The Changing Regulatory Environment

The Dodd Frank Act dramatically altered the future competitive landscape in private equity.  What changes will have the biggest impact on private equity funds and the broader investment community?  How are smaller firms adapting to new regulation? What steps have been taken to ensure adequate implementation of the new reporting requirements?  What areas are still being contested by private equity and hedge fund managers?  What has been the reaction of LPs in this process?  Are international fund managers taking additional steps to limit the regulation’s impact?

Moderator


 

Donna M. Hitscherich `90 – Senior Lecturer Finance and Economics and Director of the Private Equity Program, Columbia Business School

Professor Donna M. Hitscherich was appointed as director of the Private Equity Program in October 2010. Professor Hitscherich now serves as Senior Lecturer in the Finance and Economics division, a position she has held since 2008 after a nearly twenty year career in investment banking and law. Professor Hitscherich teaches Corporate Finance, Advanced Corporate Finance, Mergers and Acquisitions and Business Law in the MBA and Executive MBA programs. From 1988 through 1990, Professor Hitscherich was an assistant professor of law at St. John's University School of Law, where she taught Federal Securities Regulation and Legal Ethics.

Prior to her present position at Columbia, Professor Hitscherich had a career in investment banking, during which she held positions at CS First Boston, J. P. Morgan & Co. Incorporated and Banc of America Securities. Prior to her career in investment banking, Professor Hitscherich was a corporate lawyer at Skadden, Arps, Slate, Meagher & Flom. Her research interests include mergers and acquisitions, valuation and fairness opinions.

She holds a JD from St. John's University (magna cum laude) where she was a member of the St. John's Law Review, an MBA from Columbia Business School where she was elected to Beta Gamma Sigma and a BS from St. John's University (summa cum laude). She is admitted to the practice of law in the state of New York.

 

Panelists


 

David Baum - Partner, Alston & Bird

David Baum’s practice includes counseling investment companies, investment advisers, broker-dealers, insurance companies and banks on matters relating to the development and offering of investment products and services. David specializes in regulatory and transactional matters, including the organization, registration and operation of investment companies, investment advisers and broker-dealers, and has experience in mergers and acquisitions of these entities.

David has extensive experience negotiating distribution arrangements for investment companies and investment advisers; has counseled them regarding the applicability of federal and state securities laws to their business activities; and has represented them in their dealings with regulators. David also represents a wide variety of broker-dealers in all aspects of their business and has provided them with ongoing advice regarding the applicability of federal and state securities laws and the rules of self-regulatory organizations to their activities.

Mark Hallock `82 - Managing Director, Jefferies & Co.

Mark Hallock is a Managing Director at Jefferies Fund Placement Group, the private equity fund placement business of Jefferies & Company. Mark has raised private equity funds since 1986. He established Salomon Brothers' fund placement business in 1993, opened the London project management office for Donaldson Lufkin Jenrette's Private Fund Group in 2000 and was a Partner at Helix Associates in 2004. Jefferies acquired Helix Associates in 2005.

Mark has placed funds for private equity fund managers located in North and South America, Europe and Asia. He has founded, with Donal Orr and Peggy Marshall, a boutique advisory firm, M2O Private Fund Advisors. Starting in 2012, Mark and his partners will leave Jefferies and begin working at M2O where they will offer high value added advisory and placement agent services for private equity fund managers. He holds a BA in Mathematics from Cornell University and an MBA in Finance from Columbia Business School.

Nicholas Panos `08 - Senior Special Counsel M&A Office, SEC Corporation Finance Division

Nicholas P. Panos is a Senior Special Counsel in the Office of Mergers and Acquisitions at the SEC’s Division of Corporation Finance in Washington, D.C.  His responsibilities include administering and interpreting the federal regulatory provisions governing international and hostile business combinations, proxy contests for corporate control and going-private buyouts initiated by management, affiliated parties or investment funds. 

Mr. Panos is a contributing author to an SEC Interpretive Release issued in 2000 on tender offers that are not required to be filed with the SEC, such as tender offers for non-convertible debt and certain limited partnerships.  In 2009, Mr. Panos engineered exemptive relief needed to assist General Motors’ attempt to buyback $28 billion in public debt, and was instrumental in helping Citizen’s Republic Bancorp navigate compliance requirements in their effort to reduce indebtedness and increase Tier 1 capital.  Mr. Panos also was credited for helping to develop a short sale disclosure system in response to the financial crisis, and for authoring proposed reforms to the SEC proxy solicitation rules.  Mr. Panos is a two-time recipient of the SEC’s Law and Policy Award for contributions relating to the Dodd-Frank Wall Street Reform Act, and recently helped finalize disclosure rules for the use of security-based swaps by large equity holders. 

Mr. Panos graduated from Colgate University with a B.A. in Economics.  He obtained his law degree from the University of Denver where he was a member of the Law Review and earned a research credit in a West Publishing textbook on the law governing administrative agencies.  He is a member of the Massachusetts Bar Association, and holds an MBA degree from Columbia Business School.

Scott Zimmerman - Partner Financial Services Office, Ernst & Young LLP

Scott has thirteen years of experience performing public accounting, auditing and transaction advisory services, and more than five years of transaction work as both an investment banker and private equity investor. Scott has significant experience in all aspects of asset management including deal origination and execution, investment operations and the valuation process. Scott has spoken at several industry conferences and been published on the topic of fair value accounting.

Currently, Scott serves as the Ernst & Young lead global engagement partner for all assurance and advisory services provided to the Investment Management Division of one of our three largest Office of the Chair Accounts. In this role, Scott is responsible for developing and delivering service offerings and managing client engagements in the areas of investor reporting, process improvement, technology transformation, regulatory compliance, financial statement audit and other initiatives across finance and operations.

Scott is licensed as a certified public account in several States and graduated from the University of Maryland with a B.S. in accounting.