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Advanced Swaps & Other Derivatives 2020


Speaker(s): Carol McGee, Curtis A. Doty, David G. Lucking, David Meister, Debra W. Cook, Don J. Macbean, Dorothy DeWitt, Duncan Hennes, Jr., Eric J. Nield, Gabriel D. Rosenberg, Gary Barnett, Geoffrey B. Goldman, John S. Servidio, Joseph Zangri, Joshua B. Sterling, Joshua D. Cohn, Laura Astrada, Locke R. McMurray, Mark H. Leeds, Megan O’Flynn, Michael S. Sackheim, Paul M. Architzel, Peter Y. Malyshev, Philip W. Raimondi, Randall W. Roy, Regina G. Thoele, Rita M. Molesworth, Ryne V. Miller, Wenchi Hu
Recorded on: Oct. 20, 2020
PLI Program #: 273971

Practice

 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


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.


David Lucking is Head of Allen & Overy’s U.S. based International Capital Markets group. He has particular expertise in derivatives and structured finance transactions, as well as the regulatory framework that underpins the derivatives market. David advises financial institutions on a wide range of derivatives products and asset classes (including credit, rates, FX, longevity) in both funded and unfunded form. He has drafted a number of market standard document templates for the International Swaps and Derivatives Association, Inc. (ISDA) and other derivatives industry bodies, including the 2014 ISDA Credit Derivatives Definitions and documentation for confirming trades referencing the iTraxx and CDX indices. David is the U.S. adviser to the Credit Derivatives Determinations Committee which determines Credit Events and other matters for the credit derivatives market as a whole. David has advised on various aspects of the transition of the over-the-counter derivatives market to regulated trading platforms and central clearing houses, as well the registration of a number of swap dealers under the Dodd-Frank Act. 

As Global Co-Head of A&Out, our international LGBTQ+ allies program, David is a vocal advocate for the LGBTQ+ community at A&O. He regularly leads initiatives to encourage workplace diversity, and helps foster a culture where LGBTQ+ colleagues feel welcome and valued.

David is regularly ranked in legal directories. In Chambers USA 2020, it is noted that he “elicits widespread praise for his credit derivatives practice and is considered to be a key reference for matters involving ISDA.” One client comments on his "breadth of knowledge" and finds him "helpful on regulatory questions."


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


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 DTCC, she served as Counsel in Citigroup’s Tampa office, starting at Solomon Inc, where she advised over-the-counter derivatives and foreign exchange trading businesses. Debra began her career as an attorney for the Federal Reserve Bank of New York. At the FRBNY, Debra analyzed data on interbank netting schemes for the Legal Working Party of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten countries (the Lamfalussy Report). She also represented FRBNY on the drafting committee for the revision of UCC Article 8 which applied the concept of “entitlement holder” to the modern book-entry system of securities holding and transfer.

At DTCC, Debra has focused on over-the-counter derivatives matters globally, including: advising on the growth and expansion of DTCC’s derivatives products and services; managing trade repository registration and on-going compliance in multiple jurisdictions; interfacing with regulators on derivatives regulations; addressing data access and data privacy issues and policy.

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, where she was Note & Comment Editor of the Administrative Law Journal.


Dorothy D. DeWitt is the Director of the Division of Market Oversight (DMO) at the Commodity Futures Trading Commission.  In her role, she is responsible for the oversight of derivatives platforms and swap data repositories, and the CFTC’s market intelligence initiatives.

Ms. DeWitt joined the CFTC from Coinbase, a cryptocurrency company, where she served as Vice President and General Counsel for Business Lines and Markets.  She previously served in senior legal and compliance roles for Citadel Securities, a broker-dealer and swaps dealer provisionally-registered with the CFTC, and S&P Global, and as an attorney at Davis Polk & Wardwell.

Ms. DeWitt spent nearly a decade in an investment capacity as a portfolio manager of alternative investment funds that relied heavily on derivatives and swaps.  At Cadogan Management, Ms. DeWitt served as a partner and portfolio manager who co-led the investment group, before transitioning to become general counsel.  Prior to that, she served at GAM in London, a global fund of hedge funds, as the portfolio manager for the GAM Multi-Arbitrage Fund, managing arbitrage, credit, event-driven, and fixed income investments.  Before that, she served as a research analyst at a merger arbitrage and event-driven hedge fund at ING Furman Selz.

