Skip to main content

Investment Management Institute 2014

Speaker(s): Andrew J. Bowden, Barry P. Barbash, Christopher D. Christian, Elizabeth R. Krentzman, Jennifer S. Choi, Julie M. Riewe, Lori A. Martin, Melanie Nussdorf, Michael S. Sackheim, Norm Champ, Paul F. Roye, Philip L. Kirstein, Sean M. Murphy, Stephanie R. Breslow, Susan Schroeder, Susan C. Ervin, Thomas M. Selman, CFA, W. Danforth Townley
Recorded on: Mar. 6, 2014
PLI Program #: 49469

Paul F. Roye is a senior vice president of the Fund Business Management Group of Capital Research and Management Company ("Capital Research"); director of Capital Research; member of the American Funds/Capital Research Executive Committee; Chief Legal Officer of The American Funds; chairman of the board and trustee of the Capital Private Client Services Funds and Capital Emerging Markets Total Opportunities Fund; vice chairman of The American Funds Tax-Exempt Series I; executive vice president, principal executive officer and trustee of Washington Mutual Investors Fund; executive vice president and principal executive officer of Growth Fund of America, American Mutual Fund, Fundamental Investors, International Growth and Income Fund, and SMALLCAP World Fund; and senior vice president of American Balanced Fund, The Income Fund of America and Investment Company of America.

Prior to joining Capital Research in 2005, he was Director of the Division of lnvestment Management for the U.S. Securities and Exchange Commission, where he worked for three SEC Chairman and was among the most senior financial services regulators in the United States, with principal oversight for the investment management industry and public utility holding companies. During his tenure, he received the Chairman's Award of Excellence, the highest honor that can be bestowed upon an SEC staff member. Prior to becoming director, he was a member of the Washington office of the law firm of Dechert, where he was a partner in the firm's Financial Services, lnvestment Management and Corporate Securities Practice Group, specializing in the area of institutional investor law. His practice involved providing advice and assistance to a wide variety of domestic and foreign investment companies, as well as investment advisers, broker-dealers, banks and insurance companies.

Paul holds a J.D. from the University of Michigan Law School at Ann Arbor, where he was Note and Comment Editor of the University of Michigan Journal of Law Reform. He also holds an A.B., cum laude, from Dartmouth College in Hanover, New Hampshire. Paul serves on the Investor Issues Committee of the Financial Industry Regulatory Authority, serves on the Board of Directors of the Association of Securities and Exchange Commission Alumni and Friends, the Foundation of the California African American Museum  and  the  Southern  Africa  Legal  Services  Foundation.  He  also  serves  on  the Executive Council of the Federal Bar Association.

Paul is admitted to practice law in the District of Columbia and is a member of the District of Columbia Bar Association.

Lori A. Martin is partner in the Securities and Litigation/Controversy departments of WilmerHale, where she is resident in the New York office. She handles regulatory proceedings and litigation on behalf of investment advisers, open and closed-end investment companies, hedge funds, and broker dealers offering investment advisory services. She was selected as the “Mutual Funds Law Lawyer of the Year” in the New York area by The Best Lawyers in America® 2014. Prior to joining WilmerHale, she was First Vice President and Assistant General Counsel of Merrill Lynch Investment Managers.

Her publications include: “Litigation Under the Investment Company Act of 1940,” Vol. 2, Chapter 26 Mutual Fund Regulation (Practicing Law Institute, 2011) (Clifford E. Kirsch, ed.); “Supreme Court Endorses Gartenberg, But It's Not the Same Old Standard,” WilmerHale Client Alert (April 5, 2010) (with Matthew A. Chambers); “Enforcement Trends and Themes,” Investment Management Institute (Practicing Law Institute, 2007-2012); “State Regulators and the Mutual Fund Industry,” 39 The Review o/Securities & Commodities Regulation 219 (Nov. 15, 2006) (with Cristina Alger); and “Emails and the Recordkeeping Obligations of Investment Advisers,” 12 The Investment Lawyer 16 (February 2005).

