Karen L. Anderberg
Partner | London
Karen L. Anderberg

Karen L. Anderberg advises European, Asian and U.S. asset managers and investment funds on all aspects of U.S. financial services regulatory issues, including Securities and Exchange Commission (SEC) investment adviser and investment fund registration and exemptions and Commodity Futures Trading Commission (CFTC) requirements. Ms. Anderberg’s practice also consists of advising investment funds (including UCITS and AIFs) on global distribution issues, both via registration or passporting and on a private placement basis. Ms. Anderberg also counsels large financial services firms on global compliance and distribution matters.

The Legal 500 UK recommends Ms. Anderberg for investment funds and financial services regulatory. The 2021 edition notes that she is “very responsive, with very strong knowledge of applicable law and regulation in the UK and across many other jurisdictions”. One client says “Karen Anderberg provides practical solutions that are very helpful to in-house lawyers. She is always our starting point when we encounter a novel distribution-related issue for which we do not have an answer or when we encounter a practical, legal, or regulatory impediment relating to cross-border distribution. She is also wonderfully pleasant to work with”. The 2019 edition says that Ms. Anderberg “excels in handling big-ticket work for major funds clients including on the regulatory issues associated with ensuring distribution arrangements are compliant with the various global regulations including on compliance with MiFID II”. The 2018 edition notes that she “advises on matters concerning SEC and CFTC regulation” and “handles work for leading UCITS managers”. The 2017 edition recommends Ms. Anderberg “for her ability to advise UK, U.S. and European investment funds and managers on U.S. regulatory issues”. The 2013 edition highlighted the way she "drills down into the detail". Ms. Anderberg has been recommended for financial services regulation since 2012 in The Legal 500 UK, where she was described as "friendly and calm". 

Ms. Anderberg co-edited U.S. Regulation for Asset Managers Outside the United States published by Sweet and Maxwell in 2017. She has spoken extensively on financial services regulatory matters, and has co-hosted seminars on “U.S. Regulation for UK Legal and Compliance Professionals” since 2008.

In 2017, Ms. Anderberg was named as one of the 50 leading women in hedge funds by The Hedge Fund Journal. The biennial report recognizes women who are making an impact in the hedge funds industry and are shaping the future of the industry.

Ms. Anderberg has also been selected by Legal Business for inclusion in editions of Legal Experts in the field of Investment Funds since 2011.

Ms. Anderberg became a partner in January 2001. She joined Dechert as an associate in 1992 and practiced in Dechert’s Washington, D.C. office prior to 2003. 

  • Final SEC Private Fund and Proxy Voting Rules — EFAMA and Dechert, Webinar (February 7, 2024)
  • SEC Marketing Rule 360: When Rules Don’t Apply What the SEC’s Marketing Rule Means for Exempt Fund Managers — Alternative Investment Management Association (AIMA), Webinar (October 4, 2022)
  • Navigating the Recent SEC Private Fund Rule Proposals | Session Two: Considerations for Non-U.S. Fund Managers — Dechert LLP, Webinar Series (July 13, 2022)
  • U.S. Regulatory Priorities for 2022, Webinar (February 2022)
  • Investment Company Act Section 3(c)(7) - Considerations for Non-US Issuers - AFME Webinar (November 2021)
  • The SEC’s Modernized Marketing Rule: Implementation and Challenges of the Revised Requirements - AIMA Webinar (November 2021)
  • Regulatory Spotlight – The Future of AIFMD - Luxembourg Investment Funds Webinar Series (November 2020)
  • Regulatory Deep Dive Programme – U.S. - AIMA Webinar (September 2020)
  • Recent SEC Inspection and Investigation Trends - U.S. Regulatory Priorities Seminar Series, London (June 2019)
  • Developments in UCITS: MiFID II, Brexit, Global Fund Distribution and Anti-Money Laundering - Boston, New York (May 2019)
  • Competition and Antitrust Considerations for Asset Managers - U.S. Regulatory Priorities Seminar Series, London (May 2019)
  • U.S. Regulatory Priorities Seminar Series: Updates to Form ADV - London (March 2019)
  • Updating Your Compliance Calendar for 2019: U.S. Regulatory Priorities for 2019 - London (January 2019)
  • Investment Funds Conference: Disruption and Change in the Investment Funds Industry - Luxembourg (November 2018)
  • Navigating Global Developments in the Investment Funds Industry - Opportunities for Ireland - Dublin (June 2018)
  • Developments in UCITS: MiFID II, Brexit and Global Fund Distribution - Boston (May 2018)
  • Developments in UCITS: MiFID II, Brexit and Global Fund Distribution - New York (May 2018)
  • US Update: Cryptocurrencies and Blockchain Issues - London (April 2018)
  • U.S. Regulatory Priorities for 2018 - London (March 2018)
  • Amendments to Form ADV: What SEC-Registered Advisers Need to Know Now - London (January 2018)
  • CFTC and NFA Ongoing Compliance in a Changing Regulatory Environment Seminar - London (September 2017)
  • Navigating U.S. Broker-Dealer Registration Requirements and Exemptions: Options for Private Funds - London (June 2017)
  • Navigating Global Regulatory Change in the Investment Funds Industry – Opportunities for Ireland - Dublin (June 2017)
  • U.S. Regulatory Priorities for 2017 - London (March 2017)
  • 6th Annual Funds Congress - London (February 2017)
  • Accessing the US Market Using 1940 Act Funds - London (November 2016)
  • Current and Future Developments: UCITS, AIFs, Brexit and Global Fund Distribution - New York (October 2016)
  • Update on Recent US Regulatory Developments and SEC Enforcement Priorities - London (October 2016)
  • ERISA Investors - The Nuts and Bolts for Funds - London (June 2016)
  • Advanced Topics in CFTC and NFA Ongoing Compliance - London (May 2016)
  • How to raise capital in the U.S. - London (April 2016)
  • Advertising for Investment Advisers - London (April 2016)
  • Offering Your Fund in the United States: Tips and Traps - London (March 2016)
  • 5th Annual Funds Congress - London (February 2016)
  • U.S. Regulatory Priorities for 2016 - London (January 2016)
  • SEC Finalizes Changes to Private Fund Rules: A Focus on SEC Registered Advisers - The Investment Lawyer (January 2024)
    • Colgate University, B.A., 1986
    • Boston University School of Law, J.D., 1992, cum laude, editorial board of the Boston University Law Review
    • Admitted in Maryland and the District of Columbia
    • Registered Foreign Lawyer, England and Wales
    • United States Court of Appeals for the District of Columbia Circuit