Tax & Regulatory Summit

Virtual, November 9, 2021


Tuesday 9 November 2021 | 10–11am ET | Virtual Event

AFIRE’s annual Tax & Regulatory Summit for 2021 features experts from Mayer Brown discussing recent SEC activities and issues related to tax reform. All AFIRE members and invited guests are welcome.

w/ Stephanie Monaco, Partner, Corporate & Securities, Mayer Brown

The change in administration has seldom been so extreme and vivid as the change from SEC Chairman Clayton to SEC Chairman Gensler. This change has been most evident and, frankly, painful in SEC examinations of registered investment advisers. This panel will discuss the change in the tone at the top of the SEC, how that has trickled down to the Division of Examinations (yes, the Office of Compliance, Inspections, and Examinations grew-some into a full Division) and the SEC’s regional offices as they perform regulatory examinations of investment advisers. We will discuss recent examinations covering the expanse of documents requested through additional requests through to deficiency letters and enforcement referrals. We will also focus on ESG claims by investment advisers engaged in managing assets in an ESG strategy, particularly in an environment where “ESG” has not been defined by the SEC, and other lessons to be learned from recent Risk Alerts and enforcement actions.

w/ Michelle Jewett, Partner, Tax Transactions & Consulting, Mayer Brown

Real estate investors, sponsors and developers have been intently focused on the tax reform proposals made by the Biden administration and Congress in 2021. In light of the expansive legislative agenda that is being considered by Congress, tax reform will be crucial in providing funding for many of the proposals. This panel will discuss U.S. tax reform proposals made by the Biden administration and the House Ways and Means committee that will be of particular interest in connection with cross-border investment in U.S. real estate. Proposals to be discussed include tax rate changes, carried interest tax reform, changes to the portfolio interest exemption, new rules limiting interest deductions, special REIT proposals, and the potential elimination of like-kind exchanges of real property.


STEPHANIE MONACO is a partner in the Corporate & Securities practice for Mayer Brown. She advises investment management firms, investment companies and hedge funds across a broad range of investment management needs. Formerly an attorney with the US Securities and Exchange Commission, Stephanie brings a deep understanding of the regulatory environment to counseling clients on issues of compliance and product development.

Stephanie has been selected for inclusion in the Best Lawyers in America every year since 2009 and has been recognized in Chambers, most recently in 2021 in Band 1. As noted in Chambers, Stephanie is valued for her regulatory experience in the registered funds space. Clients observe that she is “incredibly responsive” and that “she’s very knowledgeable, very experienced and also has a tremendous business sense.” Chambers has also noted Stephanie’s “great attitude” while observing that she “has a keen understanding of industry issues” and “knows when to step back and when an issue has to be forced.”

Stephanie joined Mayer Brown in 2005. Previously, she was a partner at other prominent law firms in Washington DC. She also worked with the SEC’s Division of Investment Management, first in the Division’s Chief Counsel’s Office (1983–1986) and, later, in the Division’s Office of Investment Company Regulation (1988–1991).

MICHELLE JEWETT is a partner in Mayer Brown’s New York office and a member of the Tax Transactions & Consulting practice for Mayer Brown. She focuses on all areas of federal income taxation, offering deep experience in private investment funds and real estate and real estate investment trusts as well as mergers and acquisitions, partnerships, energy and infrastructure, financial restructuring, financial instruments and intellectual property, both domestically and internationally.

Michelle has advised on structuring cross-border taxable and tax-free mergers, acquisitions and dispositions, domestic and foreign private equity investments, real estate investments by taxable and tax-exempt entities, mortgage-backed securities and other securitization transactions, various international investments and transactions, bankruptcy and debt workouts, renewable energy investments and corporate transactions in the insurance industry. She has structured numerous cross-border arrangements, including US and foreign private equity funds, real estate funds, timber funds, energy and infrastructure funds, credit funds, and hedge funds. In addition, Michelle regularly advises clients regarding the tax issues associated with real estate infrastructure and renewable energy investments.

Michelle contributes pro bono service forming and advising 501(c)(3) organizations on a variety of issues including hybrid for-profit/not-for-profit structures, unrelated business income tax concerns, and the commerciality doctrine. Michelle has been named a Rising Star by Law360 and IFLR1000, recommended as a leading lawyer by The Legal 500 and included in Euromoney Legal Media Group Americas Women in Business Law Awards Shortlist for Best in Tax.




Member Login

Enter your email address and password associated with your membership to log into If you are unable to login through this popup, go to to reset your password. For questions, contact us.

Forgot your password?