                                                              Workshop 5
Gary Linford Managing Director, DMTC Group, Grand Cayman
                                                                              Current terms: hedge funds
Richard Morvillo Schulte Roth & Zabel LLP, Washington DC
                                                                              This workshop will discuss current hedge fund terms including fee
                                                                              structures, lockups, gates, suspensions and other liquidity management
                                                                              tools. It will also address changes to fund structures, the terms resulting
                                                                              from recent regulatory proposals, market events and tax law changes.
                                                                              Investor demand for single investor funds and managed accounts, asset
                                                                              and liability verification, valuation validating and SAS 70 reviews will
                                                                              also be discussed.




             Cocktail reception sponsors (8th March)                                            Conference kindly supported by



                                                   trust &
                                                   corporate services

                            independent   international   in-business
Programme
Monday 8 March – continued

Speakers                                                                   Moderator
Heather Cruz Skadden Arps, New York                                        David Sawyier Sidley Austin LLP, Chicago
Josh Dambacher Schulte Roth & Zabel LLP, London
                                                                           Speakers
George Mazin Dechert LLP, New York
                                                                           John Broadhurst Shartsis Friese LLP, San Francisco
Karen Sharpe PricewaterhouseCoopers, London
                                                                           Salma Khan Varde Partners Europe, London
                                                                           Michael Wolitzer Simpson Thacher & Bartlett LLP, New York
1530– 1600 Coffee/tea break

                                                                           Workshop 8
1600 – 1730 SECOND WORKSHOP SESSIONS
                                                                           Private equity and alternative fund issues on the
                                                                           continent
Workshop 6
                                                                           This workshop will discuss matters relating to alternative investment
US regulatory initiatives
                                                                           funds from the perspective of Continental Europe, including: (i) the
This workshop will examine recent legislative and regulatory initiatives
                                                                           practical implications for the local alternative investment markets of
in the United States affecting private investment funds and their
                                                                           current regulatory developments (forum shopping, level playing field
managers. Topics will include: lessons to be learned from what
                                                                           and the Fortress Europe); (ii) tax and regulatory issues facing managers
Congress did and did not decide to regulate; changes in the SEC’s
                                                                           in establishing fund structures (permanent establishment, license
priorities in response to the Madoff scandal; changes in custody
                                                                           requirements, local laws); (iii) the treatment of offshore funds and
arrangements for client assets; restrictions on political contributions
                                                                           their ‘onshore’ alternatives; (iv) carried interest and vat developments;
and payments to placement agents; focus on relationships with
                                                                           (v) regulatory oversight of EU institutional investors following the
governmental investors; and valuation issues.
                                                                           credit crisis (will it be enhanced and/or affect investment and fund
Speakers                                                                   raising activity?); and (vi) multi jurisdictional default and enforcement
Robert G Bagnall WilmerHale, Washington DC; Website Officer, IBA           implications.
Investment Funds Committee
                                                                           Speakers
Andrew J Donohue Securities and Exchange Commission,
                                                                           Fabio Brunelli
Washington DC
                                                                           Harold Parize
Stuart Kaswell Managed Funds Association, Washington DC
                                                                           Patricia Volhard
Rebecca Silberstein Debevoise & Plimpton LLP, New York

                                                                           Workshop 9
Workshop 7
                                                                           Issues in refinancing, restructuring and end of fund life
The impact of illiquidity
                                                                           This workshop will focus on issues faced by private equity and
The financial crisis has had far reaching implications on the private
                                                                           hedge funds in connection with refinancing and exiting investments
funds industry, but perhaps the most pronounced impact was in the
                                                                           and winding down funds. Topics will include, in the private equity
area on illiquidity. The collapse of the credit markets combined with
                                                                           context, transfers of investments to successor funds; conflicts relating
the need for cash on many fronts led to considerable dislocation
                                                                           to supporting investments of prior funds; availability and terms
for private fund investors, sponsors and the funds themselves. This
                                                                           of subscription lines; rescue financing; parameters of follow-on
workshop will consider this broad-based dislocation. In the private
                                                                           investments; and scope of activities during wind-up. In the hedge
equity area, the drawdown model itself was tested, as many investors
                                                                           context, topics will include fund restructurings and in-kind distributions;
were unable to make capital calls, pressured general partners to delay
                                                                           margin loan and other financing issues; separation of legacy portfolios;
drawdowns, or even pursued expedited secondary transactions to
                                                                           and permitted activities during suspension.
obtain liquidity (and reduce their unfunded commitments to the asset
class). In the hedge fund area, many funds that relied on leverage for     Speakers
their investment programmes saw their sources dry up just as asset         Jennifer Burleigh
values were falling precipitously. On the investor side, as investors      Barrie Covit
sought to understand the value of their positions and in many cases        Leor Landa
seek withdrawals, issues such as valuation and preferential treatment
(via side letters) presented themselves in an unprecedented manner (in
addition to the issue of ‘gates’).




