Tamar Frankel
Education
1972 S.J.D., Harvard Law School
1964 LL.M., Harvard Law School
1948 Jerusalem Law Classes, Israel, Diploma
Legal Background
1971-Present Professor of Law, Boston University School of Law
Jan. -- June, 2006 Visiting Professor Harvard Business School
Sept. – June 2005 Visiting Professor, Harvard Law School
Oct. – Dec. 2000 Visiting Fellow, St. Catherine’s College; Visiting Fellow at the Center for Socio-Legal Studies, Wolfson College, Oxford, England
Apr. 29-June 1, 1997 Visiting Professor, Graduate School of Law and Politics, The University of Tokyo, Japan
July-Dec. 1995; Attorney Fellow, Securities and Exchange Commission, Washington, DC
July 1996-July 1997Summer 1992 Consultant, Peoples’ Bank of China, Drafting of Banking Law, United Nations Development Program
Jan. 1986- Guest Scholar, The Brookings Institution, Washington, DC
Aug. 19871983-1985 Consultant, Bankers Trust Company, New York
1982-1983 Visiting Professor of Law, University of California Law School, Berkeley, California
Fall 1980 Visiting Professor of Business Management, Harvard Business School.
1979-1980 Visiting Professor of Law, Harvard Law School
1968-1970 Assistant Professor of Law, Boston University School of Law
Fall 1967 Lecturer, Boston University School of Law1966-1967 Special Assistant to the Commissioner of Corporations, State of California
1965-1966 Associate, Arnold & Porter, Washington, DC
1964-1965 Associate (part-time), Ropes & Gray, Boston, Massachusetts
1962-1963 Legal Advisor, State of Israel Bonds Organization, France
1950-1962 Private Practice, Tel Aviv, Israel (housing, banking, corporate work)
1949-1950 Assistant Attorney General, State of Israel, Ministry of Justice, Legislation Department
1948-1949 Assistant Legal Advisor, Israeli Air Force
Appearances Before Congressional Committees
Oct. 7, 1998 Testimony (concerning ICANN) before a joint hearing of the Subcommittee on Basic Research and the Subcommittee on Technology of the Science Committee of the U.S. House of Representatives
Feb. 16, 1993 Testimony before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs U.S. House of Representatives
Feb. 12,1992 Participant, Informal Round Table Discussion of Commercial Credit Securitization, Senate Committee on Banking, Housing and Urban Affairs
Mar. 19, 1986 Testimony before the Subcommittee on Telecommunication, 1986 Consumer Protection and Finance of the Committee on Energy and Commerce, U.S. House of Representatives. Pension Funds in the Capital Markets: Impact on Corporate Governance, Trading Activity and Beneficiaries
Professional Activities
March 23, 2006 Member, ALI-ABA Advisory Committee, Securities Regulation
March 9, 2006 Lunch presentation. Millennium Hedge Fund Management
February 2, 2006 Lecture, Seminar, Directions and Regulation
January 26, 2006 Presentation, Kennedy School, Harvard University, Leadership Council
December, 2005 Member, Board of Editors, Regulation & Governance (Blackwell pub.)
June 2, 2005 Chair and Discussant, Annual Meeting of Law and Society, Las Vegas.
June 4, 2005 Law and Business at the Border, Canadian-American Research Centre for Law and Policy, University of Windsor, Canada, Presenting a chapter of Trust and Honesty, America’s Business Culture at a Crossroad
May 19, 2005 Callan College, for Mutual Funds Directors, Boston, the Meaning of Fiduciaries and Their Duties
March 29, 2005 MFDF Mutual Fund Directors Forum, Boston
January 31, 2005 Participant, Roundtable Discussion, Center For Corporate Securities and Financial Law, Fordham University School of Law, Mutual Funds and Hedge Funds: The Expenses and Fees of Professional Investment Advice
June, 2004 Participant, Rueschlikon Conference, Openness, Trust and Sovereignty, Zurich, Switzerland (organized by John F. Kennedy School of Government, Harvard University) (hosted by Swiss Re Center for Global Dialogue, Rueschlikon.
