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Advanced Swaps & Other Derivatives 2019


Speaker(s): Barry Taylor-Brill, Carol McGee, Curtis A. Doty, David Meister, Debra W. Cook, Don J. Macbean, Don Thompson, Douglas E. Harris, Gabriel D. Rosenberg, Gary Barnett, Geoffrey B. Goldman, John S. Servidio, Joseph Zangri, Joshua Beale, Joshua D. Cohn, Kathryn M. Trkla, Kenneth M. Raisler, Lauren E. Bennett, Locke R. McMurray, Mark H. Leeds, Matthew A. Stevens, Matthew K. Kerfoot, Megan O’Flynn, Michael S. Sackheim, Michael W. Ehrstein, Pamela M. Geraghty, Peter Y. Malyshev, Philip W. Raimondi, R. Penfield Starke, Randall W. Roy, Rita M. Molesworth, Sudhir Jain, W. Graham Harper, Wenchi Hu
Recorded on: Oct. 22, 2019
PLI Program #: 247710

David Meister heads Skadden’s Government Enforcement and White Collar Crime Group in New York. Having served twice in federal law enforcement — most recently as Enforcement Director of the U.S. Commodity Futures Trading Commission (CFTC) and previously as an assistant United States attorney in the Southern District of New York — Mr. Meister has more than 25 years of experience litigating enforcement and white collar crime matters from both the prosecution and the defense perspectives. He represents financial institutions and other corporations and their boards, and individuals, in matters involving the full range of federal, state and international criminal and enforcement agencies. He has conducted numer­ous jury trials and has led internal investigations throughout his career.

Mr. Meister rejoined Skadden in 2014 after serving for nearly three years as Director of the CFTC’s Enforcement Division, where he was responsible for the overall direction of the program. Under Mr. Meister’s leadership, the CFTC conducted hundreds of investigations involving physical commodities, futures, swaps and other derivatives, and brought record numbers of enforcement actions with record sanctions. For instance, he led the CFTC’s investigation and prosecution of the first-ever Dodd-Frank Act charges; cases involving worldwide LIBOR and other benchmark manipulation; commodities market fraud and manipulation; supervision failures; unlawful trading practices; misuses of customer funds; deficient accounting and auditing; and Ponzi schemes. He also led key Dodd-Frank rule­makings, such as the prohibition against a wide range of manipulative and deceptive conduct and the whistleblower rule.

As Director, Mr. Meister worked closely with top leadership at the SEC, the DOJ and numer­ous U.S. attorneys’ offices, the Federal Energy Regulatory Commission, and other federal and state agencies and self-regulatory organizations across the country, as well as the U.K. Financial Conduct Authority and financial market regulators in Europe, Asia and Australia. He served as co-chair of the Securities and Commodities Fraud Working Group of the Finan­cial Fraud Enforcement Task Force, which President Obama established in 2009. Mr. Meister also was a key liaison with congressional oversight committees.

Prior to his CFTC appointment, Mr. Meister was a partner at Skadden, where he handled a broad array of high-profile white collar matters involving the securities and derivatives markets, complex accounting, insider trading, disclosures, the Foreign Corrupt Practices Act, tax laws and a variety of other subjects. For instance, he acted for clients in cases concern­ing the financial crisis, auction rate securities, mutual fund market timing, collateralized debt obligations, subprime mortgages and credit default swaps. Mr. Meister has extensive cross-border investigative experience and has counseled clients in the U.K., Europe and Asia concerning the impact of U.S. laws abroad. He also has routinely handled complex private litigation in parallel to white collar matters.

Mr. Meister previously served as an assistant U.S. attorney in the U.S. Attorney’s Office for the Southern District of New York, prosecuting a wide variety of cases as a member of that office’s Securities and Commodities Fraud Task Force and representing the government in numerous trials and appeals.

Education

J.D., Columbia University School of Law, 1987 (Harlan Fiske Stone Scholar)

BChE, University of Delaware, 1984 (cum laude)

Bar Admissions

New York

Publications

“The Territorial Barrier to Commodity Exchange Acts Suits,” The National Law Journal, November 13, 2014

“Rule 180.1: The CFTC Targets Fraud and Manipulation,” New York Law Journal, April 7, 2014


PRACTICE

Rita M. Molesworth is a partner in the Corporate & Financial Services Department and a member of the firm’s Asset Management, Regulatory and Capital Markets Practice Groups. She is Co-Chair of the firm’s Financial Institutions/Regulatory Practice Group. Ms. Molesworth is active in advising clients on the implementation of the Dodd Frank Act and has substantial experience with the Commodity Exchange Act and U.S. securities laws applicable to hedge funds.

Ms. Molesworth advises commodity pool operators, commodity trading advisors, investment advisers, hedge fund managers, futures commission merchants and other businesses on futures and other derivatives and general corporate and securities law matters.

Ms. Molesworth is active in assisting clients in U.S. and non-U.S. offerings of public and private commodity pools and hedge funds employing standalone and master-feeder structures. She also assists clients with derivatives (Commodity Exchange Act) and securities regulatory compliance. She also advises clients on CFTC and NFA requirements with respect to privacy and cybersecurity.