   Exhibitors


                          FUND ADMINISTRATION




                                           trust &
                                           corporate services

                    independent   international   in-business
Workshop 10                                                                   Workshop 13
Current terms: private equity funds                                           The impact of illiquidity
This workshop will focus on the current ‘hot topics’ in negotiating           The financial crisis has had far reaching implications on the private funds
private equity funds in light of the current fundraising environment,         industry, but perhaps the most pronounced impact was in the area on
primarily focusing on term sheet provisions. Participants will seek to        illiquidity. The collapse of the credit markets combined with the need
contrast the general partner and limited partner viewpoints, as well as       for cash on many fronts led to considerable dislocation for private fund
to contrast differences in terms between US sponsored funds and UK/           investors, sponsors and the funds themselves. This workshop will consider
EU sponsored funds. The panel will also discuss various limited partner       this broad-based dislocation. In the private equity area, the drawdown
initiatives, such as the Private Equity Principles recently issued by the     model itself was tested, as many investors were unable to make capital
Institutional Limited Partners Association in the US.                         calls, pressured general partners to delay drawdowns, or even pursued
                                                                              expedited secondary transactions to obtain liquidity (and reduce their
Speakers
                                                                              unfunded commitments to the asset class). In the hedge fund area, many
Nicholas Dietrich Gowlings Lafleur Henderson LLP, Toronto
                                                                              funds that relied on leverage for their investment programmes saw their
Jason Glover Clifford Chance, London
                                                                              sources dry up just as asset values were falling precipitously. On the investor
Yukako Kawata Davis Polk & Wardwell LLP, New York
                                                                              side, as investors sought to understand the value of their positions and
Marco Masotti Paul Weiss Rifkind Wharton & Garrison LLP, New York
                                                                              in many cases seek withdrawals, issues such as valuation and preferential
                                                                              treatment (via side letters) presented themselves in an unprecedented
1730 Cocktail reception
                                                                              manner (in addition to the issue of ‘gates’).
The Cookbook Cafe, InterContinental London Park Lane
                                                                              Moderator
                                                                              David Sawyier

Tuesday 9 March                                                               Speakers
                                                                              John Broadhurst
                                                                              Salma Khan
0800 – 1730 Registration                                                      Michael Wolitzer

0800 – 0845 Welcome coffee/tea                                                Workshop 14
                                                                              Current terms: hedge funds
0845 – 1015 THIRD WORKSHOP SESSIONS                                           This workshop will discuss current hedge fund terms including fee
                                                                              structures, lockups, gates, suspensions and other liquidity management
Workshop 11                                                                   tools. It will also address changes to fund structures, the terms resulting
Fraud in the industry                                                         from recent regulatory proposals, market events and tax law changes.
This workshop will explore some of the most common theories of                Investor demand for single investor funds and managed accounts, asset
securities fraud liability affecting money managers, including issues         and liability verification, valuation validating and SAS 70 reviews will
relating to fraud in connection with making investments, as well as           also be discussed.
handling institutional conflicts relating to such matters as allocating and
                                                                              Speakers
valuing investments. In addition it will focus on the kinds of ‘red flags’
                                                                              Heather Cruz
that can help a firm uncover potentially illegal activity and what a firm
                                                                              Josh Dambacher
should do in response.
                                                                              George Mazin
Speakers                                                                      Karen Sharpe
Tom Biolsi
Jules Kroll                                                                   Workshop 15
Gary Linford                                                                  Current terms: private equity funds
Richard Morvillo                                                              This workshop will focus on the current ‘hot topics’ in negotiating
                                                                              private equity funds in light of the current fundraising environment,
Workshop 12                                                                   primarily focusing on term sheet provisions. Participants will seek to
US regulatory initiatives                                                     contrast the general partner and limited partner viewpoints, as well as
This workshop will examine recent legislative and regulatory initiatives      to contrast differences in terms between US sponsored funds and UK/
in the United States affecting private investment funds and their             EU sponsored funds. The panel will also discuss various limited partner
managers. Topics will include: lessons to be learned from what                initiatives, such as the Private Equity Principles recently issued by the
Congress did and did not decide to regulate; changes in the SEC’s             Institutional Limited Partners Association in the United States.
priorities in response to the Madoff scandal; changes in custody
                                                                              Speakers
arrangements for client assets; restrictions on political contributions
                                                                              Kate Downey Kirkland & Ellis LLP, London
and payments to placement agents; focus on relationships with
                                                                              David Kreisler Weil Gotshal, Boston
governmental investors; and valuation issues.
                                                                              Louis Singer Morgan Lewis & Bockius LLP, New York
Speakers                                                                      Bernard Spoor De Brauw Blackstone Westbroek, Amsterdam
Robert G Bagnall
Andrew J Donohue                                                              1015 – 1045 Coffee/tea break
Stuart Kaswell
Rebecca Silberstein
Programme
Tuesday 9 March – continued