Ms. Martin's recent speeches include: “Regulatory and Enforcement Trends and Developments Affecting Investment Advisers, Investment Companies and Private Funds,” panel presentation at the American Bar Association Business Law Section Fall Meeting (Washington, DC) (November 22, 2013); “Valuation Issues, SEC Examinations & Enforcement Actions,” panel presentation on a webinar co-sponsored by Deloitte & WilmerHale (June 19, 2013); “SEC Focus on Private Fund Advisers,” panel presentation at the Global Capital Markets & the U.S. Securities Laws 2013 conference, sponsored by the Practicing Law Institute (New York, New York) (June 5, 2013); “Current Legal and Ethical Issues for Counsel in Investment Management Regulation," panel presentation for the Association of the Bar of the City of New York (New York, New York) (May 14, 2013); “Excessive Fee Litigation,” panel presentation at the Basics of Mutual Funds and Other Investment Companies 2013 conference, sponsored by the Practicing Law Institute (New York, New York) (April 24, 2013); “The US Litigation and Enforcement Environment and its Effect on Cayman Directors,” presentation for the Alternative Investment Management Association (Grand Cayman, Cayman Islands) (April 18, 2013); “Current Topics in Valuation,” panel presentation at the Mutual Fund Directors Forum 2013 Policy Conference (Washington, DC) (April 10, 2013); and “Litigation,” panel presentation at the Investment Management Institute 2013 program, sponsored by the Practicing Law Institute (New York, New York) (March 8, 2013).

Ms. Martin graduated with honors from the University of Chicago School of Law in 1988, where she was a member of the University of Chicago Law Review. She graduated with honors from Wellesley College in 1985.

Contact Ms. Martin: +1 212 295 6412 or

Philp L. Kirstein is the Independent Compliance Officer and the Senior Officer of the AllianceBernstein U.S. registered investment companies.  Previously, he was the General Counsel of Merrill Lynch Investment Managers, LP (formerly Merrill Lynch Asset Management) from May 1984 through March 2003 and was Of Counsel to Kirkpatrick & Lockhart LLP from October 2003 until October 2004.

Mr. Kirstein is a member of the New York City Bar Committee on the Investment of Funds and a past Chair of the New York City Bar Committee on Investment Management Regulation.  He is also a former member of the American Bar Association Committee on Federal Regulation of Securities, Subcommittee on Investment Companies and Investment Advisers; and a former member of the Executive Committee and Board of Directors of ICI Mutual Insurance Company and the Planning Committee of the Investment Company Institute/Federal Bar Association Mutual Fund Conference.  Mr. Kirstein was a member of the Independent Directors Council Task Force that prepared the Board Oversight of Fund Compliance Report.  He is a frequent panelist at conferences regarding investment company legal, compliance and regulatory issues.

Mr. Kirstein is a graduate of the University of North Carolina (Chapel Hill), College of Law, Syracuse University and School of Law, New York University.

Mr. Kirstein is a former member of the Board of Directors of Cancer Care of New Jersey and a former member of the board of Directors of the Susan G. Komen for the Cure, Central and South Jersey affiliate.  He is currently on the Finance and Investment Committees of the New York New Jersey Trail Conference, Inc.  He retired as a Captain of the United States Naval Reserve.


Areas of Practice

  • ERISA, Labor & Employment
  • ERISA/
    Employee Benefits/
    Executive Compensation
  • Employee Benefits/
    Executive Compensation
  • Tax
  • Congressional Oversight & Investigations



  • New York University School of Law, J.D., 1973
  • University of Pennsylvania, B.A., 1970


    Bar & Court Admissions

  • District of Columbia


Melanie Nussdorf is a partner in the Washington office of Steptoe, where she is a member of the Tax and Employee Benefits groups.

Her practice spans the entire range of employee benefits, from the tax-based rules for qualified pension plans, to fiduciary issues, welfare benefits, and plan termination. Ms. Nussdorf's particular focus over the last several years has been fiduciary issues, including prohibited transaction exemption questions under ERISA, especially in connection with financial products and services. Ms. Nussdorf represents a number of financial institutions including major banks, investment advisers,brokerage firms, and insurance companies. In addition, she has particular experience in all aspects of the plan termination process, including issues of employer liability for poorly funded plans terminating in or outside of a bankruptcy proceeding. She has done substantial work on ERISA issues relating to hedge funds and private equity vehicles. She also has substantial experience with the exemption and advisory opinion process under ERISA and has worked extensively on legislative issues related to ERISA.