Chambers USA (2018) ranks Ms. Molesworth among the leading individuals practicing in the area of Investment Funds: Hedge Funds in the United States. Her deep experience has also been recognized by Expert Guides (2015) and The International Who's Who of Private Funds Lawyers, where she has been named as being among the world’s leading lawyers for private funds. Ms. Molesworth is recognized in The Best Lawyers in America for hedge funds law.

SELECTED PROFESSIONAL AND BUSINESS ACTIVITIES

Ms. Molesworth serves as Chair of the ABA's Derivatives and Futures Law Committee. She is a member of the New York City Bar's Committee on Futures and Derivatives Regulation and served as its Chair from 2003 to 2006 and its Secretary from 1997 to 2003. Ms. Molesworth is a past member of the New York City Bar’s Private Investment Funds and Energy Committees. Ms. Molesworth has served on the Executive Committee of the Law & Compliance Division of the Futures Industry Association, is a member of the Board of Editors of the Futures and Derivatives Law Report and a member of the Managed Funds Association’s CTA/CPO Forum and its Outside Counsel Forum. She publishes articles and is a regular speaker on educational panels with respect to derivatives and investment management issues. Ms. Molesworth is also a lecturer at Columbia Law School, where she teaches Derivatives Law and Regulation.

PRIOR EXPERIENCE

Ms. Molesworth has significant prior experience in the futures industry having worked at the National Futures Association as well as with energy trading companies on the trading floor of the New York Mercantile Exchange.

BAR ADMISSIONS

Ms. Molesworth is admitted to the Bar of the State of New York and was a member of the New Jersey Bar from 1995 to 2016.

EDUCATION

Ms. Molesworth received a JD from Seton Hall University in 1995, and a bachelor’s degree in accounting from the University of Massachusetts in 1984.

SELECTED SIGNIFICANT MATTERS

  • Advised a major hedge fund manager on the redomiciliation of its suite of funds from one jurisdiction to another.
  • Ongoing representation of commodity pool operator and commodity pools offered by a large financial services institution.
  • Assist numerous clients in classifying whether the instruments they trade are swaps subject to regulation by the CFTC or security-based swaps subject to regulation by the SEC.
  • Assist numerous commodity pool operators and commodity trading advisors in determining whether they will have to register with the CFTC as a result of the rescission by the CFTC of a widely used registration exemption.
  • Assist numerous hedge fund managers with registration with both the SEC and the CFTC and provide assistance with all aspects of ongoing compliance and reporting (Forms PF, CPO-PQR, etc.).


Barry Taylor-Brill is Senior Vice President & Assistant General Counsel at Wells Fargo & Company where his legal team covers derivatives and foreign exchange products across asset classes, including fixed income, currency, credit, equity, municipal and commodity derivatives and physicals. He was Senior Vice President and Deputy General Counsel at Wachovia Corporation prior to its merger with Wells Fargo, and was derivatives counsel with First Chicago Corporation from 1983 until 1995. Mr. Taylor-Brill has been a member of the documentation committee of the International Swaps & Derivatives Association since its inception in 1984 and helped draft the ISDA Master Agreements (and related Credit Support Annexes).

Mr. Taylor-Brill holds an A.B. degree, summa cum laude, from the University of Illinois and a J.D. from Northwestern Pritzker School of Law. He was a faculty speaker for the Practising Law Institute’s swaps program from 1985-2000, and has authored several articles on derivatives.


Carol McGee is the head of the Office of Derivatives Policy in the SEC’s Division of Trading and Markets.  In that role she directs rulewriting and other implementation projects relating to Title VII of the Dodd-Frank Act and the regulation of security-based swaps under U.S. law.  She also provides interpretive advice on the regulatory treatment of novel derivative products under the Exchange Act, and administers the new product provisions contained in the Dodd-Frank Act.  In addition, Ms. McGee is a part of the cross-divisional and interagency teams responsible for the Volcker Rule. 

She was previously a Partner at Alston & Bird LLP and the co-leader of its securities practice group.  Ms. McGee also served as Deputy Chief Counsel in the SEC’s Division of Corporation Finance.  Ms. McGee holds a J.D. from the University of Virginia, an M.Phil from the University of St. Andrews and a B.A., magna cum laude, from Wellesley College.


Debra W. Cook is Managing Director and Deputy General Counsel of The Depository Trust & Clearing Corporation (DTCC). Her primary areas of responsibility include supporting the services of the OTC derivatives businesses globally.

Debra joined DTCC in 2005 upon the establishment of its Tampa office. Prior to that, she served as Counsel at Citigroup, starting at Solomon Inc, where she advised over-the-counter derivatives and foreign exchange trading businesses. Prior to working at Citigroup, Debra was an attorney for the Federal Reserve Bank of New York.

Debra received a B.A. from the College of William and Mary and her J.D. from the Washington College of Law at American University.


