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919 Third Avenue
New York, New York 10022
United States of America
P: +1 212.756.2450
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Paul N. Roth is a founding partner of the firm and chair of the Investment Management Group. Paul’s extensive private investment funds practice, an area in which he has more than 40 years of experience, includes the representation of hedge funds, private equity funds, offshore funds, investment advisers and broker-dealers in connection with fund formations and compliance, securities regulation, mergers and acquisitions (domestic and cross-border) and other financial transactions. Considered the “dean of the hedge fund bar,” Paul serves as a special advisor to the Board of Directors of the Managed Funds Association (MFA) and as an adviser to the Alternative Investment Management Association (AIMA) and is a former member of the Legal Advisory Board to the National Association of Securities Dealers (NASD). He chairs the Subcommittee on Hedge Funds of the American Bar Association’s Committee on Federal Securities Regulation and is a former chair of the New York City Bar Association’s Committee on Securities Regulation.
Paul has been recognized as a leading fund lawyer by The Best Lawyers in America, Chambers Global, Chambers USA , The Legal 500 US, The IFLR Guide to the World’s Leading Capital Markets Lawyers, The International Who’s Who of Private Funds Lawyers, the Lawdragon 500 Leading Lawyers in America, The Legal 500 US, the PLC Cross-border Investment Funds Handbook, Who’s Who in American Law, and Who’s Who in America. Paul graduated magna cum laude from Harvard College, cum laude from Harvard Law School and was awarded a Fulbright Fellowship to study law in The Netherlands. He serves on the Advisory Board of Harvard Law School’s Center on Lawyers and the Professional Services Industry and formerly served as president and a trustee of the Harvard Law School Alumni Association of New York City. In addition, he is a member of the Boards of Directors of the NAACP Legal Defense and Educational Fund, Citizens Committee for New York City, and a fellow of the New York Bar Foundation and the Phi Beta Kappa Society.
Selected Publications
“Recent Areas of Focus in SEC Examinations of Hedge Fund Advisers,” Practical Compliance & Risk Management For The Securities Industry, September-October, 2009
“Fleshing It Out,” The Deal, March 2009
“An Alternative Approach to SEC Examinations,” HedgeFund Intelligence, Spring 2007
“Removing the Shroud of Secrecy,” Alpha, September 2006
“Solving the Legal Issues,” Road Map to Starting a Hedge Fund, AbsoluteReturn Special Report, December 2003
“Hedge Funds Regulation in the Aftermath of Long Term Capital Management,” Hedge Funds: Law and Regulation, Sweet & Maxwell 2000
“Proposed Section 3(c)7: A New Exception for Private Pool Investing,” The Investment Lawyer, June 1996
“Critical Legal and Regulatory Issues,” Hedge Funds Investment and Portfolio Strategies for the Institutional Investor, Irwin Professional Publishing, 1995
More
Selected Speaking Engagements
Fordham Law 3rd Annual Symposium: The Regulation of Investment Funds, February 2010
Moderator, “View from the Regulators,” GAIM USA 2010, January 2010
SRZ Private Investment Funds Seminars, 1991-2010
“U.S. Regulatory Developments for UK, European and Other Non-U.S. Investment Managers,” SRZ Audio Conference Series, October 2009
Moderator, “Legislative & Regulatory Outlook - Derivatives,” MFA Outlook 2009, October 2009
“Regulation of Financial Markets: A Look to the Future,” Barclays Capital Quantitative Equities Conference, October 2009
Moderator, “Hedge Funds,” Journal of International Business and Law Conference on Investment Management, October 2009
“The Changing Regulatory Framework for Hedge Funds and Managers,” PLI Hedge Funds 2009, October 2009
“The Shape of Things to Come,” 2009 Spruce Investor Conference, October 2009
“Industry Roundtable: Top Thinkers Share Their Vision of the Future for Hedge Funds,” FRA 4th Annual Meeting of the Hedge Fund Business Operations Association, September 2009