Ms. Nussdorf was counsel for age and sex discrimination at the Department of Labor prior to serving as Executive Assistant to the Solicitor of Labor from 1977-81. During this period, she had significant oversight responsibility for the department's legal work under ERISA. From 1981-84, she served as Special Counsel at the Pension Benefit Guaranty Corporation.


  • Listed in Best Lawyers in America 1995-2014 for Employee Benefits(ERISA)Law and ERISA Litigation
  • Received Star Individual Rating for DC: Employee Benefits & Executive Compensation in Chambers USA: America’s Leading Business Lawyers 2011-2013
  • Ranked #1 for Nationwide: Employee Benefits & Executive CompensationinChambers USA: America’s Leading Business Lawyers 2011-2013
  • Ranked #1 for DC: Employee Benefits & Executive Compensation and Nationwide: Employee Benefits & Executive Compensation inChambers USA: America’s Leading Business Lawyers 2004-2013
  • Recommended as a Leading Lawyer for Labor & Employment: Employee Benefits & Executive Compensation by Legal 500 US 2009, 2013
  • Recommended for Labor & Employment: Employee Benefits& Executive Compensation by Legal 500 US 2012
  • Recommended for Tax: Employee Benefits & Executive Compensationby Legal 500 US 2011
  • Listedin Washington, DCSuper Lawyers 2007-2013
  • Listed in Lawdragon 3000 Leading Lawyers in America 2011
  • Listed as International Law Office Client Choice Award Guide 2010 winner for USEmployment and Labor 2010


Select Seminars & Events

“Other Regulatory Regimes Affecting the Investment Management Industry,” PLI’s Investment Management Institute 2013

"Pension Plan Investment: Current Perspectives," Practising Law Institute's Conference, April 5, 2011

"ERISA Fiduciary Basics," Practising Law Institute's Conference, February 23, 2011

"Investment Management Institute," Practising Law Institute's Conference, February 10, 2011

"CFTC’s Proposed Business Conduct Standards for Swap Dealers: Costs and Consequences to Swap Dealers and Plans," Practising Law Institute's Teleconference, January 25, 2011

"DOL’s Proposed Significant Expansion of the Fiduciary Definition," Practising Law Institute's Teleconference, November 19, 2010

Selected Publications

Expanded Roth Conversion Opportunity for Retirement Plan Participants
January 11, 2013

ERISA Advisory - $36.9 Million Awarded in ERISA Class Action Challenging Investment Selection and Compensation Paid to 401(k) Plan Recordkeeper
May 3, 2012

ERISA Advisory - Department of Labor Releases 408(b)(2) Fee Disclosure Regulations
March 9, 2012

ERISA Advisory - CFTC Announces New Swap Rules
February 2, 2012

ERISA Advisory - Labor Department Issues Final Regulations Addressing Provision of Investment Advice to Participants and Beneficiaries of Self-Directed Individual Account Plans and IRAs
October 31, 2011

ERISA Advisory - Proposed Regulation Redefining Fiduciary
November 5, 2010

ERISA Advisory - ERISA Advisory Council Makes Stable Value Fund Recommendations to Labor Department
November 17, 2009

Melanie Nussdorf Quoted in Pensions & Investments about Revamped Rules for Offering Investment Advice
May 4, 2009


Barry P. Barbash is a co-head of the firm’s Asset Management Group and has been a practitioner in the asset management area for over 35 years.  He combines deep private practice experience with extensive knowledge of the regulation of the asset management business, having, among other things, served from September 1993 until October 1998, as the Director of the Securities and Exchange Commission’s Division of Investment Management.

Mr. Barbash has a diverse practice covering all aspects of the asset management business.  He regularly advises investment managers and other fiduciaries, independent directors and trustees, and mutual fund, exchange-traded fund, hedge fund, private equity fund and venture capital fund clients on a variety of transactional, compliance and regulatory matters.  His areas of expertise include investment adviser operations, compliance procedures and policies and fund governance matters. He regularly represents buyers and sellers in asset management merger and acquisition transactions and restructurings and advises asset managers of all types in connection with administrative and court actions brought by securities regulators.  He has particular experience and expertise dealing with “status” issues arising under the Investment Advisers Act of 1940 and the Investment Company Act of 1940. He has, in addition to serving as the Director of the SEC’s Division of Investment Management, held staff attorney positions with the Division of Investment Management and the Plan Benefits Security Division of the Office of the Solicitor of the U.S. Department of Labor, which has responsibility for the administration of the fiduciary responsibility provisions of the U.S. federal employee benefit plans law.