Don Thompson is generally recognized as a leading expert on derivatives documentation and regulatory issues. He has been active in the documentation projects of the International Swaps and Derivatives Association (ISDA) since its formation, and was heavily involved in industry advocacy efforts concerning Title VII of the Dodd-Frank financial reform law as well as its implementation at JPMorgan Chase & Co. Until his retirement in 2016, Don served as Managing Director and Associate General Counsel at JPMorgan.  Since 1985, he has represented JPMorgan in its full range of derivatives activities, with a focus on regulatory, documentation and litigation matters.  At various points in his 30 plus year career at JPMorgan, Mr. Thompson has:

Served as Co-Head of the Derivatives and Regulatory Reform Practice Groups in the Legal Department of JPMorgan's Investment Bank

Served as Co-Chair of the ISDA Documentation Committee and worked on many ISDA documentation standardization efforts, including the 1992 and 2002 versions of the ISDA Master Agreement and various iterations of the ISDA Credit Derivatives Definitions

Been a frequent speaker at industry conferences and events relating to derivatives issues, including those sponsored by ISDA, SIFMA and the Practicing Law Institute

Testified before U.S. Congressional Committees on Dodd-Frank and derivatives issues, including hearings before the House Agriculture Committee, the House Committee on Financial Services and the Senate Banking Committee

Served as Co-Chair of JPMorgan's North American Reputation Risk Committee, which reviews sensitive Investment Bank transactions

Been deposed as an expert witness in a number of litigations involving derivatives closeouts of major counterparties

Served on the Board of Directors and the Executive Committee of the Board of the National Futures Association (NFA) and on the Swap Dealer Advisory Committee to the NFA

Mr. Thompson graduated from The State University of New York at Stony Brook in 1978 with a BA (double major in Economics and Political Science) and in 1981 with a JD from Harvard Law School.  He is admitted to practice law in the State of New York.


Douglas E. Harris is a Managing Director at Promontory Financial Group where he advises clients on regulatory matters involving risk management, compliance, investment products, derivatives, and capital markets. He also counsels financial services companies on general corporate governance, internal controls, and strategic advisory matters. He has considerable experience with the regulatory and compliance issues associated with trading, clearing, and capital markets activities, having served as senior deputy comptroller for capital markets at the Office of the Comptroller of the Currency, and as general counsel of a futures commission merchant and a designated-contract-market and derivatives clearing organization.

Immediately prior to joining Promontory, Doug was the general counsel and chief operating officer of BrokerTec Futures Exchange and BrokerTec Clearing Co. He has also served as senior deputy comptroller for capital markets at the Office of the Comptroller of the Currency, where he was responsible for the regulation and supervision of national bank capital markets activities, including trading, dealing, and investing in derivatives and emerging markets instruments, as well as the development of risk management policies and guidelines. Doug was the principal draftsperson of OCC Banking Circular 277, “Risk Management of Financial Derivatives,” the first bank regulatory guidance on managing the risks associated with derivatives, capital markets, and trading activities. He also served on the inter-agency task force on bank-related derivatives activities and as senior staff member of the president’s working group on financial markets. Prior to his time at the OCC, Doug served as assistant general counsel of JPMorgan and general counsel of JPMorgan Futures Inc. 

Doug is also a public director of the National Futures Association, the self-regulatory organization of the U.S. derivatives industry, where he serves on the Executive Committee, the Audit Committee and the Compliance & Risk Committee.

Doug received his A.B. (with honors) from Harvard College and his J.D. from Harvard Law School.


Gabriel D. Rosenberg is a partner in Davis Polk’s Financial Institutions Group and a member of the firm’s Regulatory Enforcement and Investigations and Trading and Markets practices. He advises financial institutions, corporations and industry groups on all aspects of financial regulatory issues, ranging from the impact of financial regulatory reform on business strategy to implementation challenges to enforcement and supervision.

Mr. Rosenberg advises on subjects including derivatives regulation, the Volcker Rule, capital and liquidity requirements and resolution planning. His practice also involves the use of technology to help market participants understand and comply with regulatory obligations and the impact of financial regulatory reform.

In addition to his full-time practice, Mr. Rosenberg is a frequent writer, commentator and lecturer on financial regulatory reform issues.  He is co-editor of the first comprehensive treatise on the new swap regulatory regime and has held academic appointments at Yale Law School, the Haas School of Business at U.C. Berkeley and the Yale School of Management.


Gary Barnett is the founder and CEO of Digital Capital Markets, LLC, an SEC registered broker-dealer and FINRA member.

Mr. Barnett is a former Deputy Director in the Division of Trading and Markets at the U.S. Securities and Exchange Commission, where he was responsible for (i) broker-dealer oversight, including capital, margin and segregation rules, governance and risk management; (ii) derivatives policy; (iii) certain trading practices; and (iv) Volcker.

