Hedge Fund Taxation & Compliance Forum

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Home»Events»Hedge Fund Taxation &...Event Overview»Agenda Day Two

Hedge Fund Taxation & Compliance Forum

June 18 - 20, 2008 | The Flatotel N.Y., New York, NY

Agenda Day Two

Thursday, June 19, 2008

8:00	Morning Coffee
8:30	Chairperson’s Welcome & Opening Remarks
8:40	Compensation Policies & Procedures: How to Attract & Retain Valuable Personnel How to be a competitive manager in a volatile marketplace Structuring your fund to attract and retain key employees Assessing how to appropriately distribute yield when performance is up Structuring bonus plans Alternative incentives for retention Addressing related restrictions and provisions Extended Q&A Come prepared with any particular compensation issues you would like the speaker to address - Richard A. Goldman, Hedge Fund Partner, Bingham McCutchen LLP
9:20	HEDGE FUND BEST-PRACTICES POKER ROUNDTABLES Discuss industry issues while playing cards with your peers TAX ROUNDTABLES: Hedge Fund Tax Strategies & Accounting Methods Best practices for tax efficiency in light of increasingly complex tax functions Discussion of key issues affecting today’s tax departments Maximize the effectiveness of working with a consultant Table Leader: - Matthew Stevens, Partner - International Tax Group, Alston & Bird LLC REGULATORY ROUNDTABLES: Hedge Fund Compliance Operational Issues Avoid enforcement by identifying today’s common deficiencies Prepare for expectations of SEC examiners Learn necessary situations and issues for outsourcing Table Leader: - Paul Silvestre, Senior Regulatory and Internal Compliance Specialist, PAAMCO, Former SEC Examiner
10:00	SEC REGULATORY UPDATE - Thomas Biolsi, Associate Regional Director for Examinations, US Securities and Exchange Commission
10:25	BONUS: INVESTOR & MANAGER PERSPECTIVES Realizing Your Maximum Investment Potential through Offshore Funds: Structuring Considerations to Capitalize on Tax Advantages Many US and non-US managers are managing offshore funds and exploring foreign investments. In the increasingly global hedge fund industry, it is essential to ensure you are taking full advantage of offshore benefits. Find out in this discussion: Tax issues to consider when investing in or structuring an offshore fund Understanding the rules and affirmative tax benefits of using a PFIC and how to make them work in your favor Trader vs. Investor issue: Avoid exposure to limitations on deductions Examine the benefits and challenges of offshore funds in light of regulatory updates: tax-exemptions, withholdings Explore the role of credit swaps and dividend trades in tax withholdings Importance of loan origination: Understand when an offshore fund is considered doing business in the US, and when it is preferable to invest onshore Latest federal and state tax initiatives affecting international transactions - Philip S. Gross, Member, Kleinberg, Kaplan, Wolff & Cohen, P.C. - Michael L. Andreola, Tax Partner, Financial Services Group, BDO Seidman LLP
11:10	Networking & Refreshment Break
11:40	Discovering & Disclosing Conflicts of Interests: Obligatory Guide for the CCOs Learn strategies to identify potential conflicts of interest How to effectively manage conflicts of interest enterprise-wide Practical ways to assess the effectiveness of your compliance program Identify what your proper policies & procedures should look like Learn the kind of questions you can expect in your reviews Pros and cons of outsourcing compliance Strategies for compliant yet effective marketing & distribution practices - Rory Cohen, Managing Director, Bear Stearns & Co, Inc. - James Hartmann, Chief Compliance Office, UBS Alternative Investment & Quantitative Group, Former SEC Examiner
12:20	CASE STUDY – INDUSTRY EXCLUSIVE Examination of Implementation & Impact of FIN 48 Disclosures on a Hedge Fund Featuring a real-world case study revealed by a hedge fund and its accountant Key steps for managing and reporting on uncertain tax positions Identifying when more-likely-than-not criteria is present Gain feedback on the review process Learn how application of FIN 48 can affect back-office operations and costs, and techniques for minimizing this Understand the compliance issues surrounding FIN 48, and your accountabilities as CFO or CCO Ensure your financial statements are prepared in compliance with GAAP Learn benefits and drawbacks to consulting with outside counsel, and methods for seeking appropriate guidance Process and policy solutions to help operate with a best practices methodology, improve efficiency and manage FIN 48 compliance Concerns and application to Investors Learn what accountants were okay signing off on, and what they were not - Jim Calvin, National Tax Managing Partner–Investment Management, Deloitte Tax LLP, Accompanied by Hedge Fund Client
1:20	Lunch for all conference participants

Concurrent Tracks Commence:
Your Choice of Two Sessions To Help Identify Your Changing Responsibilities

Track A : For the CFO Financial Operations/Hedge Fund Tax Function	Track B : For the CCO Compliance Operations/Hedge Fund Regulatory Function
2:40
Implications in Building an Internal Tax/Function Into Your Hedge Fund With increasingly complex financial reporting requirements, funds are realizing the benefits of internal tax and accounting functions. In this session you will discuss relevant issues of concern and learn methods for implementation: Benefits of having an internal tax/accounting department How to structure the department for tax efficiency State and federal laws to consider Key attributes to look for in an accountant or tax director Understanding the important role of a tax director Appropriately allocating resources & delegating responsibilities Identifying what should be outsourced Selection of software to prepare K1s - Philip Strassler, CEO, Strassler LLC	Evaluating Risk Management and Internal Control Considerations in light of recent industry issues Ensuring strong controls over exposure Checking your portfolio to ensure proper understanding of strategy Building effective risk management and operational due diligence teams - Rosemary Fanelli, CEO, Counselworks LLC
3:25 Break
3:55
Reporting Complexities Amid Increased Tax Preparer & Tax Payer Penalties Examine the latest reporting requirements and filing complexities Pinpointing key risk areas to avoid penalties on tax returns Learn the effect this has on your position and how to proceed with tax filing Update on tax shelter reporting requirements: Identify what is considered a “reportable” transaction - Ernst & Young, LLP	Hedge Fund Performance Presentation and Disclosure Practical Considerations in Drafting Composite Disclosures Related Performance and Applicable SEC and FINRA Guidance Lift-outs and Portability of Performance Valuation, Fair Dissemination and other issues - Rory Cohen, Managing Director, Bear Stearns & Co, Inc
4:35
Managing Risk, Strategy and Competition in a Global Market Trends with respect to global strategy for alternative funds Managing Risk with respect to different trading strategies Global tax strategies for private equity, real estate and hedge investments Managing globalization of the management company footprint - Oscar Teunissen, Partner, Global Tax Structuring Leader for Financial Services, PricewaterhouseCoopers LLP - Philip Fried, Principal, International Tax Services Alternative Investment Group, PricewaterhouseCoopers LLP	Building a Culture of Compliance: The Changing Role of the CCO The CCO and personal liablity Identify actions the CCO role can take to lower risk rating Consider quantitative vs. qualitative aspects that are factored into risk ratings Outsourcing compliance: conducting due diligence on third-party service providers The complementary roles of CCOs and examiners - William Grayson, President, CCO, Falcon Point Capital LLC