Cornell Law School
JD, 1978

Bowdoin College
AB, 1975

Christopher D. Christian

Christopher D. Christian is a partner in Dechert's Financial Services Practice Group. He advises U.S. and European asset managers and investment funds and their boards of directors, including U.S. registered funds, funds organized under the European Union directive on Undertakings for Collective Investment in Transferable Securities (UCITS), and funds organized in other jurisdictions offered on a private basis.

Mr. Christian's practice has a significant international component. He advises offshore funds on compliance with U.S. regulatory requirements and routinely counsels European retail and institutional funds on organization, registration, corporate governance, and global distribution issues. He has assisted clients in coordinating offering advisory services and various types of investment funds in compliance with local law in jurisdictions in Europe, Asia, the Middle East, and Latin and South America.

Mr. Christian is Vice Chair of the International Bar Association's Investment Funds Committee. He has spent considerable time working in our London office and is a frequent conference speaker.

Mr. Christian graduated from Brandeis University (B.A., 1995), The Catholic University of America Columbus School of Law (J.D., cum laude, 1998) and Georgetown University Law Center (LL.M. in Securities and Financial Regulation, 1999). He is a member of the District of Columbia and Massachusetts Bars.

Drew Bowden was appointed by Chair Mary Jo White as the Director of the Office of Compliance Inspections and Examinations (OCIE) in June 2013. He joined the SEC in November 2011 and initially served as the National Associate for the Investment Adviser and Investment Company Examination Program.  In September 2012, Mr. Bowden was named Deputy Director of OCIE.

Mr. Bowden began his career as a trial attorney and partner at a major Baltimore law firm, specializing in securities related litigation, arbitration, and regulatory matters.  He later worked for seventeen years at Legg Mason in a variety of roles, including legal, compliance, operations, sales, service, marketing, and corporate governance.  He has also served on the Board of Governors and Executive Committee of the Investment Adviser Association. He holds a Bachelor of Arts degree, summa cum laude, from Loyola University Maryland and a law degree, cum laude, from The University of Pennsylvania.

Elizabeth Krentzman serves as Deloitte’s U.S. mutual fund leader where she oversees national development and delivery of mutual fund strategies across audit, tax, financial advisory and consulting to mutual fund complexes, boards of directors and service providers.

Elizabeth has over 25 years of experience in the asset management industry, including as former General Counsel to the Investment Company Institute (ICI).  During her tenure at the ICI, she was recognized by Compliance Reporter as “Lobbyist of the Year” in connection with her regulatory efforts.  Before joining the ICI, Elizabeth spent seven years at Deloitte & Touche where she led the investment management regulatory services group for the Financial Regulatory Consulting practice. Elizabeth also formerly served as an Assistant Director in the U.S. Securities and Exchange Commission’s Division of Investment Management, where she was responsible for rules involving investment company reporting and investment adviser registration and disclosure obligations.  Elizabeth began her career with the law firm of Ropes & Gray, where she handled regulatory and compliance matters for investment companies, their advisers and directors. 

Elizabeth serves on the editorial board of The Investment Lawyer, is a published author and speaks at numerous conferences in the United States and around the world.  She is also a member of the Advisory Board of the SEC Historical Society.  Elizabeth is a member of the District of Columbia and Florida Bar Associations and is a former chair of the District of Columbia Bar Investment Management Subcommittee.  She received her BA and JD degrees from the University of Florida and served on the University of Florida Law Review.

Norm Champ is the Director of the Division of Investment Management of the U.S. Securities and Exchange Commission.