1045 – 1215 Plenary session three                                             1345 - 1515 Plenary session four
Pay-to-play practices                                                         Managed accounts
In response to recent pay-to-play scandals, lawmakers and prosecutors         This panel will review current trends relating to establishing and
have significantly increased their scrutiny of an investment adviser’s        maintaining managed investment accounts (as opposed to using
interactions with public pension funds and other government officials.        traditional co-mingled fund vehicles). The panel will explore the
This panel will discuss: (i) new theories that prosecutors are using to       implications of using managed accounts for title to assets (including
criminally prosecute pay-to-play practices; (ii) new SEC and State pay-       with respect to hypothecation and transparency), as well as potential
to-play rules that automatically prohibit an investment adviser from          conflicts raised by having multiple managed accounts and fund vehicles
engaging in business with public pension funds (in some cases up to 5         sharing in investment opportunities. Securities law issues and recent US
½ years) if certain employees (and in some cases their family members)        tax developments will also be considered.
make political contributions; and (iii) best practices for establishing a
                                                                              Moderator
compliance programme and related challenges.
                                                                              Michael G Tannenbaum Tannenbaum Helpern Syracuse and
Moderator                                                                     Hirschtritt LLP, New York
Ki Hong Skadden Arps, Washington DC
                                                                              Speakers
Speakers                                                                      David Jones Proskauer Rose LLP, Boston
Eric Corngold Friedman Kaplan Seiler & Adelman LLP, New York;                 Martina Slowey UBS, London
former Executive Deputy Attorney General for Economic Justice, Office         David Stiepleman Fortress Investment Group, New York
of the New York Attorney General
Jeff Garfield Connecticut State Elections Enforcement Commission,             1515 – 1545 Coffee/tea break
Hartford
Jenna Victoriano Credit Suisse, New York                                      1545 - 1715 Plenary session five
                                                                              Potpourri
1215 – 1345 Buffet lunch                                                      This panel will comment on the hot topics of the year, including: (i)
                                                                              best practices in administration of alternative investment funds in light
                                                                              of increased tax and regulatory scrutiny; (ii) the implementation of risk
                                                                              management and counterparty controls; and (iii) the development of
                                                                              prime brokerage and custody models.

                                                                              Speakers
                                                                              David Bailey Augentius, London
                                                                              Michelle Carroll Kinetic Partners, London
                                                                              Rosemary Fanelli CounselWorks LLC, New York

                                                                              1715 Closing remarks
                                                                              Paul N Roth




 Continuing Professional Development/Continuing Legal Education
 For delegates from countries where CPD/CLE is mandatory, the International Bar Association will be pleased to provide a Conference Certificate of
 Attendance which, subject to the exact CPD/CLE requirements, may be used to obtain the equivalent accreditation in your jurisdiction.

 This conference has been accredited for CPD/CLE by the Solicitors Regulation Authority of England and Wales. Delegates should ask staff at the
 registration desk for information as to how to obtain the hours.




 The organisers may at any time, with or without giving notice, in their absolute discretion and without giving any reason, cancel or postpone the
 conference, change its venue or any of the other published particulars, or withdraw any invitation to attend. In any case, neither the organisers nor
 any of their officers, employees, agents, members or representatives shall be liable for any loss, liability, damage or expense suffered or incurred
 by any person, nor will they return any money paid to them in connection with the conference unless they are satisfied not only that the money
 in question remains under their control but also that the person who paid it has been unfairly prejudiced (as to which, decision shall be in their
 sole and unfettered discretion and, when announced, final and conclusive).
Information
Date                                                                       Language
7–9 March 2010                                                             All working sessions and conference materials will be in English.

Venue                                                                      How to register
InterContinental London Park Lane                                          Register online by at www.int-bar.org/conferences/conf300
One Hamilton Place                                                         and make payment by credit card to avail of the ten per cent online
Park Lane                                                                  registration discount or complete the attached registration form and
London W1J 7QY                                                             return it to Mary-Kate Friel at the IBA together with your payment.
Tel: +44 (20) 7409 3131                                                    You should receive e-mailed confirmation of your registration within
Fax: +44 (20) 7493 3476                                                    five days; if you do not then please contact Mary-Kate Friel at
www.intercontinental.com                                                   mary-kate.friel@int-bar.org.