“Hedge Funds and the Current Crisis,” International Institute for the Regulation and Inspection of Investment Advisers, June 2009
Moderator, “Regulations and Hedge Fund Environment,” Goldman Sachs Twelfth Annual Hedge Fund Seminar, May 2009
“Hedge Funds' Challenges: The Hedge Fund,” SIFMA-CL 2009 Annual Seminar, March 2009
Reuters’ Global Hedge Fund and Private Equity Summit, March 2009
“Wall Street Legends Summit,” CNBC's Squawk Box, March 2009
“Fund Practices, New Products,” 10th Annual International Conference on Private Investment Funds, March 2009
“Counterparty Risk Issues: Lessons Learned From the Recent Credit/Liquidity Crisis,” FRA/Hedge Fund Business Operations Association's 3rd Annual Meeting, September 2008
“Best Practices for the Hedge Fund Industry and for Hedge Fund Investors,” SIFMA Hedge Funds and Alternative Investments Summit and Exposition, June 2008
“Regulation of Funds,” Brooklyn Law School’s Dennis J. Block Center for the Study of International Business Law’s Future of Financial Regulation Seminar, May 2008
“Hedge Funds Speak Up – Challenges from the Hedge Fund Perspective,” SIFMA Compliance & Legal Division’s 40th Annual Seminar, March 2008
“State of the Industry – A Legal and Regulatory Update,” Managed Fund Association’s Network 2008 Conference, February 2008
Co-chair, “Hedge Funds at the Crossroads: Activism and New Opportunities in Today’s Capital Markets,” West LegalWorks’ Conference, December 2007
Moderator, “Public and Private Sales of Ownership in Hedge Fund Managers” panel, SRZ Cutting Edge Alternative Asset Management Deals Seminar, July 2007
“Hedge Funds: The Last Unregulated Frontier - But For How Long?,” Milken Institute Global Conference, April 2007
“The Future of the Hedge Fund Industry and the Role of the Activist Investor,” CFA Institute Annual Conference, April 2007
“Hedge Funds,” SIFMA Anti-Money Laundering Compliance & Legal Division Seminar, March 2007
Hedge Fund Panel, SIA Annual Conference, March 2007
Co-chair, IBA Private Investment Fund Conference, London, March 2007
ABA Section of Law, Subcommittee on Private Investment Entities, Spring Conference, March 2007
“Hedge Funds: Overview of Structure, Taxation & Regulation,” MFA Network, February 2007
SRZ 16th Annual Private Investment Funds Seminar, January 2007
Co-chair, West LegalWorks Hedge Fund Activism Conference, December 2006
FRA 4th Annual Hedge Funds Business Operations Forum, December 2006
Keynote speaker, “The State of the Industry,” FRA 8th Annual Hedge Fund Regulation & Compliance Forum, November 2006
Goldman Sachs 4th Annual Hedge Fund Conference, November 2006
“State of the IA Industry,” and “Protecting Your Firm From SEC Scrutiny,” National Regulatory Services Greenwich Conference, November 2006
“How the Investors in Durus Capital Management took the Firm’s Blowup into their Own Hands and Averted Disaster,” 2nd Annual Absolute Return Hedge Fund Symposium, November 2006
5th Annual Hedge Fund Seminar, London, October 2006
Citigroup Global Prime Brokerage Group Capital Introduction Breakfast for Asian Fund Managers, October 2006
Connecticut Department of Banking Securities, October 2006
“Major Law Changes/Rules for Registration and ERISA,” SRZ Hedge Fund Compliance Seminar, September 2006
“Post-Goldstein Outlook for Hedge Fund Legislation and Regulation,” MFA Annual Forum, September 2006
Bank of America Securities Prime Brokerage Hedge Fund Strategic Initiatives Conference, June 2006
Hedge Fund Institutional Forum, Endowments & Foundations Roundtable, June 2006
MFA Annual Forum, June 2006
“A Changing Business & Regulatory Environment,” SIA Hedge Funds & Alternative Investments Conference, June 2006
“Hedge Fund Advisers,” Adviser Compliance Associates webcast, April 2006
“The Future of Hedge Fund Regulation,” Columbia Business Law Review conference, April 2006
Registered Alternative Funds “New Products for New Markets” seminar, April 2006
ABA Section of Business Law Spring Meeting, April 2006
Chair, ABA Session of Private Investment Entities, April 2006
NICSA, Hedge Funds Conference, April 2006
SIA Compliance & Legal Division Annual Seminar, March 2006
