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Michael S. Caccese

Practice Area Leader — Financial Services
Boston
+1.617.261.3133
Fax +1.617.261.3175

Primary Practice

Secondary Practices

Education

  • J.D., Temple University Beasley School of Law, 1980
  • B.A., Pennsylvania State University, 1977, (cum laude)

Admissions

  • Bar of Massachusetts
  • Bar of Pennsylvania
  • Bar of Virginia
  • United States District Court for the Western District of Virginia
  • Biography Overview
  • Additional Background

Mr. Caccese is one of three Practice Area Leaders of K&L Gates’ Financial Services practice, which includes the firm's Investment Management and Broker Dealer practice groups, and sits on the firm's Management Committee.  K&L Gates maintains one of the most prominent financial services practices in the United States - with more than 150 lawyers practicing from Asia, Europe and the United States, representing diversified financial services institutions and their affiliated service providers.  Mr. Caccese focuses his practice in the areas of investment management, including mutual funds, closed-end funds, registered fund of hedge funds, hedge funds and separately managed accounts, in addition to advising on investment management and broker-dealer regulatory compliance.  Mr. Caccese also advises on structuring investment management professional team "lift-outs" and "placement", "soft dollar" compliance, investment performance, the Global Investment Performance Standards ("GIPS"), and the CFA Soft Dollar Standards and the Trade Management (Best Execution) Guidelines, along with other investment management industry standards of practice.  His focus is on serving the needs of investment advisory firms of all sizes, including helping them design and comply with the investment industry's "best practices" and policies, under GIPS, AIMR-PPS and Soft Dollar Standards. 

Mr. Caccese has been recognized by numerous legal directories as a leading lawyer in publications such as, Chambers, Legal 500 and Who’s Who Legal (Private Funds). In addition, Mr. Caccese is a two-time BTI Client Service Award All-Star (2006, 2008). BTI Client Service All-Stars are identified solely and exclusively by corporate counsel and Fortune 1000 companies.

Professional Background

Mr. Caccese worked as Senior Vice President and General Counsel to the CFA Institute (formerly AIMR) from 1993 to 2000 where he developed extensive global investment management and securities law experience while representing CFA charterholders and other investment professionals worldwide before U.S. and international regulators and standard setters. He was responsible for developing and promulgating the AIMR Performance Presentation Standards, the Global Investment Performance Standards and the CFA Institute Soft Dollar Standards.

From 1983 to 1993 he worked as Senior Vice President and Associate General Counsel for Frank Russell Company where he was responsible for all legal and regulatory work and acting as corporate secretary for numerous SEC registered investment companies, bank collective funds, Canadian mutual funds and Russell’s extensive pension consulting business. In addition, he served as a compliance officer for NYSE and NASD broker-dealers and performed regulatory compliance for SEC registered investment advisors and CFTC registered commodity-trading advisors. He also was responsible for advising on the first multi-managed mutual and bank collective funds and private fund-of-funds and for legal advice and compliance for one of the industries largest soft dollar brokerage business.

He worked for Federated Investors, Inc. as Corporate Counsel from 1980 to 1983 where he handled the preparation and filing of disclosure and reporting documents with the SEC for reporting companies, investment companies, investment advisors and broker dealers.

He started his career in the investment industry in 1979 by working for the Securities Exchange Commission’s Division of Enforcement.

Professional/Civic Activities

  • Villanova Law Journal of Investment Management (Editorial Board Member)
  • Virginia Bar Association
  • CFA Institute
  • Boston Security Analysts Society, Inc.

Speaking Engagements

Mr. Caccese speaks frequently on investment advisor, investment company, Broker Dealer, investment performance, hedge fund regulatory and compliance issues.  Mr. Caccese’s presentations include:

  • National Society of Compliance Professionals Annual Meeting, Baltimore, MD, October 18, 2011
  • National Society of Compliance Professionals Regional Meeting, New York, NY, June 6, 2011
  • Securities Industry and Financial Markets Association Compliance and Legal Annual Seminar, Phoenix, AZ, March 22, 2011
  • National Society of Compliance Professionals Regional Meeting, Boston, MA, March 14, 2011
  • K&L Gates 2011 Investment Management Conference, Boston, MA, November 3, 2011
  • K&L Gates 2010 Investment Management Conference, Boston, MA, November 17, 2010
  • Financial Research Associates Hedge Fund Compliance Summit, November 15-16, 2010, New York, NY
  • National Society of Compliance Professionals Annual Meeting, Baltimore, MD, November 1-3, 2010
  • National Regulatory Services Annual Fall Investment Adviser and Broker-Dealer Compliance Conference, Scottsdale, AZ, October 4-7, 2010
  • Financial Research Associates 10th Annual Sub-Advised Funds Forum, September 21-22, 2010, Boston, MA
  • Financial Research Associates 6th Annual Marketing & Advertising Compliance Forum for Investment Advisers, September 16-17, 2010, New York, NY
  • K&L Gates Seminar, “The New Hedge Fund Regulatory Era Begins,” Boston, MA, July 27, 2010
  • K&L Gates 2009 Investment Management Training Seminar, Boston, MA, November 20, 2009
  • National Regulatory Service 24th Annual Fall Investment Adviser and Broker-Dealer Compliance Conference, “Investment Adviser Advertising and Marketing; Crisis Management and Internal Investigations.” November 5-6, 2009, Las Vegas, NV
  • Understanding Disclosure: Form ADV, Performance and Advertising, NRS, November 4, 2009, Las Vegas, NV
  • National Society of Compliance Professionals National Membership Meeting, “Managing Non Public Information,”New York, May 18, 2009
  • The Spaulding Group Forum, “SEC Update,” Boston, MA, May 1, 2009
  • National Regulatory Service Spring Compliance Conference, “Soft Dollars and Best Execution” and “ERISA Update,” Miami, FL, April 27 and 29, 2009
  • ACA Compliance Group Spring Compliance Conference, “CCO’s Guide to GIPS Compliance,” Las Vegas, NV, April 23, 2009 
  • K&L Gates Seminar, “Counterparty Risk Seminar,” Boston, MA, March 5, 2009
  • National Society of Compliance Professionals National Membership Meeting, “Soft Dollars, Directed Brokerage and Commission Recapture,” Boston, MA, March 4, 2009
  • K&L Gates Seminar, “Strategies for Closed-end Funds When Dealing with Proxy Contests and Hostile Tender Offers,” Boston, MA, January 14, 2009
  • K&L Gates 2008 Investment Management Training Seminar, Boston, MA, November 12, 2008
  • National Regulatory Services Fall Compliance Conference, “SEC Performance Advertising Requirements & Global Investment Performance Standards,” Scottsdale, AZ, October 31, 2008
  • National Society of Compliance Professionals National Membership Meeting, “Hedge Funds: Current Issues,” Philadelphia, PA, October 21, 2008
  • 8th Annual Boston Sub-Advised Fund Forum, “Pricing Debate: Advisers, Sub Advisers Weigh In on Valuation” Boston, MA, September 23, 2008
  • 5th Annual Marketing and Advertising Compliance Forum for Investment Advisers, “Client Needs versus Compliance Requirements,” New York, September 15, 2008
  • K&L Gates Seminar, “Bank Collective Trust Funds —What You Need to Know,” San Francisco, CA, September 10, 2008
  • National Regulatory Services Center for Compliance Professionals Investment Adviser Compliance Certificate Program, “Understanding Disclosure AIMR, GIPS and Regulatory Issues Surrounding Performance,” San Francisco, CA, September 9, 2008
  • Performance Measurement Networking Group Spring Conference, Keynote Speaker, New York, June 10, 2008
  • Ashland Partners Webinar, “Fair Valuing Investment Assets,” June 5, 2008
  • National Society of Compliance Professionals National Membership Meeting, “Hedge Funds – Trading Practices [Advanced],” New York, June 2, 2008
  • Performance Measurement, Attribution & Risk Conference, “An Update on Regulatory Issues,” Philadelphia, PA, May 22, 2008
  • National Regulatory Service Spring Compliance Conference, “Adviser Advertising Compliance:  General Advertising Guidelines, Performance and GIPS Compliance & RFPs & other Marketing Materials,” Miami, FL, May 13, 2008
  • National Society of Compliance Professionals National Membership Meeting, “Hedge Funds – Trading Practices [Advanced],” Boston, MA, April 7, 2008
  • Boston Bar Association, “Hedge Fund Industry Developments,” Boston, MA,April 2, 2008
  • Separately Managed Accounts Solutions 2008, Panel Discussion “Improving Compliance Strategies in the Evolving Regulatory Environment of the Open Architecture Wealth Management Structures,” Orlando, FL, February 26, 2008