April, 2004 Panelist, Practicing Law Institute, Investment Management Compliance New York
February, 2004 Presentation, Sloan Conference, George Washington University, D.C.
December 2003 Moderator, New England Legal Foundation
October, 2003 Introduction to the lecture of Professor Eli Weisel, Boston University
Oct. 16,17, 2003 Co-Chair, ALI-ABA Advanced Course in Investment Management, Washington D.C.
Feb. 8, 2003 Panelist, American Bar Foundation, Seattle
Mar. 17, 2003 Governing by Negotiation, The Internet Naming System, Cardozo Law School Conference, to be published
Nov. 4, 2002 Lecture, School of Sociology, All Souls College, Oxford on Con Artists and Ponzi Schemes
Oct. 17,18, 2002 Co-Chair, ALI-ABA Advanced Course in Investment Management, Washington D.C.
Jan. 4, 2002 Panelist, “Donative Transfer, Fiduciaries and Estate Planning,” American Association of Law Schools, New Orleans.
Dec. 26, 2001 Speaker, Conference, Confederation of Indian Industry, Hydrabad, India
Oct.9, 2001 Speaker, The Common Law and Cyberspace, Center for Socio-Legal Studies, Oxford, England
Jan. 31, 2001 Panelist, Annual Adviser Compliance, Glasser Legal Works
Feb 19, 2001 Speaker, Conference on Trust, Tokyo, Japan
Feb. 20, 2001 Speaker, Panel discussion on Trust, Tokyo University
Jan 31, 2001 Speaker, PLI Course on Municipal Bond Markets, New York
Jan. 12, 2001 Speaker, Directors’ Educational Project, Washington D.C.
Jan. 2001 to date Board Member. D2D Not for Profit Corporation, devoted to encouraging low-income persons to save.
2001 to date Member, Council, Independent Directors' Educational Forum
Nov. 14, 23,2000 Seminar Talk, Oxford, England
Sept. 22-23, 2000 Co-Chair, Conference, Trust Relationship, Boston University Law School
Oct. 31, 1999. Panelist by Teleconference. Open Meetings. ICANN and The public Interest. Organized by the Berkman Center for Internet and Society. Harvard Law School. Los Angeles
Oct. 26-27, 2000 Co-Chair (with Clifford E. Kirsch), ALI-ABA Course of Study, Investment Management Regulation Conference, Washington, D.C.
Oct. 21-22, 1999 Co-Chair (with Clifford E. Kirsch), ALI-ABA Course of Study, Investment Management Regulation Conference, Washington, D.C.
Oct. 14, 1999 Speaker, Municipal Securities Round Table at the Securities and Exchange Commission
Oct. 15, 1999 Speaker, 1999 National Society of Compliance Professionals Membership Meeting, Washington, D.C.
