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LAW-2913 Investment Management Regulation
Prof. Joseph Franco,
3 credits day; 3 credits evening.
Grading will be based on a final exam, written assignments and in-class exercises. Securities
Regulation is recommended.
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
component.
Barings Asset Management ("Barings") is an investment management adviser that manages over
$46 billion on behalf of clients located worldwide. The company offers a wide range of equity
and fixed income products in both domestic and international markets through mutual funds,
commingled funds and separate account vehicles. The intern will be placed in Barings’ North
American legal department and will assist with product creation, contract drafting, and
implementation of controls and procedures to ensure compliance with regulatory and statutory
requirements, including the Investment Advisors Act of 1940. The intern will also assist with
Barings’ compliance with the Investment Company Act of 1940 in its role as an advisor to
registered investment companies and provide legal support to Barings’ offshore and onshore
unregistered vehicles.