Fees                                                                       If you would like to become a full or general member of the IBA, which
Online registrations received:                                             includes membership of one or more committees – and inclusion in and
                      on or before 1 February            until 1 March     access to our membership directory – we encourage you to do so now
                                                                           in order to register for this conference at the member rate. Full details
IBA/ABA member                          £850                     £940
                                                                           of how to join can be found at www.ibanet.org.
Non-member*                             £985                    £1075
                                                                           The IBA offers senior lawyers a discounted registration fee. Please
Young lawyers (under 30 years)          £640                    £1075      contact the IBA office for further information.
Academics/judges (full time)            £640                    £1075
                                                                           Full payment must be received in order to process your
Public lawyers                          £640                    £1075      registration.
Corporate counsel                       £765                    £1075
                                                                           Fees include:
                                                                           • Attendance at all working sessions
After 1 March registrations must be received in hard copy at the IBA       • Conference materials, including any available speakers’ papers
office.                                                                       submitted to the IBA before 22 February
                                                                           • Access to the above conference working materials from the IBA
Hard copy registration forms and fees received:                               website (www.ibanet.org) approximately seven days prior to the
                     on or before 1 February          after 1 February        conference
IBA/ABA member                          £945                    £1045      • Buffet lunch on 8 and 9 March
                                                                           • Tea and coffee during breaks
Non-member*                            £1095                    £1195      • Invitation to hosted receptions on 7 and 8 March
Young lawyers (under 30 years)          £710                    £1195
                                                                           Please note that registrations are not transferable.
Academics/judges (full time)            £710                    £1195
                                                                           List of participants
Public lawyers                          £710                    £1195
                                                                           In order for your name to appear in the list of participants, which
Corporate counsel                       £850                    £1195      will be distributed at the conference, your registration form must be
                                                                           received by 1 March at the latest.
* By paying the non-member fee, we welcome you as a delegate
member of the IBA for the year in which this conference is held, which     Registration confirmation
entitles you to the following benefits:                                    All documentation regarding your attendance at the conference can
(1) Password access to certain parts of the IBA website.                   now be obtained from the IBA website. Upon receipt of your payment
(2) Receipt of IBA E-news and access to online versions of International   for the conference a confirmation e-mail will be sent containing
    Bar News.                                                              instructions on how to download the documents. Registration
(3) The member rate for any subsequent conference registrations for        confirmation will not be distributed by post.
    this calendar year.
(4) Advantage of IBA Special Offers.



                                                                                                                                 Continued overleaf
Information continued
Payment of registration fees                                                 US dollars: by cheque converted at the current rate of exchange and
Pounds sterling: by cheque drawn on a UK bank and in favour of the           drawn on a US bank and in favour of the International Bar Association.
International Bar Association. Please send to: 10th Floor, 1 Stephen         Please send to: 10th Floor, 1 Stephen Street, London W1T 1AT, United
Street, London W1T 1AT, United Kingdom.                                      Kingdom.

OR by bank transfer to the IBA account number: 13270222 (Sort Code           OR by bank transfer to the IBA account number: 01286498 (Sort Code
56-00-03) at the National Westminster Bank, St James’s & Piccadilly          56-00-03) at the National Westminster Bank, St James’s & Piccadilly
Branch, 208 Piccadilly, London W1A 2DG, United Kingdom or SWIFT              Branch, 208 Piccadilly, London W1A 2DG, United Kingdom. SWIFT
address NWBKGB2L, IBAN GB05NWBK56000313270222. Please                        address NWBKGB2L, IBAN GB55NWBK60730101286498. Please
ensure that a copy of the bank transfer details is attached to               ensure that a copy of the bank transfer details is attached to
your registration form.                                                      your registration form.

Use the exchange rate prevailing at the time of registration.                Credit card payments: by Visa, MasterCard or American Express.
                                                                             No other cards are accepted.
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account number 550/00/06570631 (Sort Code 56-00-03) at the
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Piccadilly, London W1A 2DG, United Kingdom or SWIFT address
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that a copy of the bank transfer details is attached to your
registration form.


Cancellation of registration                                                 Travel arrangements and visas
If cancellation is received in writing at the IBA office by 5 February,      Participants are responsible for making their own travel arrangements.
fees will be refunded less a 25 per cent administration charge. We           It is recommended that you check your visa requirements with
regret that no refunds can be made after this date.                          your local embassy or consulate. We are unable to dispatch visa
                                                                             invitation letters to support your visa application prior to receipt
                                                                             of your registration form and full payment of registration fees.

                                                                             Please apply for your visa in good time.