Sept. 24, 1999 Speaker, Governing the Commons: The Future of Global Internet Administration, Computer Professionals for Social Responsibility, Alexandria, Virginia
Sept. 16, 1999 Speaker, Financial Innovations and the Welfare of Nations: How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets, Tufts University
Apr. 26, 1999 Presentation on Corporate Governance before the Advisory Group of the Investment Company Institute, Washington, DC
Aug. 21, 1998 Speaker by Teleconference, International Forum on White Paper (IFWP) (Internet), Buenos Aires, Argentina, from Cambridge, Massachusetts
Aug. 11-13, 1998 Chair, International Forum on White Paper (IFWP), Singapore
July 24-25, 1998 Co-Chair, International Forum on White Paper (IFWP), Geneva, Switzerland
July 1-2, 1998 Chair, International Forum on White Paper, Reston (IFWP), Virginia
Apr. 14, 1998 Speaker, Second Annual Investment Advisers Compliance Conference, New York City
Feb. 5-6, 1998 Speaker, ALI-ABA Course of Study, Investment Adviser Regulation Conference, Washington, DC
Dec. 4, 1997 Speaker, International Conference on Asset Securitization, Kuala Lumpur, Malaysia
Oct. 17, 1997 Panelist, Fiduciary Duties of Investment Managers, International Conference on Legal Aspects of Investment Management, organized by Ceje Droit Bancaire & Financier, University of Geneva
May 23, 1997 Speaker, Association of Trust Banks, Japan, Tokyo, Issues concerning fiduciary duties and Securitization
Feb. 18-19, 1997 Speaker, Issues Concerning Emerging Markets, presented at the Conference: "Comparative Study of Internationalization of Emerging markets and its Application to China," Beijing, China
Jan. 30, 1997 Speaker, The 1996 Amendments of the Advisers Act, Proposed Implementing Rules, ALI-ABA Course on Investment Advisers, Washington DC
Oct. 16-17, 1997 Co-Chair (with Clifford Kirsch), ALI-ABA Advance Course Study, Regulation of Investment Management, Washington, DC
Oct. 17-18, 1996 Co-chair (with Clifford Kirsch), ALI-ABA Advanced Course Study, Investment Management Regulation, Washington, D.C.
Oct. 12-13, 1995 Co-chair (with Clifford Kirsch), ALI-ABA Advanced Course Study, Investment Management Regulation, Washington, D.C.
Apr. 21, 1994 Speaker, Seminar on Mutual Fund and Investment Advisor Compliance For New Complex Products & Transactions. Institute for International Research. New York
Sept. 13, 1994 Panel Member, Spotlight On Derivatives, Facing New Realities New York What Capabilities and Controls Do Funds Need for the Derivatives Business Today? Some Suggested Guides for Fund Directors, Organized by Fund Directions
June 12, 1992 Panel Member, Annual New England Securities Conference
1984 Symposium: Current Issues in Corporate Governance, 45 Ohio State L. J. 629-63.
1997 Member, Law School Admission Council LSAC Investment Policy Over-sight Group
1990 Member, Advisory Committee Restatement of Trusts (Third), American Law Institute
Bar, Professional Association, And Editorial Boards Memberships
Massachusetts Bar Association
Israeli Bar (limited)
American Bar Association, Section of Corporate, Banking and Business Law
Committee on Federal Regulation of Securities
Member, American Bar Foundation
Life Member, American Law Institute
Faculty Fellow, Berkman Center for the Internet and Society, Harvard Law School
Member, Board of Editors Investment Lawyer (Aspen Law & Business
Member, Board of Editors, Regulation and Governance (Blackwell, Inc.)
Member, Board of Editors, Villanova Journal of Law and Investment Management
Publications
Fiduciary Law: Analysis, Definitions, Relationships, Duties, Remedies over History and Cultures, Fathom Publishing Company (2008).
"The Problems of Securitizing Sub-Prime Loans," 1 The Asian Business Lawyer 20 (2008).
"Rethinking the American Dream," online at lawdragon.com (2008).
“Court of Law and Court of Public Opinion: Symbiotic Regulation of the Corporate Management Duty of Care,” 3 NYU Journal of Law & Business 353 (2007).
Trust and Honesty in the Real World, with Mark Fagan, Fathom Publishing Company (2007).
“Are Advisers Contributing to Fund Rule Avalanche?” Ignite Magazine (April 2006).
Chapter 12 in Conflicts of Interest: Corporate Governance and Financial Markets, L. Thevenz and R. Bahar, eds., Kluwer (2006).
“Fall of the Barriers Preventing Abuse of Trust and Deception: The Hidden Changes in Legal Doctrine and Legal Interpretation,” 5 Law & Business IDC Herzelia, Radzyner School of Law 113 (2006).
“How Did We Get into This Mess?” 1 Journal of Business & Technology Law 133 (2006).
“The Mysterious Ways of Mutual Funds: Market Timing,” with Lawrence A. Cunningham, 25 Annual Review of Banking & Financial Law 235 (2006).