Prior to joining the SEC, Mr. Barnett was the Commodity Futures Trading Commission’s Director of the Division of Swap Dealer and Intermediary Oversight. There he established the swap dealer registration and compliance programs, led the responses to the FCM and RFED crises following MF Global, including the reorientation of the exam program and the creation and adoption of the FCM customer protection rules, and formed DSIO’s CPO/CTA team and led many of its key initiatives.

Before joining the CFTC in 2011, he was a partner and head of the U.S. Derivatives and Structured Finance Practice Group at Linklaters LLP. Prior to Linklaters, he was a partner and co-head of the Securitization and Derivatives Practice at Shearman & Sterling LLP.

Mr. Barnett was an adjunct professor of law and taught Derivatives Regulation at Cornell Law School from 2012 through 2015, chaired PLI’s annual conference on New Developments in Securitization from 1995 through 2010, is co-Chair of the PLI annual conferences on fundamental and advanced swaps and other derivatives, and is a member of the New York, California and Oklahoma bars. 

 


Geoffrey B. Goldman is a partner in the New York office of Shearman & Sterling LLP.  Mr. Goldman’s practice focuses on derivatives, structured products and financial regulation.  He has extensive experience with structuring and documenting over-the-counter derivatives transactions, particularly credit and equity derivatives.  He has represented clearinghouses, trading facilities, repositories and other infrastructure providers for derivatives transactions and has advised industry groups in developing industry-standard documentation for derivative products.  He regularly provides advice with respect to commodities, securities and other regulatory issues related to derivatives and other financial products.

Mr. Goldman also has broad experience representing issuers and underwriters of synthetic and cash-flow collateralized debt obligation transactions.  He has advised clients on structuring public and private commodity pools.  Clients include major U.S. and foreign financial institutions, clearing organizations and trading facilities, derivatives infrastructure providers, corporate users of derivatives, hedge funds and industry groups.

Education

Columbia Law School, J.D., 1996
Stanford University, A.B., 1993

Bar Admissions/Qualifications

New York


Graham Harper is a partner at Delta Strategy Group, a regulatory consulting and advocacy firm based in Washington, DC, that focuses primarily on the CFTC, SEC, and Congress.  The firm represents a variety of financial services clients, including exchanges, energy and agribusiness companies, trade groups, financial services firms, investment funds, and Fortune 500 companies in connection with key regulatory reforms and financial legislation. As a partner, Graham works with senior management, legal, and business personnel within client firms to identify regulatory issues, advises on the creation a strategic approach to resolve issues, and advocates on behalf of clients to regulators and Members of Congress.

Prior to joining Delta Strategy Group, Graham worked in the CFTC Chairman’s office responsible for the agency’s interactions with Congress and other financial regulatory agencies, including updates to international regulators about the status of regulatory reform efforts in the US, and served on an internal CFTC task force to review market events associated with the financial crisis.  Having previously served on the staffs of both the Senate Agriculture and Appropriations Committees on derivatives policy issues, Graham was detailed back to the Senate to work on the Congressional response to the 2008 financial crisis, which was ultimately enacted as the “Dodd-Frank Act.”  Graham joined Delta Strategy Group in November of 2009.


John Servidio is a partner in Goodwin’s Real Estate Industry group and a member of its Capital Markets practice. Mr. Servidio represents banks, investment funds and issuers in structuring corporate derivative, equity and equity-linked capital market transactions. He assists clients with hedging structures involving equity, interest rate, foreign currency, energy and commodity derivatives. He also advises dealers, asset managers and corporate clients on resolving issues related to the Dodd-Frank Act, as well as Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) rules and regulations. In addition to transactions involving traditional securities and derivatives, Mr. Servidio advises clients on structuring investments in digital asset (cryptocurrency), distributed ledger (blockchain) and other financial technologies. 

Prior to joining Goodwin in 2018, Mr. Servidio was a partner at Winston & Strawn. His previous industry experience includes serving as assistant general counsel at a major bank and as an attorney in the legal department of another large investment banking firm. Before law school, Mr. Servidio was an analyst in the real estate group at a large commercial bank. He is a frequent author and speaker on swaps, derivatives and regulatory challenges facing banks and other financial institutions.


Joseph Zangri is the Managing Director for NFA's Over-the-Counter Swap Dealer (SD) Examinations Department. He oversees the development and execution of NFA's regulatory compliance programs for SD Members including examinations, investigations, and the coordination of registration and membership activities. He also participates with NFA leadership in setting the organization's strategic direction and acts as the Department's lead on regulatory compliance matters and as a key liaison with external constituencies.

Joseph has over 20 years of experience in the derivatives industry. Prior to his current role at NFA, Joseph spent 17 years as CCO of Bloomberg LP where he was responsible for the creation and compliance oversight of the Bloomberg Swap Execution Facility and Bloomberg Swap Data Repository. Joseph was also an enforcement attorney at the Securities and Exchange Commission and a criminal prosecutor of white collar crime at the Suffolk County District Attorney's office.

Joseph earned his Law Degree at Fordham University Law School and his Bachelor of Science in Business Administration at the State University of New York at Albany.


