AIMA invites you to join us on March 17 for an insightful seminar on beneficial ownership, covering current priorities and interpretive guidance.

Don’t miss the opportunity to hear from industry experts as they discuss regulatory developments, recent case law, and practical compliance considerations for funds.

Agenda:

9:15 am - 9:30 am
Check in

9:30 am - 9:45 am
Welcome and Opening Remarks

Topic: Perspectives on Beneficial Ownership – Current Priorities and Interpretive Guidance

Introductory remarks:

• Joe Engelhard, AIMA

Speakers:

• Nicholas Panos, SEC Office of Mergers and Acquisitions

9:45 am - 10:30 am

Panel I – Beneficial Ownership and Cash-Settled Derivatives

This panel will cover:

• SEC guidance on cash-settled derivative securities
• Implications of the 2011 security-based swaps release (Rel. No. 34-64628) and the 2023 adopting release (Rel. No. 33-11253)
• Case studies: CSX Corp. v. The Children’s Investment Fund 
• Compliance considerations for funds to mitigate inadvertent Section 13(d)/16 exposure

Moderator:

• Alan Dye, Hogan & Lovells

Panelists

• Brian Breheny, Skadden
• Nicholas Panos, SEC Office of Mergers and Acquisitions
• Adriana Schwartz, McDermott Will & Schulte

10:30 am - 11:15 am

Panel II –Group Formation and Parallel Investment Activity
This panel will cover:

• Impact of Rule 13d-5 on determination of existence of "group"
• SEC guidance in 2023 adopting release (Rel. No. 33-11253) addressing when "concerted actions" may trigger group status
• Parallel investments and private placements
• Recent case law: Augenbaum v. Anson Investments Master Fund LP, 22-cv-249 (S.D.N.Y. Sept. 30, 2025)
   

Moderator:

• Alex Bahn, Wilmer Hale

Panelists:

• Mellissa Duru, Gibson Dunn
• David Katz,Wachtell, Lipton, Rosen & Katz
• Jim Harrigan, OMM
   

Closing remarks