Hotel accommodation                                                          All reservations will be acknowledged, by e-mail, within 48 hours of
The IBA has reserved a limited number of guestrooms for the nights of        receipt. Bookings cannot be made without a credit card number. Any
7–9 March inclusive at the InterContinental London Park Lane at the          subsequent amendment to your reservation must be made in writing
following rates:                                                             to JLC. If you do not receive e-mail confirmation of your reservation or
                                                                             amendment/cancellation, please contact JLC by telephone. Subject to
Classic Single/Double: £209                                                  availability, JLC can accept reservations up until three days prior to the
                                                                             conference. Thereafter, all reservations should be made direct with the
This rate excludes breakfast, tax and service charges.                       hotel, quoting ‘IBA Conference’ as the reference.

Subject to availability, the rates quoted apply if booked via the official   Cancellations may be subject to financial penalties. Please note that in
accommodation agent, Judy Lane Consulting (JLC). This is a limited           the event of any cancellations or no-shows, rooms will be charged to
block of rooms so please book early as rates and availability cannot be      the individual guest’s credit card given at the time of booking.
guaranteed. To make a reservation:
                                                                             By completing the ‘Accommodation form’, you enter into an agreement
Complete the ‘Accommodation form’ and return to JLC as soon as               with the hotel regarding credit card guarantees, cancellation/no-show
possible to benefit from the special IBA rate:                               terms and conditions and room rates. Neither the IBA/ABA nor JLC
                                                                             can accept responsibility for hotel accommodation disputes between a
JLC                                                                          delegate and the hotel.
PO Box 5098
Broadstone, BH18 9WG
United Kingdom
Tel: +44 (0)1202 699 488
Fax: +44 (0)870 429 2125
E-mail: office@judylaneconsulting.com


Disabled access                                                              Promotional literature
The InterContinental London Park Lane is wheelchair accessible. Please       Please note that no individual or organisation may display or distribute
notify us if you require special assistance.                                 publicity material or other printed matter during the conference, unless
                                                                             by prior arrangement with the IBA. Organisations and companies
                                                                             wishing to discuss promotional opportunities should contact the
                                                                             Sponsorship department at the IBA (sponsorship@int-bar.org).
Registration form
11th Annual International Conference on Private Investment Funds
7–9 March 2010, InterContinental London Park Lane, London

Please read the `Information’ section before completing this form and return it together with your payment
to Mary-Kate Friel at the address overleaf.

Personal details (Please attach your business card or write in block capitals)

Title _____________ Given name _________________________________________ Family name ____________________________________________

Name and country to be shown on badge (if different from above) ____________________________________________________________________

IBA/ABA membership number (if applicable) ________________________________ Date of birth ___________________________________________

Firm/company/organisation ______________________________________________________________________________________________________

Address _______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________________

Tel ___________________________________________________________ Fax ____________________________________________________________

E-mail ________________________________________________________________________________________________________________________

Guest name ___________________________________________________________________________________________________________________

Special dietary requirements _____________________________________________________________________________________________________


                                     To oBTAIN A TEN PER CENT DISCoUNT oN THE FEES BELoW,
                        PLEASE REGISTER BY 1 MARCH oNLINE AT WWW.INT-BAR.ORg/CONFERENCES/CONF300
                               IBA AND ABA MEMBERS CAN REGISTER oNLINE BY 1 FEBRUARy FoR £850
                               PLEASE SEE ‘INFoRMATIoN’ FoR FURTHER oNLINE REGISTRATIoN DETAILS.


Registration form and fees received:              On or before                   After                     Amount payable
                                                  1 February                     1 February

IBA/ABA member                                    £945                           £1045                     £

Non-member*                                       £1095                          £1195                     £

Young lawyers (under 30 years)                    £710                           £1195                    £

Academics/judges (full time)                      £710                           £1195                    £

Public lawyers                                    £710                           £1195                    £

Corporate counsel                                 £850                           £1195                    £

                                                   TOTAL AMOUNT PAYABLE                                    £


                                  THE IBA oFFERS SENIoR LAWYERS A DISCoUNTED REGISTRATIoN FEE.
                                     PLEASE CoNTACT THE IBA oFFICE FoR FURTHER INFoRMATIoN.
                         *JoIN THE IBA ToDAY AND REGISTER FoR THIS CoNFERENCE AT THE IBA MEMBER RATE.
                               PLEASE FIND THE MEMBERSHIP APPLICATIoN FoRM AT WWW.IBANET.ORg.


                               FULL PAYMENT MUST BE RECEIVED IN oRDER To PRoCESS YoUR REGISTRATIoN.
                                     PLEASE NOTE THAT REgISTRATIONS ARE NOT TRANSFERABLE.

Payment details

     I enclose a cheque/bank draft made payable to the IBA for the total amount payable.

     I have transferred to the IBA bank account the total amount payable and have attached a copy of the bank transfer details.