Since his arrival to the Division in 2012, Mr. Champ has introduced “IM Moving Ahead,” a comprehensive self-assessment and revitalization of the Division to transform it into a continuous improvement organization. As part of this effort, IM established the new Risk and Examinations Office to analyze data and developments in the asset management industry.  This initiative includes an enhanced dialogue with industry participants and a review of new products and practices in important asset management firms.  This effort has led to an extensive reorganization to eliminate silos and streamline processes, a new website, and numerous new resources for the Division.  Under his leadership, the Division has recommended, and has had the Commission successfully approve, several significant rules relating to identity theft protection, proprietary trading, principal trading, proposed money market fund reform, credit rating reference removal and other issues.

Prior to joining the Division of Investment Management, Mr. Champ was the Deputy Director of the Office of Compliance Inspections and Examinations of the SEC and the Associate Regional Director for Examinations in the New York Regional Office of the Commission. While Deputy Director of OCIE, Mr. Champ served in various capacities including supervising the national broker-dealer, investment adviser/investment company, credit rating agency examination programs and Chief Counsel office.  Mr. Champ has participated in the Commission’s international technical assistance program in Saudi Arabia and Abu Dhabi. Mr. Champ has received SEC Chairman’s awards for Dodd-Frank Implementation (2011), Labor-Management Relations (2011), and Quantitative Analytics (2013).

Mr. Champ is a Lecturer on Law at Harvard Law School where he teaches Private Fund Investment Management Law. He has been a panelist on securities law topics at many forums including the Commission, the Practicing Law Institute, SIFMA, MFA, the Saudi Central Bank, the New York City Bar Association, Princeton University, the International Bar Association and other organizations.

Before joining the staff of the Commission in 2010, Mr. Champ was Executive Vice President and General Counsel of Chilton Investment Company, an investment adviser to long/short equity hedge funds and managed accounts. From 2006 to 2009, Mr. Champ was a member of the Board of Directors of the Managed Funds Association, an alternative investment industry trade group, and was Chair of its Investor Protection Task Force.  Prior to joining Chilton in 1999, Mr. Champ was with the law firm of Davis Polk & Wardwell.  From 1990 to 1992, Mr. Champ clerked for the Honorable Charles S. Haight, Jr., of the U.S. District Court for the Southern District of New York.

Mr. Champ has an A.B. in History from Princeton University and a J.D. from Harvard Law School. He was a Fulbright Scholar at King’s College in London where he received his M.A. in War Studies.

Sean M. Murphy is a partner in the New York office of Milbank, Tweed, Hadley & McCloy and a member of the firm’s Litigation & Arbitration Group.  Prior to joining Milbank in 2004, Mr. Murphy was a partner in the New York office of Clifford Chance LLP, where he was a member of that firm’s Securities Litigation practice group.

Primary Focus & Experience

Mr. Murphy’s practice focuses on complex securities matters. He has defended dozens of companies and financial institutions in multi-jurisdictional class action and derivative litigation under state and federal securities laws, including claims under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940. He has extensive experience representing investment advisers in litigation and regulatory investigations involving management fees, revenue sharing, conflicts of interest, prospectus disclosure, distribution and trading, portfolio mismanagement, Rule 12b-1, board oversight and fiduciary duty litigation.

Mr. Murphy has represented some of the largest financial institutions in the country in complex securities cases, including Citibank, Merrill Lynch, Fidelity, Capital Group, AllianceBernstein, American Century, Dodge & Cox, Dreyfus, Federated Investors, First Trust Advisers, the Hartford, Legg Mason, Neuberger Berman, Prudential, Putnam, Royal Bank of Canada, Russell Investments, Salomon Smith Barney, Voya Investments and Waddell & Reed.

He has extensive experience trying securities cases, including several multi-billion dollar cases. In 2005, Mr. Murphy defended AllianceBernstein L.P. in a seven week jury trial in an action brought by the Florida state pension board in Jacksonville, Florida, seeking over $3 billion in damages stemming from Alliance’s investments in Enron. The jury returned a verdict in Alliance’s favor which was ranked by the National Law Journal as one of the Top 10 Defense Wins of the Year. More recently, Mr. Murphy successfully defended Capital Research and Management Company in an action in which plaintiffs challenged the receipt by Capital Research of more than $15 billion in fees for managing eight of the largest mutual funds in the country. Following a two week bench trial in August 2009, the court rendered an opinion dismissing plaintiffs’ complaint with prejudice. In re American Mutual Funds Fee Litigation, No. CV 04-5593 GAF, 2009 WL 5215755 (C.D. Cal. Dec. 28, 2009).

