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Prof. Joseph Franco, Mr. Karl-Otto Hartmann,
3 credits day; 3 credits evening. The course is primarily lecture based with class participation
strongly encouraged. While the course will give primary emphasis to legal doctrine, it will also
emphasize some practice-oriented issues such as drafting disclosure and investment advisor
contracts; making board presentations; and working with compliance policies and procedures. As
part of the practice-oriented materials, there may be several written assignments and in-class
exercises. Grading will be based primarily on a two-part final exam (a take-home essay and an
exam period multiple-choice test) and to a lesser degree on three practice-oriented exercises.
Completion of or concurrent enrollment in Securities Regulation is strongly recommended but
not required. In addition, a limited number of students enrolled in this course will be eligible for
placement in designated internships intended to complement the subject matter of this course.
The designated internships will be for a minimum of 3 credits and enrollment in Investment
Management Regulation will satisfy the classroom requirement for the internship. The Law
School's Business Law and Financial Services Concentration has worked closely with three
providers of investment management services. Students interested in the internship option should
contact the Administrative Director of the Business Law and Financial Services Concentration
when registering for Investment Management Regulation and consult applicable internship
requirements.
Trillions of dollars in assets in the U.S. economy are managed by professional investment
managers. This course examines how investment managers and different types of investment
vehicles (such as mutual funds and hedge funds) are regulated. The course gives primary
emphasis to applicable federal securities law requirements principally found in the Investment
Company Act of 1940 and the Investment Advisers Act of 1940. The principal legal topics
covered include: the definitions of an investment adviser and investment company, prohibitions
and regulations relating to conflicts of interest, disclosure obligations and governance of
investment companies. Although primarily legal in nature, the course as necessary will provide
an introduction to business and financial considerations relating to investment management
services. In addition, a limited number of students enrolled in this course will be eligible for
placement in designated internships intended to complement the subject matter of this course.
The designated internships will be for a minimum of 3 credits and enrollment in Investment
Management Regulation will satisfy the classroom requirement for the internship. Students
interested in the internship option should see the clinical professor for internships when
registering for Investment Management Regulation and consult applicable internship
requirements. The Law School's Financial Services Concentration has worked closely with three
providers of investment management services (Brown Brothers Harriman & Co., Barings Asset
Management and Natixis Global Asset Management) to develop the three internships that will be
offered in conjunction with the School's Investment Management Regulation offering in the
spring semester. Internship responsibilities will vary between companies, but each company will
make an effort to give interns working exposure to at least some of the topics addressed in the
course. Additional internship duties will depend upon the nature and current needs of the
company selected. The internships are limited in number and so only a small fraction of the
students enrolled in the course will be able to take advantage of the internships. The internship
placements are briefly described below and students should see Ms. Betsy Roberti, the
Administrative Director for Concentrations regarding application procedures for the internship