Exam Type: In Class
The goal of this course is to teach the fundamental legal and regulatory regimes that govern the operation of an investment management advisory business. The course will focus primarily on an advisor that is managing investment funds or accounts that are privately offered and exempt from the Investment Company Act of 1940, as amended (“Investment Company Act”) but will also look at the operation of money market mutual funds that are registered under the Investment Company Act. Privately offered funds include private equity funds, hedge funds, real estate funds and other private funds that control several trillion dollars of investment capital. Money market mutual funds, which manage about $3 trillion in assets, are used for cash management by institutions and individuals and have been the subject of intense regulatory scrutiny since the 2008 financial crisis.
This course will use a study of statutes, rules, regulations, regulatory decisions, court cases, fund documentation and other materials to familiarize students with the legal issues in the investment management area and the principles that guide the resolution of these issues. Investment management law encompasses several different areas of the law including the federal securities laws, employment law, tax law, partnership and corporate law. It is my goal to integrate these areas into a cohesive view of the legal aspects of the investment management business. Using contacts in the regulatory agencies, investment management industry and bar, I plan to bring guest speakers to give students exposure to industry participants.