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Basics of Mutual Funds and Other Registered Investment Companies 2014

 
Author(s): Laurin Blumenthal Kleiman, Clifford E. Kirsch
Practice Area: Corporate & Securities
Published: Apr 2014
PLI Item #: 51312
CHB Spine #: B2092

Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.

Experience

Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for  one of the largest independent broker-dealer networks in the country.

Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

Professional Activities

Member, New York City Bar Association

Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania

Former Chair, FINRA Variable Products Committee

Former Board Member, National Society of Compliance Professionals

Related Practices / Industries

  • Financial Services
  • Broker-Dealer
  • Insurance
  • Insurance Products
  • Investment Adviser
  • Mutual Funds
  • Capital Markets & Investments
  • Retirement Products & Services

Bar Admissions

  • District of Columbia
  • New Jersey
  • New York


PRACTICES

  • Investment Funds, Advisers and Derivatives
  • Securities & Derivatives Enforcement and Regulatory

AREAS OF FOCUS

  • Fund of Funds
  • Hedge Funds
  • Investment Advisers
  • Investment Advisers and Mutual Funds
  • Private Real Estate Funds
  • Registered Funds

INDUSTRIES

  • Financial Services Industry
  • Investment Funds Industry

ADMISSIONS & CERTIFICATIONS

  • New York, 1985

EDUCATION

  • Vanderbilt University Law School (J.D., 1983, Editor, Vanderbilt Law Review)
  • Vanderbilt University (B.A., 1980)

LAURIE KLEIMAN is a global co-leader of Sidley’s Investment Funds, Advisers and Derivatives practice. She represents a wide range of domestic and international investment funds and managers and is a leader of the securities and derivatives enforcement and regulatory practice. Laurie is a frequent speaker on investment manager and fund regulation and compliance as well as on issues relating to the advancement of women in law.

Laurie’s practice encompasses:

  • Advice to both U.S. and non-U.S. managers to investment products of all types – including hedge funds, mutual funds, private equity funds, real estate funds, collateral managers and managed accounts – with respect to both U.S. federal and state investment manager registration, regulation and compliance.
  • Organization and registration of U.S. registered investment companies, including mutual funds, money market funds and closed-end funds.
  • Advice to financial institutions with respect to investment fund and manager compliance and governance issues and fund and manager mergers, acquisitions and reorganizations.
  • Assistance to investment managers in connection with SEC examinations.

Laurie has earned acknowledgment in Chambers USA and U.S. News & World Report. She is recognized in the area of Mutual Funds Law by The Best Lawyers in America, with sources telling the publication: “Ms. Kleiman has been extremely professional and knowledgeable in her service to our firm. We trust her advice explicitly,” and “[Laurie] is a true expert in her area, and remarkably commercial and practical.” Laurie has been included in mainstream publications as New York Magazine, CNN Money and Crain’s New York Business.