Securitization: Structured Financing, Financial Asset Pools, and Asset-Backed Securities, 2d edition, Fathom Publishing Company (2006).
“Using Sarbanes-Oxley Act to Reward Honest Corporations,”62 Business Lawyer 151 (2006).
“What Default Rules Teach Us About Corporations; What Understanding Corporations Teaches Us About Default Rules,” 33 Florida State University Law Review 698 (2006).
Investment Management Regulation, with Clifford E. Kirsch, 3d edition, Fathom Publishing (2005).
Review of David L. Smith, Why We Lie: The Evolutionary Roots of Deception and the Unconcious Mind, 5 Human Nature Review 45 (2005).
“The Scope and Jurisprudence of the Investment Management Regulation,” in Symposium on Hodge, 83 Washington University School of Law Review 939 (2005).
Trust and Honesty. America's Business Culture at a Crossroad, Oxford University Press (2005).
“Why the Board is Broken,” with Joseph Anton, Wall Street Lawyer 23 (Feb. 2005)
Future Developments, "A Future Development: Selling the Advisory Business,” Wall Street Lawyer (2004).
“Governing by Negotiation: The Internet Naming System,” 12 Cardozo Journal of International and Comparative Law 449 (2004).
Securitization: Supplement 2004, Aspen Law and Business (2004).
The Regulation of Money Managers: Supplement 2004, Aspen Law and Business (2004).
“The Seventh Circuit Decision in Wsol v. Fiduciary Management Associates and the Amendment to Rule 12b-1,” 11 Investment Lawyer No. 8, 11 (2004).
“Advisory Fees: Evolving Theories,” 10 The Investment Lawyer 21 (2003).
Investment Management Regulation, with Clifford E. Kirsch, 2d ed., Fathom Publishing (2003).
The Regulation of Money Managers: 2003 Supplement, Aspen Law & Business (2003).
“The Delaware Business Trust Act Failure as the New Corporate Law,” 23 Cardozo Law Review 325 (2002).
“The Law of Cross-Border Securitization: Lex Juris,” 12 Duke Journal of Comparative and International Law 475 (2002).
“The Managing Lawmaker in Cyberspace: A Power Model,” 27 Brooklyn Law Review 859 (2002).
“Regulation and Investors' Trust in the Securities Markets,” 68 Brooklyn Law Review 439 (2002).
Report to the Markle Foundation on Corporate Governance (September 2002).
Securitization: Structured Financing, Financial Assets Pools, and Asset-Backed Securities, Cumulative Supplement, Aspen Law & Business (2002).
“The Delaware Business Trust Act Failure as the New Corporate Law,” 23 Cardozo Law Review 325 (2001).
“Introduction: Symposium on Trust Relationships,” with Wendy Gordon, 81 Boston University Law Review 321 (2001).
"Non-Compete Obligations of Departing Star Partners and the Right of Clients to Their Continued Services," 2:2 Villanova Journal of Law and Investment Management (2001).
“Of Theory and Practice,” 77 Chicago-Kent Law Review 5 (2001).
The Regulation of Money Managers, Mutual Funds and Advisers, with Ann Taylor Schwing, 2d ed., Aspen Law & Business (2001).
“Trusting and Non-Trusting on the Internet,” 81 Boston University Law Review 457 (2001).
“Accountants' Independence; The Recent Dilemma,” 2000 Columbia Business Law Review 261 (2000).
“The Different Design of Corporate Governance under State Law and Federal Law and the Aftermath of the Strougo Case,” 7 Investment Lawyer 3 (2000).
The Regulation of Money Managers: 2000 Supplement, New York: Aspen Law & Business.
“Securitization (Asset-Backed Securities and Structured Financing),” in Financial Product Fundamentals Law Business Compliance, Clifford E. Kirsch, ed. (2000).
Securitization: Supplement 2000, Aspen Law & Business (2000).