     Please charge the total amount due to my (delete as appropriate) Visa/MasterCard/American Express. Other cards are not accepted.

Card number ______________________________________________________________ Start date _______________ Expiry date _______________

Name of cardholder ____________________________________________________________________________________________________________

Signature _________________________________________________________________ Date _______________________________________________

                                                                                                                                  Continued overleaf
Where did you first hear about this conference?


     IBA CONFERENCE                     OTHER CONFERENCE                     DIRECT MAIL                           INTERNET                       ADVERTISEMENT


     E-MAIL                             EDITORIAL                            RECOMMENDATION                        OTHER

Please provide further details, quoting code (if applicable)









 IBA listings are provided to relevant third parties for marketing purposes. The IBA will treat your personal information with the utmost respect and in accordance
 with UK data privacy laws.
 If you are agreeable to passing on your details, please tick this box
 If you do not wish to receive IBA information and materials, please tick this box
 Your details will however be included in the list of participants, circulated at the conference and displayed within the delegate search of the IBA website.


Workshop sessions

Space at the workshop sessions is limited and places will be allocated on a first-come, first-served basis. If you do not indicate your chosen sessions
at the time of registration for the conference then your place will be allocated at the conference on an availability basis only. The organisers reserve
the right to change or cancel sessions.

Please use the workshop number to indicate your first and second choice for each set of workshop sessions.

First workshop sessions: Monday 8 March 1400 – 1530
Workshop 1              Current US and EU tax issues/Tax 101
Workshop 2              Fraud in the industry
Workshop 3              Private equity and alternative fund issues on the continent
Workshop 4              Issues in refinancing, restructuring and end of fund life
Workshop 5              Current terms: hedge funds

1st Choice ____________________________________________________ 2nd Choice _____________________________________________________

Second workshop sessions: Monday 8 March 1600 – 1730

Workshop 6              US Regulatory Initiatives
Workshop 7              The impact of illiquidity
Workshop 8              Private equity and alternative fund issues on the continent
Workshop 9              Issues in refinancing, restructuring and end of fund life
Workshop 10             Current terms: private equity funds

1st Choice ____________________________________________________ 2nd Choice _____________________________________________________

Third workshop sessions: Tuesday 9 March 0845 – 1015

Workshop 11             Fraud in the industry
Workshop 12             US regulatory initiatives
Workshop 13             The impact of illiquidity
Workshop 14             Current terms: hedge funds
Workshop 15             Current terms: private equity funds

1st Choice ____________________________________________________ 2nd Choice _____________________________________________________


                                                                  Please send the completed form to:

                                                                        Mary-Kate Friel
                                                               International Bar Association
                                                10th Floor, 1 Stephen Street, London W1T 1AT, United Kingdom
                                        Tel: +44 (0)20 7691 6868 Fax: +44 (0)20 7691 6545 or +44 (0)20 7691 6544
                                                 E-mail: mary-kate.friel@int-bar.org Website: www.ibanet.org

For office use only Payment ___________________________ Banked ___________________________ Processed ____________________________
Accommodation form
11th Annual International Conference on Private Investment Funds
7–9 March 2010, InterContinental London Park Lane, London

Please refer to the ‘Hotel accommodation’ section before completing this form.

                                RETURN TO: JLC, Po Box 5098, BRoADSToNE BH18 9WG, UNITED KINGDoM.
                    TEL: +44 (0)1202 699 488 FAx: +44 (0)870 429 2125 E-MAIL: oFFICE@JUDYLANECoNSULTING.CoM.
                           SUBJECT To AVAILABILITY, JLC CAN ACCEPT RESERVATIoNS UP UNTIL 4 MARCH 2010.
                    THEREAFTER, PLEASE CoNTACT THE HoTEL DIRECT, qUoTING ‘IBA CoNFERENCE’ AS THE REFERENCE.


Personal details (Please print clearly in block capitals)


Title (Mr, Mrs, etc) ____________ Given name __________________________________________ Family name ________________________________


IBA membership number ___________________________________________ Firm/company/organisation_____________________________________


Address _______________________________________________________________________________________________________________________


______________________________________________________________________________________________________________________________


Tel ___________________________________________________________ Fax ____________________________________________________________


E-mail ________________________________________________________________________________________________________________________
(Please print clearly as your reservation will be confirmed by e-mail. If you do not receive confirmation of your reservation, please contact JLC by telephone.)


Accommodation requirements

Rates quoted are per room per night and exclude breakfast, tax and service charges


Arrival date ______________________________________________________ Departure date ______________________________________________


     Classic single: £209                                                            Classic double: £209


Special requirements ___________________________________________________________________________________________________________
(We will do our best to accommodate these requests but cannot make any guarantees.)