Other Public Service

  • Law Clerk, Chambers of Honorable John E. Sprizzo , U.S. District Court for the Southern District of New York (1994-1995)

Education

  • JD, cum laude, Harvard Law School (1994)
  • BA, summa cum laude, The University of Texas at Austin (1991)


Eric Nield is General Counsel of ICE Clear Credit LLC, a Chicago-based credit default swap clearing house and a subsidiary of Intercontinental Exchange, Inc. (“ICE”). In this role he is responsible for the clearinghouse’s legal function. Mr. Nield has been with ICE since 2010.

Prior to joining ICE, Mr. Nield served as senior vice president and general counsel at the Chicago Climate Exchange, senior counsel at Credit Agricole Asset Management Alternative Investments, and the head of legal at Newedge where he was responsible for the Americas zone legal function for the global derivatives brokerage firm. Mr. Nield also worked as an attorney in the financial services department of the law firm Katten Muchin Rosenman. Previously, he also held operations and compliance positions at ABN AMRO and the Office of Investigations at the Chicago Board of Trade. 

Mr. Nield graduated from the University of Illinois with a bachelor’s degree in Economics, and he received his law degree from Chicago-Kent College of Law.


Gabriel 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 Yale School of Management and the Haas School of Business at UC Berkeley.


Gary Barnett is the founder and CEO of Digital Capital Markets, LLC, an SEC registered broker-dealer and FINRA member, and Co-Founder of Fleming Park Global Partners, LLC, a business and regulatory consulting firm.

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, holds FINRA Series 7, 79, 24 and 63 licenses, and is a member of the New York, California and Oklahoma bars.


John Servidio is a partner in Goodwin’s Capital Markets and Digital Currency & Blockchain Technology practices. He advises clients on the origination, sales and trading of financial instruments including securities, rates, currencies, commodities and digital assets. In the capital markets space, Mr. Servidio assists dealers and issuers with structuring equity and equity-linked offerings, hedging and monetization transactions, share repurchase programs and corporate derivatives. In the blockchain technology space, he helps clients build distributed ledger platforms and develop strategies for the financing, lending and trading of virtual currencies.

Prior to joining Goodwin, Mr. Servidio was a partner at Winston & Strawn. His previous industry experience includes serving as assistant general counsel at a global investment bank and as an attorney at another well-known 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, cryptocurrencies and blockchain technology.


Joseph Zangri is the Managing Director for the NFA's Over the Counter Swap Dealer Examinations Department. He oversees the development and execution of NFA's regulatory compliance programs for Swap Members including examinations, investigations, and the coordination of registration and membership activities.  He oversees the development, implementation and execution of NFA's regulatory compliance program.  He participates with NFA leadership in setting 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 his current role at NFA, Joseph spent 17 years as CCO of Bloomberg LP and among his responsibilities were 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, 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 State University of New York at Albany.


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.


Joshua B. Sterling is the Director of the Division of Swap Dealer and Intermediary Oversight (DSIO) at the U.S. Commodity Futures Trading Commission. In this role, he is in charge of overseeing the financial services firms that participate in our derivatives markets by applying DSIO’s extensive resources in a smart, effective, and practical manner. He is responsible for the performance of DSIO’s examination, reporting, guidance, referral, and rulemaking programs, which serve the goal of ensuring that those firms play by the CFTC’s rules. Mr. Sterling is also responsible for coordinating the CFTC’s relationship with the National Futures Association, with which DSIO shares frontline responsibility for regulating registered firms, and for liaising with the Chicago Mercantile Exchange in its oversight of clearing firms. He manages the daily operation of a 75-person staff that conducts these critical oversight activities from the CFTC’s headquarters and regional offices.

Mr. Sterling brings to the CFTC nearly 20 years of experience practicing law in the financial services sector. Before joining the Commission, he was a partner at Morgan, Lewis & Bockius LLP where he represented large-scale asset managers around the world that participated extensively in the derivatives markets, including the sponsors of exchange-traded commodity pools, registered investment companies, and hedge funds. He also worked with clients to structure their derivatives activities in compliance with the Dodd-Frank Act and related SEC and CFTC requirements. In addition, Mr. Sterling helped lead his firm’s representation of significant asset management clients during the 2008-2009 financial crisis and in their implementation of Dodd-Frank reforms. 

Mr. Sterling began his legal career as an associate at Cleary Gottlieb Steen & Hamilton LLP. He is a member of the American Bar Association, Business Law Section; the District of Columbia Bar, Corporation, Finance and Securities Law Section; the Federal Bar Association; the Futures Industry Association, and the New York City Bar Association, Futures and Derivatives Committee. 