“Securitizing Insurance Risks,” with Joseph W. LaPlume, 19 Annual Review of Banking Law 203 (2000).
"Cross-Border Securitization: Without Law, But Not Lawless," 31 Securities Law Review 651.
"Securitization: The Conflict Between Personal and Market Law (Contract and Property)," 18 Annual Review of Banking Law 197.
"The Internet, Securities Regulation, and Theory of Law, Symposium on the Internet and Legal Theory," 73 Chicago-Kent Law Review 1319.
"Trends in the Regulation of Investment Companies and Investment Advisers," 1 Villanova Journal of Law and Investment Management 3.
"Trusting and Non-Trusting: Comparing Benefits, Cost and Risk," B.U.S.L. Working Paper 99-12 (October 13, 1999).
"Cross-Border Securitization: Without Law, But Not Lawless," 8 Duke Journal of Comparative and International Law 255.
"Fiduciary Duties," in The New Palgrave Dictionary of Economics and the Law (Peter Newman, ed.) 1998, v. 2 at 127.
Investment Management Regulation, with Clifford E. Kirsch, Carolina Academic Press, 1998.
Issues Concerning Soft Dollars, ALI-ABA Course Materials in ALI-ABA Advanced Course on Pension Funds, Washington, D.C.
Securitization: 1998 Supplement, Boston: Little, Brown and Company.
The Regulation of Money Managers: 1998 Supplement, Boston: Little, Brown and Company.
"Trust and Contract in the U.S. and Japan" with Norio Higuchi, 115 Hogaku Kyokai Zassi: Journal of the Jurisprudence Association, 2.
"Knowledge Transfer: Consulting and Teaching in China," in Legislative Drafting for Market Reform: Some Lessons from China. Ann Seidman and Robert B. Seidman, ed. London: MacMillian.
"Securitization of Loans: Asset-Backed Securities and Structured Financing," in The Financial Services Revolution, Understanding the Changing Roles of Banks, Mutual Funds and Insurance Companies 447. Clifford E. Kirsche, ed. New York: McGraw-Hill.
"Should Funds and Investment Advisers Establish a Self-Regulatory Organization?" in The Financial Services Revolution, Understanding the Changing Roles of Banks, Mutual Funds and Insurance Companies. Clifford E. Kirsche, ed. New York: McGraw-Hill.
The 1996 Amendments of the Advisers Act, Proposed Implementing Rules, ALI-ABA Course Materials in ALI-ABA Advanced Course on Investment Advisors, Washington, D.C.
"Comments, Lessons From the Past: Revenge Yesterday and Today," 76 Boston University Law Review 89.
Securitization; 1996 Supplement, Boston: Little, Brown and Company.
"Securitization of Loans: Asset-Backed Securities and Structured Financing," in The Financial Services Revolution, Understanding the Changing Roles of Banks, Mutual Funds and Insurance Companies 215.
The Regulation of Money Managers: 1996 Supplement, Boston: Little, Brown and Company.
"Knowledge Transfer: Suggestions for Developing Countries on the Receiving End," 13 Boston University International Law Journal 141.
"Fiduciary Duties as Default Rules," 74 Oregon Law Review 1209.
"Symposium: A Recipe for Effecting Institutional Changes to achieve Privatization," 13 Boston University International Law Journal 295.
"Bank Powers to Sell Annuities," 49 Business Lawyer 1691.
"Enforcing Coasian Bribes for Non-Price Benefits: A New Role for Restitution," with W. Gordon, 67 Southern California Law Review 1519, reprinted in Restitution 347, Lionel D. Smith, Ed., Ashgate Publishing, U.K. (2001).
"Presumptions and Burdens of Proof as Tools for Legal Stability and Change," 17 Harvard Journal of Law and Public Policy 759.
Securitization; 1994 Supplement, Boston: Little, Brown and Company.
"The Pros and Cons of a Self-Regulatory Organization for Advisers and Mutual Funds," 1 The Investment Lawyer 6 (September).