Josh Beale is an Associate Director in the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission.  Josh’s primary responsibilities include capital, margin, segregation, and financial reporting requirements for futures commission merchants, swap dealers, major swap participants, and introducing brokers.

Josh joined the Commission in 2012 and has worked on several intermediary and self-regulatory organization compliance matters, including the proposed swap dealer and major swap participant capital and financial reporting rule.  Josh spent several years in public and internal accounting prior to joining the Commission.


Josh Cohn provides derivatives dispute advisory and expert witness services.

Josh retired in 2016 as Partner and head of Mayer Brown’s US Derivatives & Structured Products practice and co-leader of the global Derivatives & Structured Products practice.  He concentrated his practice on derivatives, having extensive experience as US counsel to the International Swaps and Derivatives Association (ISDA), and representing dealers and end-users in a wide range of transactions.

Josh’s positions in years prior included, Partner, Allen & Overy, Derivatives Counsel, Cravath, Swaine & Moore and Senior Vice President and General Counsel, DKB Financial Products, Inc.

Josh has been listed for derivatives law in The Best Lawyers in America, IFLR 1000 and The Legal 500.  Josh has been ranked band 1 in Chambers USA since 2008, having been characterized in  the years since as “a derivatives oracle,” “ luminary” and “doubtless one of the best derivatives lawyers in the world.”

Josh is on the P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance.


Kathryn M. Trkla is a partner at Foley & Lardner LLP. She works on a variety of matters for futures commission merchants and securities brokerage firms, institutional investors, professional trading firms, commercial hedgers, domestic and foreign exchanges, clearing houses, and other clients. Ms. Trkla has close to 35 years’ experience in the derivatives and securities industries, including 11 years with the Chicago Board of Trade (CBOT) where she was senior vice president and associate general counsel before joining Foley in 2000. She is a member of the firm’s Securities, Commodities & Exchange Regulation Practice within the Securities Enforcement & Litigation Practice, and the firm’s Blockchain Task Force and Business Law Department.

Ms. Trkla’s experience ranges from representing clients on matters before the Commodity Futures Trading Commission, Securities and Exchange Commission and self-regulatory organizations; analyzing regulatory proposals; counseling clients on the implications of legislative and rule changes; and providing general regulatory counsel. Her deep experience and background qualify her to provide a broad and unique perspective on the issues and regulations facing the financial markets and market participants.

Ms. Trkla is a Vice Chair of the ABA Derivatives & Futures Law Committee, Co-Chair of the ABA Part 190 Subcommittee (which developed and submitted to the CFTC comprehensive proposed amendments to the CFTC Part 190 Commodity Broker Bankruptcy Rules), and Chair of the ABA Innovative Digitized Products and Processes Subcommittee. She is a recent past member of the FIA Law & Compliance Division Executive Committee. She has written on diverse matters ranging from regulation of derivatives markets and derivatives clearing, to commodity broker bankruptcies. She is a frequent speaker on those topics on continuing legal education panels at PLI, ABA and FIA events.

Ms. Trkla received her J.D. from Northwestern University School of Law and her B.A. from the University of Chicago. 


Kenneth Raisler is head of Sullivan & Cromwell’s Commodities, Futures and Derivatives Group. The Group is responsible for a full range of regulatory, transactional and litigation advice in the commodities, securities and banking areas to its brokerage, investment banking, banking and commercial clients.

Mr. Raisler was an assistant U.S. attorney for the District of Columbia from 1977 to 1982 in the Criminal and Civil Divisions. He then joined the Commodity Futures Trading Commission as deputy general counsel and was the general counsel of the Commission from 1983 to 1987. Mr. Raisler is the past chairman of the ABA Derivatives and Futures Law Committee from 2015-2017. Mr. Raisler was the chairman of the New York City Bar Committee on Futures Regulation from 1988 to 1991. He was a member of the Working Group of The Group of Thirty Derivatives Project. Since 1992, he has been a member of the board of directors of the Futures Industry Association. He also served as a member of the board of directors of the Managed Funds Association. Mr. Raisler is a member of the board of trustees of NYU School of Law and chair of the board’s Development Committee.

Education

1976, New York University School of Law, J.D.

1973, Yale University, B.S.


Locke McMurray’s practice focuses on derivatives, securitization and other financial products and spans the full spectrum of transactional, regulatory and dispute resolution matters.  He is a founding member of Jones Day’s LIBOR transition task force and also currently advises numerous clients on the “qualified financial contract” (QFC) regulations and protocol. 

Locke regularly counsels clients, including foreign and domestic financial institutions, financial market utilities (FMUs) and corporate clients, on ISDA and other documentation for swaps and other financial products, credit facility hedging and regulation of swaps, security-based swaps, futures and “commodity pools” under Dodd-Frank and the Commodity Exchange Act.  He also advises clients on the regulatory and commercial law status of blockchain “tokens” and participated in a foundational study of public key infrastructure in the early 1990s. 

