Marguerite C. Bateman understands the importance of being both thorough and diplomatic when helping her asset management clients navigate stringent federal securities laws. 

A trusted counselor to registered and unregistered investment advisory organizations and investment company boards of directors and trustees, Marguerite is intimately involved with the details of each client’s issues. After 25 years in the industry, her on-point advice and practical solutions are invaluable as regulators focus their attention on advisory relationships and the unique ”watchdog”  role that fund directors  play. Her reasoned approach has ably defended clients facing regulatory examinations and inquiries.

With the growth of increasingly complex investment products, diverse distribution channels and evolving regulatory requirements, advisory clients reach out to Marguerite for guidance. She offers assistance at the product development stage, performs mandatory annual reviews and creates effective compliance programs for some clients. For others, she suggests enhancements that will assist organizations achieve their potential without running afoul of regulatory mandates.

Above all, Marguerite avoids “using a hammer to kill a fly” by helping companies tailor programs to their needs and sharing her knowledge of industry best practices.

  • Experience

    • Serves as independent legal counsel to fund boards of both large and small investment company complexes.
    • Advises boards on obligations in connection with fund formations, mergers, liquidations and other significant transactions.
    • Engaged in comprehensive review of materials provided to boards intended to streamline quarterly board materials and better organize materials provided in connection with annual contract renewal process.
    • Develops compliance programs and annual compliance review protocol for investment advisory clients.
    • Educates private equity and family office clients on available exemptions from Investment Advisers Act of 1940.
    • Supported litigation counsel in derivative actions against adviser, fund and directors ensuring legal responsibilities of respective parties are correctly represented in pleadings.
    • Advised board regarding preparation of response to letter directed to the funds from SEC’s Office of Examinations and Inspections.
    • As Managing Director of the Independent Directors Council, involved in regulatory initiatives focused on fund governance and development of programs to educate fund directors regarding their oversight responsibilities.
  • Credentials


    • Wake Forest University School of Law, J.D., 1987
      Wake Forest Law Review, Notes Editor
      Order of the Barrister
    • Duke University, A.B., 1984

    Bar Admissions

    • District of Columbia

            Professional Memberships

            American Bar Association


            District of Columbia Bar Association


            Federal Bar Association

          • Insights


            SEC Issues Interpretive Letter Permitting "Externalization" of Mutual Fund Sales Charges

            On January 11, 2017, the Securities and Exchange Commission’s Office of Chief Counsel, Division of Investment Management, issued an interpretive letter pursuant to Capital Group’s request under section 22(d) (Section 22(d)) of the Investment Company Act of 1940, as amended (1940 Act), concurring that the American Funds would be able to offer Clean Shares (as defined below) for which a broker could charge customers commissions to effect transactions if such broker is acting solely as an agent on behalf of its customers.


            SEC Issues Final Rule On Investment Company Swing Pricing

            In October, the SEC issued its final rule with respect to investment company swing pricing. The final rule includes amendments to Rule 22c-1 under the Investment Company Act of 1940 and other amendments.


            SEC Adopts Rules to Modernize the Reporting and Disclosure of Information by Registered Investment Companies

            On October 13, 2016, the Securities and Exchange Commission (SEC) adopted rules, forms, and amendments to certain existing rules and forms to modernize and enhance the reporting and disclosure obligations of registered investment companies.

            Trending Legal Issue

            SEC Issues Final Rule On Investment Company Liquidity Risk Management

            In late October, the SEC issued its final rule with respect to investment company liquidity risk management programs.

            Trending Legal Issue

            SEC Issues Business Continuity Guidance for Registered Investment Companies, Proposes Rule for Registered Investment Advisers

            On June 28, 2016, the Securities and Exchange Commission proposed a new rule under the Investment Advisers Act of 1940 which would require SEC-registered investment advisers to adopt and implement written business continuity and transition plans that are reasonably designed to address operational and other risks related to a significant disruption in the investment adviser’s operations.

            Trending Legal Issue

            SEC Issues Guidance Regarding Mutual Fund “Distribution-in-Guise” Payments

            The Securities and Exchange Commission (SEC) has issued its long-awaited guidance following the recent and well-publicized “distribution-in-guise” sweep examination.

            Trending Legal Issue
            Trending Legal Issue

            Other Publications

            • "All In the Family: Application of the SEC's Family Office Rule," Approach (Nov. 2011)
            • "Summary Prospectus Rule as it Applies to ETFs," (co-author) The Investment Lawyer (May 2009)
            • "Newly Adopted Summary Prospectus Form Tailored for Exchange-Traded Funds," (co-author) The Investment Lawyer (Apr. 2009)
            • "New Path, Same Destination: The Effect of Jones v. Harris Associates on 36(b) Litigation," (co-author) The Investment Lawyer (Aug. 2008)
            • "Mutual Recognition: A Step Towards Greater Access to Global Markets," (co-author) The Investment Lawyer (May 2008)

            Speeches & Presentations

            • "A Registered Mutual Fund And Its Compliance," The National Society of Compliance Professionals Annual Meeting, National Harbor, Maryland (Nov. 1-4, 2015)
            • "Looking Ahead: The Evolution of the Role of the CCO Within a Fund Complex," Mutual Fund Compliance Programs Conference, Washington, D.C. (May 7-8, 2015)
            • "Hot Topics and Challenging Issues for Fund Boards: Independent Counsel Roundtable," Mutual Funds and Investment Management Conference (Mar. 2015)
            • "Corporate Governance and Ethical Considerations of Counsel," The American Law Institute (Jul. 21-22, 2014)
            • "Mutual Funds Today: Current Issues and Developments in Fund Regulation and Compliance," The American Law Institute (Oct. 28-29, 2013)
            • "Board Issues Roundtable: Independent Counsel Perspectives," Mutual Funds and Investment Management Conference (Mar. 2013)
            • "Lightning Round," 2012 Mutual Fund Compliance Programs Conference, Washington, D.C. (May 10-11, 2012)
            • "Practices of Effective Fund Boards," Independent Directors Council (IDC) Investment Company Directors Conference (Oct. 24-26, 2011)
            • "Risk Management Frameworks," The National Society of Compliance Professionals Annual Meeting, Baltimore, Md. (Oct. 18, 2011)
            • "Board Perspectives," Investment Company Institute Tax and Accounting Conference, Palm Desert, Calif. (Sep. 13, 2011)
            • "Dodd-Frank's Impact on Investment Adviser Registration — What Does it Mean for You?" Schiff Hardin Webinar (Apr. 13, 2011)
            • "Fund Board Dynamics, Governance and Key Issues," Mutual Funds and Investment Management Conference (Mar. 2011)
            • "Corporate Governance," Investment Company Regulation and Compliance, The American Law Institute (Jun. 2010)
            • "Fundamentals of Fund Board Oversight," Independent Directors Council (IDC) Investment Company Directors Conference (Nov. 2009)
            • "How Regulatory Requirements Impact the Competitive Balance Between Conventional ETFs and New Types of Commodities-Based ETFs," Investment Company Institute (ICI) General Membership Meeting (May 6–8, 2009)
          • Citizenship

            Civic and Charitable Memberships

            Greater Washington Educational Telecommunications Association (WETA)

            Board of Trustees (2008-2015)

            Audit Committee Chair (2013)