Recognition & Accomplishments

Mr. Murphy has been recognized as a leading litigator by a number of publications, including: the American Lawyer’s “Fab Fifty” list of the top 50 litigators in the country under the age of 45; he was selected as one of the top 500 lawyers in the country in The Lawdragon 500 Leading Lawyers in America; and Legal 500 described him as “one of the best young lawyers for securities shareholder litigation, anywhere in the country.” Lawdragon also elected Mr. Murphy to its list of “100 Lawyers You Need to Know in Securities Litigation,” and profiled him as a “rising star” in The Lawdragon 500 New Stars, New Worlds. Mr. Murphy also has been consistently recognized as a leading securities lawyer in Chambers USA, Benchmark Litigation and New York Super Lawyers

Mr. Murphy has spoken on dozens of panels about complex litigation and regulatory issues, and has written a number of articles, including “The Trial of a Securities Case” (1996), “Litigation Under the Private Securities Litigation Reform Act” (1997), “Recent Developments in Litigation Under the Investment Company Act of 1940” (2004), “Mutual Funds Under Scrutiny” (2005), “Securities Plaintiffs Turn to Class Actions Under ERISA” (2008), “Court Finds Implied Private Right of Action Under the Investment Company Act” (2009), “The SEC’s Mutual Fund Fee Initiative: What to Expect” (2010), “Fund Profitability in Mutual Fund Fee Litigation” (2012), “Claims Involving Investment Companies” (2014), “Trends in Fee Litigation: Actions Brought under Section 36(b) and ERISA” (2014), and “Halliburton and the Fraud-on-the-Market Theory” (2014). He also co-authored portions of the textbooks titled Practice Before the Judicial Panel on Multi-District Litigation and Litigating Securities Class Actions.


Albany Law School-Union University, J.D.

St. Lawrence University, B.A.


New York

US Court of Appeals for the Second Circuit

US Court of Appeals for the Ninth Circuit

US District Court for the Southern District of New York

Stephanie R. Breslow is a partner at Schulte Roth & Zabel, where she is also co-head of the Investment Management Group and a member of the Executive Committee. Her practice includes investment management, partnerships and securities, with a focus on the formation of liquid-securities funds (hedge funds, hybrid funds) and private equity funds (LBO, mezzanine, distressed, real estate, venture), as well as providing regulatory advice to investment managers and broker-dealers. She also represents fund sponsors and institutional investors in connection with seed capital investments in fund managers and acquisitions of interests in investment management businesses, and represents funds of funds and other institutional investors in connection with their investment activities.

Stephanie is a sought-after speaker on fund formation and operation and compliance issues, and also regularly publishes books and articles on the latest trends in these areas. She co-authored Private Equity Funds: Formation and Operation published by Practising Law Institute, contributed a chapter on “Hedge Funds in Private Equity” for inclusion in Private Equity 2005-2006 (PLC Cross-border Handbooks) and co- wrote New York and Delaware Business Entities: Choice, Formation, Operation, Financing and Acquisitions and New York Limited Liability Companies: A Guide to Law and Practice, both published by West Publishing Co.

Currently the secretary of the Investment Funds Committee of the International Bar Association, Stephanie is also a founding member and former chair of the Private Investment Fund Forum, a former member of the Steering Committee of the Wall Street Fund Forum and a member of the Board of Directors of 100 Women in Hedge Funds.

Stephanie was named one of The Hedge Fund Journal’s 50 Leading Women in Hedge Funds and is  listed in Chambers USA, Chambers Global, The Legal 500 United States, Best Lawyers in America, America’s Leading Lawyers, Who’s Who Legal: The International Who’s Who of Business Lawyers (which ranked her one of the world’s “Top Ten Private Equity Lawyers”), IFLR Best of the Best USA (Investment Funds), IFLR Guide to the World’s Leading Investment Funds Lawyers, IFLR Guide to the World’s Leading Women in Business Law (Investment Funds), IFLR Guide to the World’s Leading Private Equity Lawyers, and PLC Cross-border Private Equity Handbook, among other leading directories.

Stephanie earned her J.D. from Columbia University School of Law, where she was a Harlan Fiske Stone Scholar, and her B.A., cum laude, from Harvard University.