The Regulation of Money Managers: 1994 Supplement, Boston: Little, Brown and Company.
"Fiduciary Law in the United States," paper presented at the Second International Symposium on Trusts, Equity and Fiduciaries, Victoria, British Columbia, Canada, January 1993.
"Fiduciary Law: The Judicial Process and the Duty of Care," paper presented at the 1993 Isaac Pitblado Lectures University of Manitoba Law School, 1993.
Securitization; 1993 Supplement, Boston: Little, Brown and Company.
"Securitization: Its Effect on Bank Structure," in Klausner, M. and White L. (eds.), Structural Changes in Banking.
Testimony before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs. U.S. House of Representatives. February 16, 1993.
"The Legal Infrastructure of Markets: The Role of Contract and Property Law," 73 Boston University Law Review 389.
The Regulation of Money Managers: 1993 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
Panel Member, Annual New England Securities Conference.
Securitization: 1992 Supplement, with M. Utset, Little, Brown and Company.
The Regulation of Money Managers: 1992 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
Securitization, Vols. I and II. Boston: Little, Brown and Company.
The Regulation of Money Managers: 1991 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
1990
"The Investment Company Act as a Defense Strategy in Takeovers," 1 Journal of Mergers and Acquisitions Analysis 103.
The Regulation of Money Managers: 1990 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
The Regulation of Money Managers: 1989 Supplement, Boston: Little, Brown and Company.
"What Can Be Done About Stock Market Volatility?," 69 Boston University Law Review 991.
Book Review, "International Cyclopedia of Comparative Law," 34 American Journal of Comparative Law 158.
The Regulation of Money Managers: 1988 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
"The Dual State-Federal Regulation of Financial Institutions - A policy proposal," 53 Brooklyn Law Review 53.
"The Inapplicability of Market Theory to Adaptions," with Frances Miller, 67 Boston University Law Review 99.
The Regulation of Money Managers: 1987 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
"Corporate Directors Duty of Care: The American Law Institute Project on Corporate Governance," 52 George Washington Law Review 80l.
The Regulation of Money Managers: 1985 Supplement, with J. Deland and J. Mazer, Little, Brown and Company.
"Bank Loan Participations under the Securities Acts; The Implications of SIA v. Board of Governors," (Becker) 16th Annual Institute of Securities Regulation.
"Loan Participations and the Becker case," 16th Annual Institute of Securities Regulation.
Panel Member, Symposium: "Current Issues in Corporate Governance," 45 Ohio State Law Journal 629.
"Social Investing" ch. 8 (Dan McGill, ed.) Pension Research Council, Wharton School, University of Pennsylvania.
The Regulation of Money Managers: 1984 Supplement, Boston: Little, Brown and Company.
"Fiduciary Law," 71 California Law Review 795.
"The Power Struggle Between Shareholders and Directors: The Demand Requirement in Derivative Suits," with Wayne M. Barsky, 12 Hofstra Law Review 39.
Asset Management Inc., CCH (Current) 98, 386 at 92, 342 (S.D.N.Y.).
"Implied Rights of Action," 67 Virginia Law Review 553.
"Investment Company Advertising," 14 Review of Securities Regulation 957.
"Money Market Funds," 14 Review of Securities Regulations 913.
The Regulation of Money Managers, Boston: Little, Brown and Company -- (four volume treatise).
"Insider Transactions Under the 1940 Act," 11 Review of Securities Regulation 827.
"Distribution of Mutual Fund Shares," 10 Review of Securities Regulation 860.
"Variable Life Insurance," 4 Securities Regulation Law Journal 156.
"Regulations of Variable Life Insurance," 48 Notre Dame Lawyer 1017.
"Variable Annuities, Variable Insurance and Separate Accounts," 51 Boston University Law Review 173.
"The Governor's Private Eyes," 49 Boston University Law Review 627.
"The Maloney Act Experiment," 6 Boston College Industrial and Commercial Law Review 187.