Education

JD, University of Pennsylvania Law School (2001)

BA, Vanderbilt University (1998)


Laura Astrada currently serves as Managing Director, Global Public Policy for the Depository Trust & Clearing Corporation (DTCC), with responsibility for developing and coordinating strategic engagement at the regulatory level. She joined DTCC in 2016 from the Commodity Futures Trading Commission (CFTC), where she worked as a legal advisor to Commissioner Wetjen and served as Associate Chief Counsel in the CFTC’s Division of Clearing & Risk, and Associate Director in the CFTC’s Division of Clearing & Risk. While at the CFTC, Laura was responsible for matters involving, CCP resolution, recovery, and winddown, customer protection, FSOC, cybersecurity, and several Dodd-Frank implementation rulemakings.

Prior to joining the CFTC, Laura worked at Sullivan & Cromwell in their General Practice Group. Laura started her legal career as a litigator at Fried, Frank, Harris, Shriver and Jacobson.

Laura went to the American University Washington College of Law, graduating Summa Cum Laude.


Locke McMurray's practice focuses on derivatives 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 IBOR/LIBOR (London Interbank Offered Rate) transition task force.

Locke regularly counsels clients, including foreign and domestic financial institutions and corporate clients, on ISDA and other documentation for swaps and other financial products, commercial law and regulation of derivatives under Dodd-Frank and the Commodity Exchange Act.

Locke additionally analyzes financial transactions from a litigation perspective, particularly in relation to derivatives termination and valuation questions, the Uniform Commercial Code, fraudulent conveyances, rights of set-off against deposit accounts and the rights and obligations of various deal participants in securitized product and structured credit transactions. He has vast experience in rendering legal opinions on a variety of bankruptcy, derivatives, and secured transaction matters and on the efficacy of these are other credit mitigation techniques for capital adequacy purposes.

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 fixed income and equity derivatives, regional head of legal for investment banking and sales and trading at a foreign bank and head of derivatives legal at the Lehman Brothers Chapter 11 estates.


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 the ISDA’s Sanctions Committee, FX Operations Working Group and the Legal & Documentation workstreams related to margin implementation for CFTC and SEC compliance, and reviews and maintains ISDA’s United States and 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.


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

Professional and Community Affiliations

  • DC Steering Committee for Corporation, Finance and Securities Law
  • DC Bar Committee on Futures and Derivatives – Chairman


Philip W. Raimondi is currently serving as an Assistant Chief Counsel in the CFTC’s Division of Market Oversight, advising the Division on a wide range of 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. 


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 stand­ alone 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 (2020) ranks Ms. Molesworth in Band 1 nationally in the area of Investment Funds: Regulatory & Compliance. Her deep experience has also been recognized by Expert Guides 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 also recognized in The Best Lawyers in America for hedge funds law.

SELECTED PROFESSIONAL AND BUSINESS ACTIVITIES

Ms. Molesworth served as Chair of the ABA's Derivatives and Futures Law Committee from 2017 through 2020.  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 has also taught a course on Derivatives Law and Regulation at Columbia Law School.

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

  • 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.).


Regina G. Thoele is Senior Vice President of Compliance at NFA.  Her current responsibilities include overseeing the Compliance Department's exam, investigation, financial surveillance, and risk management programs; working on enforcement cases; advising Members on compliance issues; assisting NFA Member committees; participating in industry conferences; and developing and monitoring Compliance Department goals.  In addition, Ms. Thoele works with NFA’s Legal Department to develop rules and interpretive guidance, makes presentations to NFA’s Executive Committee and Board of Directors and to other outside organizations, and develops strategic plans and initiatives for NFA’s Compliance Department.  From July 1994 until March 1998, Ms. Thoele held the position of Arbitration Manager and was responsible for supervising staff and helping manage the Arbitration program.  Ms. Thoele has also served as an adjunct faculty member at the Illinois Institute of Technology, where she taught a compliance course. 

Ms. Thoele attended Indiana University and received a B.S. degree in finance.  Ms. Thoele also received her designation as a Certified Regulatory and Compliance Professional through the NASD Institute at The Wharton School, as well as her designation as a Certified Fraud Examiner through the Association of Certified Fraud Examiners. 


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.


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 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 forvDistinguished 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 atvDeloitte & Touche where he led the Capital Markets Tax Practice. Mark began hisvprofessional 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),vand holds a Bachelor of Arts, cum laude, from Binghamton University, in Economicsv(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).


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).