  • Financial Research Associates Sixth Annual Best Execution Symposium, “Best Execution Compliance Practices for SMA/Wrap Trading,” New York, February 22, 2008
  • Financial Research Associates Hedge Fund and Accounting Administration Forum, “The Accountant’s Guide to Surviving an SEC Examination,” New York, December 4, 2007
  • Financial Research Associates Dual Registrant Symposium, “Advertising and Marketing Concerns for the Dual Registrant,” New York, November 30, 2007
  • National Society of Compliance Professionals National Membership Meeting, “Soft Dollars, Directed Brokerage and Commission Recapture,” Washington, D.C., October 19, 2007
  • National Regulatory Services Center for Compliance Professionals Investment Adviser Compliance Certificate Program, “Understanding Disclosure AIMR, GIPS and Regulatory Issues Surrounding Performance,” New York, May 8, 2007 and San Francisco, October 1, 2007
  • Managed Accounts Summit, Phoenix, “Regulatory Environment - An Evolving Industry Brings Multifaceted Regulatory Considerations,” September 11, 2007
  • Hedge Fund Regulation and Compliance Forum, “Hedge Fund/Fund of Funds Marketing Compliance,” Advertising Performance Reports, June 21, 2007
  • The Money Management Institute’s Legal/Regulatory Affairs Conference for General Counsels & Chief Compliance, “Advertising and Marketing Issues for SMA Sponsors and Managers,” June 7, 2007
  • Conducting An Annual Compliance Review, “Plan for Annual Compliance Review & Keeping Ahead of Regs,” New York, January 17, 2007
  • The Money Management Institute’s Legal/Regulatory Affairs Conference for General Counsels & Chief Compliance, “Advertising and Marketing Issues for SMA Sponsors and Managers,” December 5, 2006
  • 4th National Legal & Compliance Hedge Fund Forum, “Marketing and Disclosing Hedge Fund Performance,” New York, November 16, 2006
  • National Regulatory Services Center for Compliance Professionals Investment Adviser Compliance Certificate Program, “Understanding Disclosure AIMR, GIPS and Regulatory Issues Surrounding Performance,” New York, San Francisco, Chicago, July 11, August 8, and September 20, 2006
  • NRS 21st Annual Fall Compliance Conference, Scottsdale, AZ, October 6, 2006
  • Thomson Financial Buyside Conference 2006: Networking for Better Performance, Boston, September 21, 2006
  • The Money Management Institute’s Legal/Regulatory Affairs Conference for General Counsels & Chief Compliance,  “Advertising and Marketing Issues for SMA Sponsors and Managers,” Washington, D.C., June 6, 2006
  • 7th Annual Hedge Fund Regulation & Compliance Forum, “What Should Your Annual Compliance Review Entail?,” New York City, May 22, 2006
  • 5th Annual Investment Adviser Compliance Forum, Pre-Conference Master Class:  “Hands-On Practice with the 1940 Act and SEC Audits:  the Nuts and Bolts,” New York City, May 18, 2006
  • 2nd Annual Workshop on Best Execution – How to Measure It – How to Achieve It, “Moderator: Chief Compliance Officer Roundtable:  Compliance with New and Existing SEC Guidelines,” Boston, MA, May 3, 2006
  • The Money Management Institute 2006 Annual Convention, “How to Negotiate the New SMA Guidance Statement Maze,” Boston, MA, March 15-16, 2006
  • Best Practices for Hedge Funds, Marketing and Disclosing Hedge Fund Performance Without Violating the Advisers Act, New York City, February 1, 2006
  • 2nd Annual Managed Accounts Compliance Forum, “Best Practices in Presenting Investment Performance,” Boston, MA., November 30, 2005
  • Hedge Fund Regulation and Compliance Forum, “Ensure Compliant Marketing & Distribution Practices,” New York City, November 9, 2005
  • NRS 20th Annual Fall Compliance Conference, “SEC Performance Advertising Standards & AIMR Guidelines,” Miami, FL October 18-21, 2005
  • National Society of Compliance Professionals National Meeting, “IA Wrap-Fee Accounts: Managed Accounts & Multi-Discipline Portfolios,” Alexandria, VA, October 26, 2005
  • Charles River Development 2005 Client Conference, “Global Compliance:  The Brave New World,” Boca Raton, FL, September 27, 2005
  • 4th Annual Managed Accounts Summit, “Regulatory Roundtable:  Key Compliance Issues Affecting the SMA Markets,” Boston, MA, September 22, 2005
  • Managed Accounts Compliance Forum, “Presentation of Investment Performance,” New York City, July 22, 2005
  • Operational and Compliance Best Practices for Hedge Funds, “Avoiding the Pitfalls of Trading in Soft Dollar Commissions,” New York City, June 17, 2005
  • Operational and Compliance Best Practices for Hedge Funds, “Marketing Hedge Funds and Disclosing Performance Under the Advisers Act,” New York City, June 17, 2005