Locke additionally analyzes financial transactions from a litigation perspective, particularly in relation to derivatives termination and valuation questions, the Uniform Commercial Code, fraudulent conveyances and the rights and obligations of various securitization deal participants, including investors, collateral managers, trustees and swap counterparties.  He has vast experience in rendering legal opinions on a variety of bankruptcy, derivatives and secured transaction matters. 

Prior to Jones Day, Locke spent more than 15 years as in-house counsel at a variety of banks, where he held such roles as global head of legal for rates trading, fixed income and equity derivatives and securitization and head of derivatives legal at the Lehman Brothers Chapter 11 estates.


Matthew Stevens, a principal in the Capital Market group within International Tax Services at Ernst & Young LLP, handles planning and controversy matters regarding the U.S. federal income tax consequences of transactions, specializing in the design, structuring and implementation of domestic and international financial transactions.  He advises hedge funds, private equity funds, high net worth individuals (both U.S. and non-U.S.), insurance companies, and foreign and domestic multinational corporations.

Matthew serves as chair of the annual Practicing Law Institute program “Taxation of Financial Products and Transactions.”  He has served as chair of the Financial Transactions Committee of the Tax Section of the District of Columbia Bar, and as the chair of the Financial Transactions Committee of the Tax Section of the American Bar Association.  He has co-taught the Georgetown University Law Center class entitled “United States Taxation of International Income – II.”  He has published a number of articles dealing with international aspects of U.S. income tax and with the taxation of financial products and transactions.  Matthew is listed in Chambers USA:  America’s Leading Lawyers for Business.   From 2002 to 2004, Matthew served as special counsel to the Chief Counsel for the Internal Revenue Service. There, he advised the Chief Counsel regarding published guidance on a wide range of tax issues involving financial products and cross border transactions.

Education

Harvard University
(J.D., 1990)

University of Kansas
(B.A., 1987)


Megan R. O’Flynn is Assistant General Counsel at the International Swaps and Derivatives Association, Inc. (ISDA) where she works on derivatives-related documentation and legal projects. She is currently involved in ISDA’s legal technology initiatives including the ISDA Clause Library Project and the new ISDA Create Negotiation Platform. Ms. O’Flynn also covers ISDA’s Sanctions Committee, FX Operations Working Group and the WGMR Legal & Documentation Workstream related to Initial Margin, as well as Latin American legal opinions. Before joining ISDA, Ms. O’Flynn was an associate at Sullivan & Cromwell in New York, where she worked in the financial institutions and commodities, futures and derivatives groups.

Prior to entering the legal profession, she was a senior associate at Ernst & Young-Parthenon strategy consultancy in Boston, Massachusetts.

Ms. O’Flynn holds an A.B. from Duke University, a J.D. from Northwestern University Pritzker School of Law, and is a member of the New York Bar.

 


Mr. Roy, an attorney, joined the Commission in February 1999 and has spent his entire tenure in the Office of Financial Responsibility within the Division of Trading and Markets.  This office is responsible for administering the broker-dealer financial responsibility rules, including the net capital rule, customer protection rule, books and records rules, and financial reporting rule.  The office also is responsible for administering the capital, margin, segregation, recordkeeping, and reporting rules for security-based swap dealers under Title VII of the Dodd-Frank Act.  Other office responsibilities include reviewing the broker-dealer customer margin rules of the self-regulatory organizations and administering the Commission’s oversight of the Securities Investor Protection Corporation (SIPC).

Mr. Roy received a Bachelor of Arts degree from Middlebury College and a Juris Doctor degree from Catholic University.


Peter Malyshev focuses his practice on regulatory, compliance and transactional matters relating to commodities, derivatives, and securities products regulated by the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC).

For over 20 years, Peter has assisted clients in the United States and overseas on numerous transactions involving over-the-counter and exchange-traded derivatives products in almost every asset class and market, such as: banking, financial institutions and insurance; agriculture, energy, mining, and emissions; transportation and infrastructure; interest rates and credit default swaps; foreign exchange, crypto currencies, and precious metals; and securities.

Since 2008, Peter has been actively involved in assisting market participants in drafting and commenting on the proposed derivatives legislation in U.S. Congress – this legislation subsequently became the Dodd-Frank Act of 2010. After the passage of the Dodd-Frank Act, Peter has continued assisting clients with advocacy and compliance relating to the CFTC and the SEC rule-makings. As part of this effort, he also engages with the National Futures Association (NFA), the Financial Industry National Regulatory Association (FINRA), and other self-regulatory organizations’ (SROs) implementation efforts under the Dodd-Frank Act and the CFTC and SEC regulations thereunder.

Peter assists various U.S. and non-U.S. derivatives markets participants with formulating their risk management and regulatory compliance efforts under the Dodd Frank Act, and CFTC’s and SEC’s regulations as well as cross-border application of U.S. regulations. These market participants include entities that require assistance with structuring risk management and hedging transactions, registering with the CFTC or the NFA in the appropriate category, or seeking an exemption from such registration. For example, these entities include commodity pool operators (CTOs) and commodity trading advisors (CTAs); futures commission merchants (FCMs); introducing brokers (IBs); swap dealers (SDs); major swap participants (MSPs),; foreign boards of trade (FBOTs); swap execution facilities (SEFs); non-U.S. intermediaries; commercial end users; and various derivatives or commodities traders. Assisting with compliance under SROs’ rules, such as U.S. and non-U.S. exchanges and trading facilities, is also a large part of Peter’s practice.