Paul M. Architzel is a partner at WilmerHale, chair of the Futures and Derivatives Group, and a member of the Broker-Dealer Compliance and Regulation Group.

Mr. Architzel's practice covers all areas of futures and swap regulation, including the regulation of futures exchanges, swap execution facilities, foreign boards of trade, derivatives clearing organizations, futures commission merchants, introducing brokers, commodity pool operators and commodity trading advisors. He is an authority on issues involving the listed derivatives markets, the clearing and trading of OTC derivatives, end-user market participation and cross-border access issues. He also handles complex matters that involve the overlapping jurisdiction of securities and futures regulations, as well as compliance issues facing hedge funds and commodity pools. Mr. Architzel practices actively before the Commodity Futures Trading Commission (CFTC) as well as the Securities and Exchange Commission (SEC), and is a frequent speaker at futures and derivatives industry conferences.

Before entering private practice, Mr. Architzel served as Chief Counsel of the CFTC's Division of Economic Analysis, now the Division of Market Oversight, for more than 25 years, and was the chief architect of the Core Principle framework for futures market regulation. Mr. Architzel also spent several years as the chief US regulatory counsel for Eurex Frankfurt AG, a global derivatives/futures exchange and clearinghouse.

Professional Activities

Mr. Architzel was an adjunct professor of law in the Securities and Financial Regulation LLM program at Georgetown University Law Center where he taught Futures Regulation and the Commodity Exchange Act.


Wenchi Hu is the co-founder of Fleming Park Global Partners, LLC, a business and regulatory consulting firm, and the General Counsel of Digital Capital Markets, LLC, an SEC-registered broker-dealer and FINRA member. She specializes in the intersection of technology and financial regulation, trading and post-trade processing, including new asset classes, new technology products and services that implicate regulatory issues, trading platforms, clearance and settlement, risk management and regulatory compliance.

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, clearing organizations, and start-up companies on a wide range of regulatory issues, ranging from 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. Before joining the SEC, she was a Managing Director and Senior Counsel at Rabobank New York Branch responsible for legal risk management relating to Rabobank’s U.S. capital markets and derivatives business.

She serves as a public director on the Board of OneChicago, a futures exchange jointly regulated by the CFTC and SEC, and a member of OneChicago’s Regulatory Oversight Committee. She recently advised broker-dealers, alternative trading platforms and start-ups on matters involving digital securities, treasury securities clearing and regulatory issues relating to trading and technology.

She is a member of New York Bar and District of Columbia Bar.


DJ Hennes is a director in Promontory’s New York office. He assists banking institutions evaluate the effectiveness of their governance, supervision, and compliance programs, specializing in banks’ derivatives activities. He has extensive experience advising firms as they prepare for registration as swap dealers; respond to regulatory criticism; assess compliance; and design and implement compliance target operating models. In addition, he has helped financial institutions develop regulatory reporting, training, and risk assessments and monitoring and testing programs.


Don Macbean is a partner in the Structured Finance and Securitization group in the New York office of Katten Muchin Rosenman LLP.  His practice focuses on structuring, negotiating and documenting complex structured energy transactions, over-the-counter derivatives, and structured finance transactions.  Don has extensive experience advising clients in the energy sector with respect to a wide variety of financial transactions, including supply contracts, offtake and hedging transactions (physical and financial), tolling arrangements, and construction debt financings.  He also advises international clients on accessing the U.S. capital markets through complex debt issuances backed by mortgages and other related assets.  Don is recognized in industry publications such as The Legal 500 US, and his clients include financial institutions, insurance companies, underwriters, issuers, corporations and other end-users.


Ryne Miller is co-head of Sullivan & Cromwell’s Commodities, Futures & Derivatives group. He also works with the Financial Services and Capital Markets groups. Mr. Miller represents financial institutions, hedge funds, proprietary trading firms and corporate and private equity clients in transactional, regulatory and enforcement matters. Mr. Miller’s practice also focuses on the legal and regulatory implications of technology applications in the financial services industry. In 2019, Mr. Miller was awarded Euromoney Legal Media Group’s Americas Rising Star Award for Financial Services Regulation.

Mr. Miller is a member and is the Secretary of the Futures & Derivatives Regulation Committee of the New York City Bar Association, he is a member of the Derivatives and Futures Law Committee of the American Bar Association, and he is a member of the Executive Committee of the Futures Industry Association’s Law & Compliance Division. Prior to joining Sullivan & Cromwell, Mr. Miller worked at the U.S. Commodity Futures Trading Commission as legal counsel to CFTC Chairman Gary Gensler.