Accommodation guarantee
Reservations cannot be made without a valid credit card number (Visa, MasterCard, American Express and Diners Club are accepted).
To guarantee your room, a charge of one night’s room rate plus tax will be made to the credit card provided.


Type of card _______________________________________________________________ Expiry date _________________________________________


Name on card _________________________________________________________________________________________________________________


Card number __________________________________________________________________________________________________________________


Signature ___________________________________________________________________ Date ____________________________________________

     BY CoMPLETING THE ‘ACCoMMoDATIoN FoRM’, YoU ENTER INTo AN AGREEMENT WITH THE HoTEL REGARDING CREDIT
   CARD GUARANTEES, CANCELLATIoN/No-SHoW TERMS AND CoNDITIoNS AND RooM RATES. NEITHER THE IBA/ABA oR JLC CAN
           ACCEPT RESPoNSIBILITY FoR HoTEL ACCoMMoDATIoN DISPUTES BETWEEN A DELEGATE AND THE HoTEL.


For office use only


Date form recorded _____________________________________________ Date registration _______________________________________________


Confirmation number ___________________________________________ Comments ____________________________________________________
globalisation of Investment Funds
21st Annual Conference on




                                    16–19 May 2010                      Boston, USA

                                    A conference presented by the IBA Investment Funds Committee and
                                    supported by the IBA North American Regional Forum


                                    The global investment funds conference in Boston provides a convenient forum to meet with
                                    practitioners from the asset management industry from all over the world. There will be the
                                    opportunity to discuss significant changes and new developments in the investment funds industry.
                                    to exchange ideas and to learn different approaches to the same issue in different jurisdictions.


                                    Who should attend?
                                    Institutional investors, asset managers, operation people, lawyers and accountants.




                                    International Bar Association
                                    10th Floor, 1 Stephen Street
                                    London W1T 1AT, United Kingdom
                                    Tel: +44 (0)20 7691 6868
                                    Fax: +44 (0)20 7691 6544
                                    E-mail: confs@int-bar.org
                                    Website: www.ibanet.org
           International Bar Association
                      the global voice of the legal profession
The International Bar Association (IBA), established in 1947, is the world’s leading organisation of international legal practitioners,
bar associations and law societies. The IBA influences the development of international law reform and shapes the future of the
legal profession throughout the world. It has a membership of 35,000 individual lawyers and more than 197 bar associations and
law societies spanning all continents. It has considerable expertise in providing assistance to the global legal community as well as
being a source of distinguished legal commentators for international news outlets.

Grouped into two divisions – the Legal Practice Division and the Public and Professional Interest Division – the IBA covers all
practice areas and professional interests, providing members with access to leading experts and up-to-date information. Through
the various committees of the divisions, the IBA enables an interchange of information and views among its members as to laws,
practices and professional responsibilities relating to the practice of business law around the globe. Additionally, the IBA’s high-
quality publications and world-class conferences provide unrivalled professional development and network-building opportunities
for international legal practitioners and professional associates.

The IBA’s Bar Issues Commission provides an invaluable forum for IBA member organisations to discuss all matters relating to law
at an international level.

The IBA’s Human Rights Institute works across the Association to promote, protect and enforce human rights under a just rule of
law, and to preserve the independence of the judiciary and the legal profession worldwide.

Other institutions established by the IBA include the Southern Africa Litigation Centre and the International Legal Assistance
Consortium.

In its role as a membership organisation comprising 35,000 individual lawyers and over 197 Bar Associations and Law Societies,
the International Bar Association (IBA) influences the development of international law reform and shapes the future of the legal
profession. Its member organisations cover all continents, and almost all nations.

Investment Funds Committee overview
Fuelled by the global move to defined contribution pensions with much-enhanced investor education and expectations of increased
service through cyberspace, a growing breed of lawyers is needed who are familiar with cross-border and globalisation issues.

The Investment Funds Committee provides a convenient forum for its members to consider current developments in the global
investment funds industry, including both regulatory and product development. It also produces an annual newsletter for its members.

The committee has also established the Private Investment Funds Subcommittee. The subcommittee focuses on specialised collective
investment vehicles such as venture capital, real estate, hedge, leveraged buy-out and commodity funds.

European Regional Forum overview
The European Regional Forum was established in 1989 to provide a focus for the work carried out by the IBA, with lawyers in Eastern
and Central Europe developing their practice under changing legal systems, and also to act as a channel for IBA communication
with the bar associations of these local lawyers. The European Forum has been developing and strengthening the existence of the
IBA within the whole of Europe by promoting the goals of the BIA to members, non-members and others, transferring professional
know-how, and assisting the committees and other constituencies of the IBA to increase their presence in the different sub-regions of
Europe. The European Forum also facilitates cross-border activity between the lawyers and the bars in different European countries.