Financial Institutions Hedge Funds Investment Management Private Equity

Susan Schroeder is the Deputy Chief of FINRA’s Department of Enforcement, responsible for overseeing the Department of Enforcement in New York.  Prior to joining FINRA, she was a partner in WilmerHale’s Securities Litigation and Enforcement practice, where she specialized in SEC, FINRA, and state investigations and enforcement actions involving all aspects of securities law.  She began her legal career as a litigation associate at Kirkland & Ellis, specializing in securities litigation.  She received her J.D. from NYU School of Law, her M.A. from the University of California at Davis, and her B.A. from Georgetown University.  She is a member of the New York bar.

Thomas M. Selman is Executive Vice President, Regulatory Policy, and Legal Compliance Officer of FINRA.  He oversees the departments of Corporate Financing, Advertising Regulation, Regulatory Policy, the Legal Compliance Office, and the Office of Emerging Regulatory Issues. Tom joined the organization in 1996.

Mr. Selman also holds the Chartered Financial Analyst ® designation.

From 1992 to 1996, Mr. Selman was Associate Counsel at the Investment Company Institute, a trade association for the mutual fund industry. Prior to that time, he served as Special Counsel in the Office of General Counsel at the United States Securities and Exchange Commission, a position he held beginning in 1987. Tom was an Attorney-Advisor to the European Union in Brussels, Belgium, from 1986 to 1987. In addition to his career accomplishments, Mr. Selman has authored articles that were published in Investment Lawyer, The International Lawyer and Insights.

Mr. Selman received bachelor's degrees in economics and history from Rice University, and a Doctor of Jurisprudence degree from The University of Texas School of Law, where he was Associate Editor of the Texas Law Review.

Mr. Sackheim concentrates on exchange-traded and over-the-counter derivatives regulatory, transactional and enforcement matters, including structured products.  He advises financial and commercial entities on the implications of Title VII of the Dodd-Frank Act. 

Memberships and Affiliations

Past Chair, New York City Bar Derivatives Regulation Committee. 

Managing Editor, Futures & Derivatives Law Report (Thomson Reuters, publ.). 

Member, Thomson Reuters Governance, Risk and Compliance, Business Law Partner Advisory Board.

Member, Futures Industry Association, Law & Compliance Division.

Recent Publications

  • The Duck That Broke the Camel’s Back:  What SIFMA v. CFTC Means for U.S. Swaps Regulation (Futures Industry Magazine, November 2014)
  • US Swaps Compliance for Multinationals (, August 26, 2014)
  • End User Exception from Dodd-Frank Clearing Mandate and Trade Execution Requirement (Harvard Law School Forum on Corporate Governance and Financial Regulation Online, August 2014)
  • Structuring In Good Faith – Transactions that Will and Won’t Run Afoul of U.S. Swap Anti-Evasion Rules (International Financial Law Review, February 2014)
  • Professional Responsibility Issues for Swaps Lawyers Under Dodd-Frank (Review of Securities & Commodities Regulation, November 2012)
  • Four Critical Issues Affecting Commodity Pools and Derivative Transactions Under Proposed Regulations Implementing the Volcker Rule (Futures & Derivatives Law Report, June 2012)
  • In the Aftermath of MF Global (Law360, December 21, 2011)
  • Dodd-Frank Act Has Its First Birthday, But Derivatives End Users Have Little Cause to Celebrate (Harvard Business Law Review Online, July 2011)
  • Position Limits for Commodity Derivatives Under Dodd-Frank (Thomson Reuters Accelus™  - Business Law Currents, June 21, 2011)
  • Ethical Issues for Lawyers Under the Dodd-Frank Wall Street Reform and Consumer Protection Act:  Lawyer Representations Under the End-User Swap Exemption (Securities Regulation & Law Report, June 6, 2011)
  • Commodities Regulation and Derivatives (Chapters 3 and 16, Derivatives:  Legal Practice and Strategies, Aspen Publishers, 2010)
  • Deconstructing Dodd-Frank:  Regulation of Over-the-Counter Derivatives (Practical Law, November 2010)
  • Knocking on the Clearinghouse Door (Futures & Derivatives Law Report, August 2010)
  • Energy Prosecutions:  Is the CFTC Out of Gas? (Futures & Derivatives Law Report, December 2009)
  • DB Commodity Index Tracking Fund:  An Innovative Exchange-Traded Fund (Futures Industry Magazine, May/June 2006)
  • Derivatives, Issuers & Counsel:  Reporting of Material Violations (Derivatives Week, December 22, 2004)
  • False Reporting of OTC Energy Transactions (Review of Securities & Commodities Regulation, August 2004)
  • Ethical Standards for New York Brokerage House Attorneys (Review of Securities & Commodities Regulation, October 2000)

