Richard D. Marshall, Partner , Ropes & Gray
Richard Marshall is a partner in the Investment Management and Securities Litigation groups of Ropes & Gray. Since entering private practice, Rick has conducted compliance reviews and provided compliance counseling for investment companies, investment advisers, hedge funds, and broker-dealers; represented individuals and regulated entities in inspections, investigations, and litigation against the Securities and Exchange Commission, self-regulatory organizations, state securities regulators, and U.S. Attorney’s offices; created hedge funds; provided advice on the creation of new products for investment companies, investment advisers, hedge funds, and broker-dealers; and counseled investment companies, investment advisers, hedge funds, and broker-dealers on regulatory matters.

Before joining Ropes & Gray, Rick had been Senior Associate Regional Administrator in the New York office of the Securities and Exchange Commission. In that position, he supervised a staff of seventy that conducted inspections of investment companies and advisers in the New York region and oversaw enforcement matters related to those entities. Rick has also been a branch chief in the Division of Enforcement of the Securities and Exchange Commission in Washington, D.C.

Shannon Behara, Senior Principal Consultant
Shannon joined ACA in 2005 as a Principal Consultant in the Boston office.  Shannon provides a wide variety of regulatory and compliance consulting services to investment companies, private funds, and investment advisers.  She advises both SEC registered and unregistered clients with respect to design, drafting and implementation of customized compliance programs. Shannon also performs mock examinations, procedural reviews and customized forensic testing audits designed to evaluate compliance with various federal securities laws.  Shannon specializes in the complexities of the fixed income markets and frequently advises collateral managers and investment advisers on compliance matters related to the management of CDOs, CLOs and a variety of fixed income derivatives.

Shannon began her regulatory career in 2001 as a Securities Compliance Examiner with the Boston District Office of the Securities and Exchange Commission.  During her tenure at the SEC, she led or participated in examinations of investment companies, investment advisers, hedge funds, transfer agents and variable insurance products.  Shannon also performed extensive work on several market timing, late trading and directed brokerage cases which involved close coordination with the SEC's Division of Enforcement.

Prior to joining the SEC, Shannon was a Senior High Yield Analyst for Bridge Information Systems.  During her time at Bridge, and its predecessors, Shannon performed analytical pricing and covenant analysis on a wide variety of fixed income issues including asset backed debt, US and Euro MTNs, and both investment grade and high yield corporate debt.