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 financial services (non-contentious/regulatory). She has previously been described as “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”. 

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.

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. 

  • London – Corporate & Commercial: Financial Services: Non-Contentious RegulatoryThe Legal 500 UK
  • Named among "50 Leading Women in Hedge Funds"The Hedge Fund Journal (2017)
  • Analysis of the extraterritorial implications of recent SEC rulemaking – AIMA webinar (June 18, 2024)
  • Managing Multi-Jurisdictional Teams – Challenges of Global Operations - Institutional Investor Legal Forum Spring Roundtable, London (April 30, 2024)
  • Cross-Border Marketing Roundtable, Parts 1 and 2 – AIMA, London (April 2024)
  • Final SEC Private Fund and Proxy Voting Rules - EFAMA and Dechert, Webinar (February 7, 2024)
  • Private Funds COO and Operations Forum – Dechert, London (November 2023)
  • Dechert on Reg: Episode 4 - The SEC’s New Private Fund Adviser Rules (November 2023)
  • Private Fund Adviser Rules:  APAC Session – State Street Fund Services Webinar, Hong Kong (October 20, 2023)
  • AIMA APAC PreForum Roundtable Series: United States, - AIMA APAC Annual Legal Forum 2023, Hong Kong (October 18, 2023)
  • Navigating the New Landscape:  The SEC’s Latest Changes to the Private Fund Rules - Singapore Venture and Private Capital Association Seminar, Singapore (October 17, 2023)
  • The SEC’s Sweeping New Private Fund Rules – What Do You Need to Know?  Considerations for Non-U.S. Fund Managers – Dechert Webinar (October 5, 2023)
  • Alternative Fund Managers: Managing and Raising Capital from the U.S. – Dechert Roundtable, London (September 21, 2023)
  • Private Funds Legal Retreat, 2023 – Dechert, Oxford (September 2023)
  • Private Funds Roundtable Series 2023, Session Four – SMAs - Dechert, London (April 27, 2023)
  • Next Generation Manager Group - Marketing Funds in the US - AIMA, London (March 28, 2023)
  • Updating your Compliance Calendar:  U.S. Regulatory Priorities for Investment Advisers for 2023 - Dechert Webinar (March 15, 2023)
  • Global Marketing Regulations, including US, UK and EU Constraints - International Bar Association Annual International Conference on Private Investment Funds, London (March 13, 2023)
  • Private Funds COO and Operations Forum – Dechert, London (December 1, 2022)
  • 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)
  • The SEC’s New Investment Adviser Marketing Rule - Dechert Webinar (September 29, 2022)
  • Private Funds Legal Retreat - Dechert, Oxford (September 2022)
  • US Political Developments - AIMA Roundtable, London (July 5, 2022)
  • Navigating the Recent SEC Private Fund Rule Proposals | Session Two: Considerations for Non-U.S. Fund Managers — Dechert Webinar Series (July 13, 2022)
  • U.S. Regulatory Priorities for Investment Advisers for 2022 - Dechert 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)
  • Private Funds Legal Retreat - Dechert, Oxford (September 2021)
  • Regulatory Spotlight – The Future of AIFMD - Luxembourg Investment Funds - Dechert Webinar Series (November 2020)
  • Regulatory Deep Dive Programme – U.S. - AIMA Webinar (September 2020)
  • Recent SEC Inspection and Investigation Trends - U.S. Regulatory Requirements for UK Legal and Compliance Professionals Series - London (June 2019)
  • What you Need to Know Now:  Hot Topics and Trends in Regulation of US Funds and Asset Managers – Brussels (November 22, 2019)
  • Luxembourg Annual Funds Conference, “New Regulatory Initiatives” – Dechert Luxembourg (October 3, 2019)
  • Private Funds Legal Retreat - Dechert, Cambridge (September 12, 2019)
  • Developments in UCITS: MiFID II, Brexit, Global Fund Distribution and Anti-Money Laundering – Dechert, Boston and New York (May 2019)
  • U.S. Regulatory Requirements for UK Legal and Compliance Professionals Series: Updates to Form ADV - London (March 2019)
  • Key Topics on SEC Examinations for UK SEC-Registered Firms –Duff & Phelps Seminar, London (February 20, 2019)
  • Updating Your Compliance Calendar for 2019: U.S. Regulatory Priorities for 2019 - Dechert, London (January 2019)
    • 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