Peter is a frequent speaker at industry conferences, such as the Futures Industry Association (FIA), the ABA, the Practising Law Institute, the International Swaps and Derivatives Association (ISDA), and others. He has written numerous articles on derivatives and commodities topics. He is also is an adjunct professor at George Washington Law School and Georgetown University Law Center in Washington, D.C., where he teaches classes on commodities and derivatives regulation.

Honors and Awards

  • Recognized by Chambers USA for Capital Markets: Derivatives, 2016, 2017, 2018
  • Selected through peer review for inclusion in The Best Lawyers in America© for Derivatives and Futures Law, 2020

     


Philip W. Raimondi is currently serving as Special Counsel in the Chief Counsel’s Office of the CFTC’s Division of Market Oversight, which advises the Division on critical legal and policy matters and international coordination efforts.  In this role, Philip is primarily responsible for providing legal interpretations regarding new and existing product areas, including virtual currency, stable coins, smart contracts, prediction markets, and blockchain applications generally.  Philip also serves as a Division liaison for LabCFTC, a central component of the CFTC’s fintech initiatives. 

Prior to joining the CFTC, Philip served as a Vice President of an international bank, providing a wide range of regulatory guidance to an active global trading floor.  Philip also previously worked in private practice at a Manhattan law firm, representing clients engaged in government and regulatory investigations, white collar prosecutions, commercial litigation, and those seeking general regulatory and transactional legal advice in the financial services industry.  Before law school, Philip worked for a large futures brokerage firm and clerked on the NYMEX trading floors. 

Philip is a graduate of Pace University – Lubin School of Business and Seton Hall University School of Law.


Sudhir Jain is a Director of OTC Derivatives at the National Futures Association.


Recognized by Chambers as an “outstanding” corporate lawyer, Matthew K. Kerfoot is a partner in Dechert’s Global Finance practice. Mr. Kerfoot focuses his practice on fund finance, synthetic finance and other complex financial transactions and structured products.

Mr. Kerfoot advises both lenders and borrowers on subscription facilities, NAV facilities, hybrids, private equity LP financing platforms, SPV/ABL facilities, structured repurchase agreements, TRS financings and other types of fund finance and structured transactions. Mr. Kerfoot has advised Morgan Stanley, JP Morgan, UBS, Barclays, Credit Suisse, Apollo, Ares, StepStone and GSO, among other global financial institutions.

Chambers adds that Mr. Kerfoot is “endlessly creative and thoughtful on all sorts of complex issues.” Legal 500 has recognized Mr. Kerfoot’s representation of leading banks as part of his fund finance practice, and lauded him as “a dynamic talent.”

Mr. Kerfoot is also the Chair of PLI’s Fund Finance Conference. He has written numerous articles on fund finance and investment leverage and is a contributing author to Fund Finance, Third Edition, published by Global Legal Group. Mr. Kerfoot is often cited as an authority on finance and related matters in the Financial Times, Wall Street Journal, Reuters, Bloomberg and various other publications.

Prior to joining Dechert, Mr. Kerfoot was a senior banker at HSBC, where he structured and marketed committed and uncommitted financing solutions to investment manager clients.


Curtis A. Doty is a Banking & Finance partner in Mayer Brown’s New York office. His practice focuses on the structuring, negotiation, and regulatory and insolvency analysis of OTC derivatives transactions.

Some currently topical areas in Curtis’ practice include: deal-contingent foreign currency hedging connected to cross-border acquisitions; portfolio risk transfers in connection with acquired commodity businesses; counseling clients in relation to “inadvertent” swaps and swap dealing; cross-border collateral arrangements; FX prime brokerage; and the enforceability of netting and collateral arrangements in insolvency.  Curtis is the author of netting and collateral opinions on various industry-standard forms of documentation.


Mark H. Leeds is a tax partner with the law firm of Mayer Brown.  Mark’s professional practice focuses on the tax consequences of a variety of capital markets products and strategies, including over-the-counter derivative transactions, swaps, tax-exempt derivatives, strategies for efficient utilization of tax attributes as well as advising on crossborder tax issues.  Prior to joining Mayer Brown, Mark was a shareholder at another international law firm, and a Managing Director and Senior Tax Counsel with Deutsche Bank AG in New York.  At Deutsche Bank, Mark led the Tax Counsel function within Group Tax of the Americas.  Mark is also a recipient of the 2015 Burton Award for Distinguished Legal Writing.  Prior to joining Deutsche Bank, Mark served as the general counsel of a credit derivative company and, prior to that, Mark was a partner at Deloitte & Touche where he led the Capital Markets Tax Practice. Mark began his professional career as a tax associate, first at Skadden Arps, and then at Weil Gotshal.

