Friday, October 20

9:30AM – 12:30 PM

Investment Companies

Chair:  Cathy Heron, Capital Research and Management Company, Los Angeles, CA

9:30am             Opening Remarks by the Chair.

9:35am             Impact of FIN 48 on Investment Companies.  This panel will discuss the implications for RICS of FIN 48, Accounting for Uncertainty in Income Taxes.  Moderator: Greg Smith, Investment Company Institute, Washington, DC. Panelists: Shawn Baker, PricewaterhouseCoopers, Boston, MA; Ronald Cohn, Ernst & Young LLP, San Francisco, CA; Clarissa Potter, Senior Counsel to the Chief Counsel (Legislation), IRS, Washington, DC.  This session will not be taped.

10:30am           Investment Company Institute Legislative and Regulatory Agenda.  Speaker will discuss the Investment Company Institute’s pending legislative and regulatory priorities. Moderator: Cathy Heron, Capital Research and Management Company, Los Angeles, CA. Panelist: Keith Lawson, Investment Companies Institute, Washington, DC.

11:30am           Hedge Fund Developments.  This panel will include a Department of Treasury update on hedge fund issues and a discussion of the use of derivatives by offshore hedge funds investing in the US to avoid effectively connected income.  Moderator: Joseph A. Riley, Willkie Farr & Gallagher LLP, New York, NY. Panelists: Michael Desmond, Tax Legislative Counsel, Office of Tax Policy, Department of Treasury, Washington, DC; Abraham Leitner, Davies Ward Phillips & Vineberg LLP, New York, NY.