Jennifer S. Choi is Senior Associate Counsel at the Investment Company Institute. She also serves as an adjunct professor of law at American University’s Washington College of Law teaching regulation of mutual funds and investment advisers. Previously, Ms. Choi was associate general counsel at the Investment Adviser Association. From 1995 to 1999, she held various positions at the U.S. Securities and Exchange Commission, rising to assistant director in the Division of Investment Management. At the SEC, she also received the Martha Platt Award for dedication, excellence, and integrity. Ms. Choi graduated from the Wharton School of the University of Pennsylvania with a B.S. in economics, cum laude, and from the National Law Center at George Washington University, with highest honors.

Julie M. Riewe is Co-Chief of the Asset Management Unit in the SEC’s Division of Enforcement.  As Co-Chief of the Asset Management Unit, she oversees a nationwide program of investigations focusing on investment advisers, investment companies, mutual funds, hedge funds, private equity funds, and other investment vehicles managed by investment advisers.  She has led a broad range of investment adviser investigations, including matters involving portfolio valuation, conflicts of interest, fees, governance, performance advertising, trading practices, market manipulation, best execution, principal transactions, and disclosure issues, as well as other investigations involving financial fraud, FCPA, and insider trading.  Prior to her appointment as Co-Chief in July 2013, she was Deputy Chief of the Asset Management Unit and an Assistant Director in the Division.  Before joining the SEC in 2005, Ms. Riewe worked in private practice at Wilmer Cutler Pickering Hale and Dorr LLP in Washington, DC and served as a law clerk to The Honorable Diana E. Murphy on the United States Court of Appeals for the Eighth Circuit.  She received her A.B. degree from Duke University and her J.D./M.P.P. from Duke University School of Law, where she was a member of the Duke Law Journal and Editor-in-Chief of the Duke Journal of Gender Law & Policy.

Susan Chadwick Ervin is a member of the Financial Institutions Group at Davis Polk & Wardwell LLP.  Her practice specializes in advising financial institutions, investment managers, end users and other market participants concerning derivatives transactions.  Prior to joining Davis Polk, Ms. Ervin served as a Senior Derivatives Adviser and Attorney Fellow at the U.S. Securities and Exchange Commission, where she helped develop new regulatory approaches to the derivatives markets and participated in the agency’s development of an implementation program for the Dodd Frank Act.  Previously, Ms. Ervin led the derivatives practice at a major international law firm and served for more than ten years as Deputy Director and Chief Counsel of the Division of Trading and Markets of the Commodity Futures Trading Commission. She is the co-author of Derivatives Regulation, a leading treatise on the subject, has written extensively on derivatives regulatory issues and is a frequent speaker at continuing legal education programs. She is a former chair of the Derivatives and Futures Committee of the American Bar Association and the Futures Committee of the New York City Bar Association.

W. Danforth Townley is an Attorney Fellow in the Division of Investment Management at the U.S. Securities and Exchange Commission in New York and Washington, D.C. Mr. Townley participates in rulemaking activities of the Division and provides advice on policy initiatives affecting the asset management industry. Prior to joining the SEC, Mr. Townley was a partner at Davis Polk & Wardwell LLP, advising clients on the structuring and offering of hedge funds, private equity funds and other investment vehicles and advising on regulatory compliance with the Investment Company Act and the Investment Advisers Act. Mr. Townley has been practicing in New York City for most of his career; he also worked for several years in the Hong Kong and Tokyo offices of Davis Polk. Mr. Townley received his J.D. from the Yale Law School in 1985 and graduated from Yale College with a B.A. in History in 1979. He clerked with U.S. District Court Judge Robert Sweet from 1985-86.