Mark is a graduate, magna cum laude, of the Boston University School of Law (1984), and holds a Bachelor of Arts, cum laude, from Binghamton University, in Economics (1981).  Mark also holds an LLM in taxation from New York University (1990).

Mark is a frequent writer and speaker on tax topics affecting the Capital Markets.  Some of his recent articles include: Author, Stress Relief: IRS Notice 2016-76 Eases Implementation Rules for Cross-Border Dividend Equivalent Withholding (December 2016); Author, Bits & Pieces: IRS Notice 2016-42 Offers First Glimpse of Qualified Derivatives Dealer Rules (July 2016).


Wenchi Hu is a public director of OneChicago LLC, a security futures exchange, and an independent consultant.  She specializes in the intersection of technology and financial regulation, including new asset classes, new products and services that implicate regulatory issues, risk management, regulatory compliance, and financial market infrastructure technology.

She was previously a partner in the New York and Washington, D.C. offices of Latham & Watkins, where she worked with financial institutions, technology companies, market infrastructures, and start-up companies on a wide range of regulatory issues, ranging from crypto-assets, digitization, to regulation of securities trading platforms, clearing services, post-trade processing, and market infrastructure in the context of distributed ledger technology, and to self-regulatory organization regulatory regime, Regulation Systems Compliance and Integrity compliance, and technology outsourcing risk management and regulatory compliance.

Prior to joining Latham & Watkins, she was an Associate Director and head of the Office of Clearance and Settlement Supervision in the Division of Trading and Markets at the Securities and Exchange Commission (SEC). As part of that role, she oversaw clearing agency registration, rule filings and advance notices, requests for no-action relief, exemptive relief by registered clearing agencies, and clearing agency risk management and supervision. She is an expert in post-trade processing, clearance and settlement, and infrastructure technology matters involving a multitude of products across the securities markets. She is a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets and a frequent speaker on financial regulatory and technology innovation topics.


Don J. Macbean represents financial institutions and other participants in a wide range of structured finance and derivatives transactions. His practice encompasses structured energy and commodity-related transactions, project finance and development, renewable energy, cash-flow and market-value collateralized loan obligations, credit-linked notes, and structured derivatives transactions. Don frequently represents clients on a variety of financing transactions, and has extensive experience advising clients with respect to master agreements, credit support arrangements and hedging structures.


Lauren Bennett is a Special Counsel in the Office of the Chief Counsel for the Division of Swap Dealer and Intermediary Oversight at the Commodity Futures Trading Commission, where she focuses on the cross-border implementation of the Commission’s regulatory requirements for swap dealers and other swap market intermediaries.  Additionally, Ms. Bennett provides guidance to market participants and industry groups regarding compliance with Commission regulations, including registration requirements and external business conduct standards.  Prior to joining the Commission, Ms. Bennett was an Associate General Counsel and Senior Compliance Officer at Legg Mason Investment Counsel.  Ms. Bennett previously served as a Senior Regulatory Analyst at the Financial Industry Regulatory Authority (FINRA).  She holds a B.S. from Boston College and a J.D. from the University of Maryland School of Law.


Michael Sackheim is senior counsel in the New York office of Sidley Austin LLP where he concentrates on derivatives regulatory, transactional and enforcement matters.  Michael is a past Chair of the New York City Bar Derivatives Regulation Committee, and he is the managing editor of Futures & Derivatives Law Report (Thomson Reuters, publ.).  Michael is also the co-editor of a new legal treatise, The Virtual Currency Regulation Review (November 2018, Law Business Research Ltd).


Michel W. Ehrstein is Special Counsel for Managed Funds and Financial Requirements in the Division of Swap Dealer and Intermediary Oversight at the U.S. Commodity Futures Trading Commission.


Pamela Geraghty is a Special Counsel in the Registration & Compliance Branch of the Division of Swap Dealer and Intermediary Oversight at the Commodity Futures Trading Commission, where she has focused on drafting regulations, advisories, and no-action letters, in addition to providing guidance to the Commission and industry relating to registration and compliance issues involving swap dealers and other swap market intermediaries.  In particular, Pamela plays a leading role in the Division’s efforts in implementing the Commission’s Chief Compliance Officer Annual Report regulations for swap dealers and futures commission merchants.  Prior to joining the CFTC in 2013, Pamela was a compliance officer for Prudential Financial’s global investment management business providing compliance support for its private debt investment arm, as well as for its commercial mortgage investment business.  Pamela began her legal career as an enforcement attorney for the New Jersey Bureau of Securities.  Pamela received her J.D. and B.A. in Economics from The Catholic University of America.


Pen Starke is the Assistant General Counsel for Receivership Section in the FDIC's Legal Division. He has worked on receivership operations issues at the FDIC during the past 20 years and specialized in the treatment of qualified financial contracts in FDIC receiverships since FIRREA. In 2010, he worked with congressional staff on the orderly liquidation authority leading up to the passage of the Dodd-Frank Act and is responsible for the ongoing implementing the FDIC's regulations on the OLA.