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251.9 sec. 1 - Hedge Funds: Structuring, Advising and Regulating (Fall 2012)
Instructor: Frank Martin (view instructor's teaching evaluations)
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Meeting Time: W 6:25-8:15
Meeting Location: 141
Course Start: August 22, 2012
Course Control Number (Non-1Ls): 49646
This course will introduce students to U.S. legal and regulatory issues relating to hedge funds and hedge fund managers. Among other things, the course will cover hedge fund structuring and formation; the exclusions from the Investment Company Act registration requirements on which hedge funds rely; regulation of hedge fund managers including the Investment Advisers Act of 1940 and its rules and regulations; private placement considerations; the impact of Dodd-Frank on the hedge fund industry; tax considerations relating to hedge fund manager compensation; disclosure obligations, applicable antifraud provisions of the securities laws, and conflicts of interest; key industry participants and their agreements with hedge funds; regulation of material non-public information; regulation of short selling; and investor alignment and hedge fund marketing and distribution. In addition, the course will feature guest lectures from a hedge fund portfolio manager, an institutional investor, and the CFO of a hedge fund.
Frank Martin is a Berkeley Law graduate and General Counsel of Standard Pacific Capital, LLC, a global hedge fund manager founded in 1995 and headquartered in San Francisco. Since inception, Standard Pacific has managed its flagship Global Long/Short Equity Fund. The firm also manages a Pan-Asia Long/Short Equity Fund. The funds' investors primarily include foundations and endowments, fund of funds, family offices, high net-worth individuals, insurance companies, and pension funds. Prior to joining Standard Pacific, Mr. Martin practiced corporate and securities law in Silicon Valley representing venture capital funds and venture backed companies.
The class has no course prerequisites. Students who are interested in advising hedge funds, in regulating hedge funds, or in reforming the hedge fund industry will all benefit from the course. Students should have a basic understanding of the financial industry (at a New York Times level) and a general understanding of tax and corporate law terminology.
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Instructor has indicated that no books will be assigned.