Karen L. Anderberg

karen-anderberg

Karen L. Anderberg

Partner

London | 160 Queen Victoria Street, London, UK EC4V 4QQ
+44 20 7184 7313 | +44 20 7184 7001

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Karen L. Anderberg advises UK, US and European asset managers and investment funds on all aspects of US 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.

Ms. Anderberg co-edited US 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 a regular seminar series on “US 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. The 2017 edition of The Legal 500 UK 2017 recommends Ms. Anderberg for investment funds and financial services regulatory. The 2017 edition notes that she is "very experienced on US private funds, SEC, ERISA and associated regulation". Ms. Anderberg has been recommended for financial services regulation since 2012 in The Legal 500 UK, where she is described as "friendly and calm." The 2013 edition highlighted the way she "drills down into the detail." She has 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. She is admitted to practice before the District of Columbia Court of Appeals and the Maryland Court of Appeals. She is also a member of the District of Columbia and Maryland Bar Associations.

Education
  • Colgate University, B.A., 1986
  • Boston University School of Law, J.D., 1992, cum laude, editorial board of the Boston University Law Review
Admissions
  • 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
Speaking Engagements
  • US Regulations for European Fund Managers — A Conference Presented by Infoline, London (November 5, 2014)

Speaker, "US Regulations for European Fund Managers" conference provided the opportunity for European fund managers to engage first hand with US regulators and supervisors on current hot topics.

  • '40 Act Funds Breakfast Seminar — Presented by SEI Investments, London (December 10, 2013)

Speaker, "'40 Act Funds Breakfast Seminar" provided insight on launching '40 Act Funds:'40 Act Market Landscape Overview (e.g. market sizing, strategies in demand); Product Structuring; and Insights Practical Distribution Insights.

  • US Regulation: Implications for Hedge Fund Managers — Presented by Bank of America Merrill Lynch, London (April 11, 2013)
  • “Participating Affiliate” Arrangements — US Regulation for UK Legal and Compliance Professionals, London (November 9, 2010)

Speaker, " 'Participating Affiliate' Arrangements" session examined the requirements for a “participating affiliate” arrangement and the advantages and drawbacks of such an arrangement. Also provided was a brief update on any new rulemaking related to investment adviser registration requirements in Dodd-Frank.

  • The New SEC “Pay-to-Play” Rule for Investment Advisers — US Regulation for UK Legal and Compliance Professionals, London (October 12, 2010)

Speaker, "The New SEC “Pay-to-Play” Rule for Investment Advisers" discussed the new “Pay-to-Play” Rule and compliance requirements for SEC-registered investment advisers. Also reported were any recent SEC guidance on implementation of provisions of the Dodd-Frank Act.

  • How to Comply with the Requirements of the Directive? — Management Global Information SA's 1st Annual KID Conference, London (October 7, 2010)

Speaker, "How to Comply with the Requirements of the Directive?" panel examined the Key Information Document (KID) and the challenges it poses to asset managers, promoters, administrators and distributors seeking to invest in UCITS. The KID is a required document in the implementation of UCITS IV that replaces the Simplified Prospectus and allows for comparability of funds across multiple jurisdictions.

  • International Compliance Concerns — NSCP National Membership Meeting, Philadelphia, PA (October 12, 2009)
  • The U.S. Emergency Economic Stabilization Act of 2008 — Current Issues Affecting the Financial Markets: The Impact on Hedge Fund Operations, London (November 3, 2008)
  • Registration of Investment Advisers — FINRA/ Introduction to US Regulation, London (October 1, 2008)
  • Soft Dollar Issues: U.S. and UK — Current Issues for SEC Registered Investment Advisers, London (June 17, 2007)
  • Global Product & Distribution - New Markets: New Challenges — NICSA's 25th Anniversary Annual Conference & Expo, Miami, FL (February 19, 2007)
  • Implications of the US Pension Protection Act of 2006 — Goldman Sachs Prime Brokerage Hedge Fund Roundtable, London (October 2, 2006)
  • Investment Adviser and Broker-Dealer Regulation in the United States — Association of Private Client Investment Managers and Stockbrokers, Lunchtime Seminar, London (June 13, 2006)
  • Investment Adviser and Broker-Dealer Regulation in the United States — Association of Private Client Investment Managers and Stockbrokers Regulatory Committee Meeting, London (February 21, 2006)
  • Opportunities and Issues in the European Hedge Fund Market — London (January 5, 2006)
  • U.S. Regulation of Hedge Funds Managers -Obligations and Opportunities — Citigroup Global Prime Brokerage, London (November 3, 2005)
  • SEC Registration of European Hedge Fund Advisers: Are You Prepared — London (November 21, 2004)
  • Recent Developments in Investment Funds Legislation in the U.S. and Its Possible Impact on the European Market — Evolution of the European Industry of Collective Investment Schemes Conference, Milan (October 17, 2004)
  • U.S. Regulatory Issues for SEC-Registered Advisers and Non-Registered Advisers — London Asset Managers Legal Discussion Group, London (June 24, 2004)
  • Tool Kit for Dealing with the New U.S. Investment Adviser Self-Compliance Programme Rules: Things You Need to Understand Right Now — London (June 19, 2004)
  • Recent Initiatives in the U.S. Impacting the European Hedge Fund Market — Hedge Fund Servicing: Pan-European Insight in Product Design, Registration, Listing, Fund Distribution and Administration Opportunities, Luxembourg (May 5, 2004)
  • Current U.S. Developments for Hedge Funds — London (April 17, 2003)
  • Sarbanes-Oxley Issues for European Firms — American Chamber of Commerce, Luxembourg (April 12, 2003)
  • Funds of Hedge Funds and Principal Protected Products — New York, NY (February 18, 2003)
  • Current Securities Law and Compliance Developments for Investment Advisers — London (October 19, 2002)
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