Co-chair, IBA/ABA London Conference, February 2006
SRZ 15th Annual Private Investment Funds Seminar, January 2006
SIA Hedge Funds Conference, September 2005
“The SEC’s New Hedge Fund Rules & Implications for Managers in Europe,” MFA Conference, July 2005
Chair and speaker, GAIM, Hedge Fund Forum, “Hedge Fund M&A: The Advantages and Disadvantages of Being Acquired,” June 2005
Cayman Islands Monetary Authority Hedge Fund Regulation and Compliance Roundtable, May 2005
“Implications of the Rule for Chief Compliance Officers,” MFA Conference, May 2005
SIA Compliance & Legal Division Annual Seminar, April 2005
“Overview of the New Registration Rule,” New York University, April 2005
“State of the Industry-Regulatory Update,” MFA Network Conference, February 2005
“Overcoming Compliance, Operational, and Valuation Challenges,” Institutional Investor Hedge Fund Best Practices Conference, February 2005
“Guidance for the Unregistered Adviser,” MFA conference, January 2005
“Mutual Funds and Hedge Funds: The Fees for Professional Investment Advice,” Fordham University Spring Roundtable, January 2005
“Understanding the New Hedge Fund Rule,” Practising Law Institute, November 2004
BlackRock, Fund of Hedge Funds Investor Conference, November 2004
“Investment Partnerships,” Ernst & Young Hedge Fund Conference, November 2004
“New Regulation: Weighing the Impact,” SIA Conference, November 2004
“Regulatory Brave New World,” Absolute Return Symposium, October 2004
“Hedge Fund Fraud,” University of Pennsylvania, October 2004
MFA/CAPCO, Hedge Fund Valuation and Accounting Town Hall Meeting, October 2004
“Succeeding Within the New Regulatory Environment,” Institutional Investor Hedge Fund Best Practices Conference, September 2004
“Regulatory Update,” GAIM Fund of Funds Conference, September 2004
Bank of America, CFO Conference, June 2004
“Examining the Latest Business Continuity and Disaster Recovery Issues for Hedge Funds,” MFA Conference, May 2004
“Hedge Fund Business Growth Strategies,” Strategy Institute Future of the Industry Panel, Leaders’ Debate, April 2004
“Hedge Fund Regulatory Update,” MFA Network, February 2004
“Changing Regulatory Landscape,” GAIM USA, January 2004
“Valuation Challenges for Hedge Funds,” MFA Conference, January 2004
“Changing Regulatory Update,” GAIM Symposium, January 2004
SEC Hedge Fund Roundtable, Panelist (Assessment of the Current Regulatory Framework), May 2003
More
Memberships
Professional
AIMA
Adviser to AIMA on US Regulatory Issues, 2008-Present
Managed Funds Association
Special Advisor to the MFA Board of Directors, 2009-Present
American Bar Association
Chair, Subcommittee on Hedge Funds, 2005-Present
Vice Chair, Subcommittee on Hedge Funds, 2002-05
The Economic Club of New York, 2009-Present
The Harvard Law School Alumni Association of New York City
President, 1999-2001
Vice President, 1992
Trustee, 1987-90
Harvard Law School Center on Lawyers and the Professional Services Industry
Advisory Board, 2006-Present
Harvard University, Faculty of Arts and Sciences,
Task Force on the Undergraduate Experience, 2006-2008
National Association of Securities Dealers, Inc.
Legal Advisory Board, 1999-2003
New York City Bar Association
Chair, Committee on Securities Regulation, 1989-92
New York State Bar Association
Other
Citizens for NYC
Member, Board of Directors
NAACP Legal Defense Fund
Board of Directors
Phi Beta Kappa Associates
Other Distinctions
Fellow, New York Bar Foundation
The Best Lawyers in America
Chambers Global
Chambers USA
Guide to the World’s Leading Capital Markets Lawyers
The International Who’s Who of Private Funds Lawyers
Lawdragon 500 Leading Lawyers in America
The Legal 500 US
PLC Cross-Border Handbooks: Investment Funds
Who's Who in America
Who's Who in American Law
Bar Admissions
Education
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Fulbright Fellowship for Study of Law in The Netherlands, 1964-65
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Harvard Law School, J.D., cum laude, 1964
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Harvard College, A.B., magna cum laude, 1961
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