Contact information:
International Bar Association
10th Floor, 1 Stephen Street
London W1T 1AT, United Kingdom
Tel: +44 (0)20 7691 6868
Fax: +44 (0)20 7691 6544
www.ibanet.org
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                                                                                                                                     Module                                                              First available start date
                                                                                                                                     Business, finance and the legal services market                     July 2010
                                                                                                                                     IBA international intellectual property practice                    July 2010
                                                                                                                                     IBA international commercial legal practice                         July 2010
                                                                                                                                     IBA international public companies practice                         July 2010
                                                                                                                                     IBA international mergers and acquisitions practice                 July 2010
                                                                                                                                     IBA international capital markets and loans practice                July 2010
                                                                                                                                     IBA international antitrust legal practice                          July 2010
                                                                                                                                     IBA international business organisations                            July 2010
                                                                                                                                     IBA international arbitration practice                              July 2010
                                                                                                                                     IBA international joint ventures                                    July 2010
About the American Bar Association
With more than 400,000 members, the American Bar Association (ABA) is the largest voluntary professional
membership organisation in the world. As the national voice of the legal profession in the United States, the ABA
works to improve the administration of justice and promotes programs that assist to build public understanding
around the world of the importance of the rule of law.



The ABA Business Law Section overview
The Mission of this section is to serve the public, the profession and the section by furthering the development and
improvement of business law, educating section members in business law and related professional responsibilities,
and helping section members to serve their clients competently, efficiently and professionally.



Committee on the Federal Regulation of Securities
A committee of the ABA Section of Business law with 2,650 members, this group deals with the development
and application of the federal securities laws. In this connection, it interacts with the U.S. Securities and
Exchange Commission, the Public Company Accounting Oversight Board (PCAOB) and the various self-regulatory
organisations (SROs), such as the New York Stock Exchange and the Financial Industry Regulatory Authority
(FINRA). The committee monitors legal developments and comments on SEC interpretations with the applicable
securities regulators. The committee also publishes positions papers, provides practical guidance to its members
and conducts programs and forums covering topical securities law issues.

Section publications
Published four times a year, The Business Lawyer is the premier business law journal in the country. The Business
Lawyer provides scholarly, in-depth information on case law analysis, developing trends and annotated listings of
recent literature. Only the Harvard Law Review has been cited in other law reviews more often than The Business
Lawyer. Section membership includes a print edition of each new issue and unlimited online access to current
and past issues through the section’s website. Business Law Today is the section’s news magazine for business
lawyers, published six times a year. It provides a quick, at-a-glance resource to all the breaking topics relevant to
business law practice. With color graphics, no footnotes, easy-to-understand articles covering a variety of business
law topics that is useful every day. Business Law Today is the perfect complement to The Business Lawyer. Section
membership includes a print copy of each new issue, and e-mail version of each issue with easy-to-forward links,
and unlimited online access to current and past articles through the section’s website.

Membership
Membership in the ABA and the Section of Business Law is open to US Attorneys practicing abroad. Associate
membership is also available for lawyers who are not admitted to a US jurisdiction. Visit www.abanet.org to join or
contact the ABA at +1 (312) 988-5000. Full information on the section can be found at www.ababusinesslaw.org.

Contact information:
ABA Section of Business Law
321 N Clark Street Chicago, IL 60654
United States
E-mail: businesslaw@abanet.org
                                       Save the date:
                                       3–8 October 2010
Images courtesy of Tourism Vancouver




                                       What will Vancouver 2010 offer?
                                        Vancouver is a dynamic, multicultural city set in a spectacular natural environment. As both a vital centre of international
                                        trade and business, and a home to Canadian culture, sport and outdoor activities, Vancouver promises to be another perfect
                                        venue for the International Bar Association’s Annual Conference in 2010.




                                       • The largest gathering of the international legal community in the world – a meeting place of more than 3,500
                                         lawyers and legal professionals from around the world
                                       • More than 150 working sessions covering all areas of practice relevant to international legal practitioners
                                       • The opportunity to generate new business with many of the leading firms in the world’s key cities
                                       • Registration fee which entitles you to attend as many working sessions throughout the week as you wish
                                       • Continuing legal education and continuing professional development
                                       • A variety of social functions providing ample opportunity to network and see the city’s key sights
                                       • Integrated guest programme
                                       • Excursion and tours programme




                                       To register your interest, please contact:
                                       International Bar Association 10th Floor, 1 Stephen Street, London W1T 1AT
                                       Tel: +44 (0)20 7691 6868 Fax: +44 (0)20 7691 6544 www.ibanet.org/conferences/Vancouver2010




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regulations of various jurisdictions.