  • Hedge Fund Regulation and Compliance Forum, “Best Practices for Surviving an SEC Examination,” New York City, May 13, 2005
  • NSCP East Coast Membership Meeting, “IA Hot Buttons,” New York City, May 2, 2005
  • National Regulatory Service Spring Compliance Conference, “SEC Rules on Performance Advertising and AIMR Guidelines,” Scottsdale, AZ, April 21, 2005
  • Hedge Funds Best Practices, “View from the Regulator: SEC Update on Registration Requirements and Investment Adviser Regulations,” New York City, February 28, 2005
  • Hedge Funds: Developing and Implementing Compliance Best Practices in the New Regulatory Environment, “The Changing Face of Regulation in the Financial Markets and How It Impacts Hedge Funds,” New York City, January 25, 2005
  • 4th Annual Managed Accounts Technology and Operations Summit, “Legal Considerations & Regulatory Issues Impacting the SMA Operations,” Key Biscayne, FL, January 24, 2005
  • MMI Sales & Marketing Leadership Summit, “Whose Track Record is it Anyway – Research Provider, Style Manager, Overlay New Rules for New Products,” Miami, FL, January 20, 2005
  • “Entering the Home Stretch: How to Improve Your Existing Compliance Program” (a Workshop for SEC Registered Investment Advisers), Boston, MA, September 15, 2004
  • Annual IA Compliance Forum, “New Compliance Rule Speech in Marketing & Advertising,” New York City, May 27-28-2004
  • The 3rd Annual Conference: Hedge Fund Regulation and Compliance, “Ensuring Proper and Accurate Valuation Procedures, Compliance Issues for Registered Hedge Funds,” New York City, May 3-4, 2004
  • Institutional Investor Hedge Fund Conference, March 30, 2004
  • Financial Planning Association of Massachusetts, “Fiduciary Duties and Asset Protection,” Bentley College, Waltham, MA, February 19, 2004
  • International Bar Association Conference, panelist, “Managing conflicts of interest in the investment management industry: how to minimize risk,” San Francisco, CA, September 16, 2003
  • “Tech-Ops 2003 - The Institutional Investment Management Technology and Operations Summit,” presented to investment management operations personnel
  • “Putting Commission Dollars to Work: Soft Dollars, Directed Brokerage, and other Commission Recapture Practices,” presented to industry experts
  • “A need for a Global Code of Ethics and Standards of Practice for Investment Analysts”, Atlanta, GA, presented to the senior professionals representing the world’s leading investment analyst organizations
  • “A Look at the AIMR Trading Guidelines:  What Investment Advisers Need to Know,” presented at The 2002 Best Execution Compliance Symposium
  • “A Regulatory Perspective:  Incorporating the Latest Compliance Standards for SMAs,” presented at The 2nd Annual Managed Accounts Technology and Operations Summit
  • “Achieving Best Execution – Why Is It Important to Investors?”, presented as a chairperson at the Best Execution Congress 2001
  • “Advanced Soft Dollar Issues for IAs and BDs” and “An Advanced Session on AIMR and SEC Performance Advertising Compliance,” presented 16th Annual Fall Investment Adviser & Broker-Dealer Compliance Conference
  • “Advertising and Performance Reporting,” Division of Investment Management SEC Roundtable on Investment Adviser Regulatory Issues
  • “Ethics and Professional Conduct in the Marketplace,” Fortaleza, Ceara, Brazil, presented to the Brazilian Association of Capital Market Analysts and the Comissão de Valores Mobiliários - CVM (Securities and Exchange Commission of Brazil)
  • “Financial Analysts as Investor Representatives and Insider Trading,” Frankfurt, Germany, presented to the German Society of Investment Managers and Analysts’, members of the German Supreme Court and Frankfurt Stock Exchange
  • “Global Performance Presentation Standards and the UK Market,” London, England, presented to UK senior investment, pension and regulatory leaders
  • “Investment Performance Portability” and “Hedge Funds,” presented at the Third Party Marketers Association
  • “Meeting Customer Demands for Performance Measurement and Reporting,” presented at the 2002 Managed Accounts Technology and Operations Summit
  • “The AIMR Performance Presentation Standards Applicability to the Japanese Market,” Tokyo, Japan, presented to the Japanese banks, pension, investment and regulatory leaders
  • “The Need for Global Best Practices for the Investment Management Industry,” Edinburgh, Scotland, presented to the European Federation of Financial Analysts’ Societies
  • “The Post-Levitt SEC,” presented at the TraderForum Fall Workshop
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