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COVID-19 Implications for SEC and CFTC Registrants

Speaker(s): Marlon Q. Paz, Matthew F. Kluchenek
Recorded on: Apr. 6, 2020
PLI Program #: 299404

Matt Kluchenek is a partner in Mayer Brown’s Banking & Finance group and a member of the Derivatives and Fintech practices. He has a broad-based financial services practice in which he counsels financial institutions, asset managers, trading advisors, trading firms, fintech companies, multinational corporations, brokers, exchanges and financial service technology providers with respect to regulatory, transactional and enforcement matters involving derivatives, securities and cryptocurrencies. 

Enforcement/Investigations. Matt represents firms and individuals subject to investigations and enforcement actions by the government and self-regulatory organizations with respect to matters involving disruptive trading practices, wash trades, manipulation, unauthorized trading, block trades, non-competitive trading, supervisory failures and fraud, among others. He has represented hundreds of clients in such investigations, many of which have been resolved without adverse action. He also works with clients to create training programs and conducts on-site training sessions to assist clients in reducing the risk of enforcement actions. Matt has handled over 200 of these such matters. 

Regulation. Matt assists clients in the US, Europe and Asia in navigating their obligations under the Commodity Exchange Act, as amended by the Dodd-Frank Act, and the federal securities laws; formulating compliance programs and working with clients to implement those programs; and representing clients in discussions with the CFTC, SEC and self-regulatory organizations with respect to novel issues. 

Transactions. Matt assists clients in (i) structuring and forming new business entities and addressing related ownership, governance, intellectual property, employment and securities disclosure issues, (ii) negotiating and documenting strategic acquisitions, joint ventures, licensing arrangements, ISDA agreements, trading agreements and employment agreements, and (iii) structuring and forming private investment funds, including master-feeder fund structures.

Fintech. Matt represents clients in a growing array of fintech matters, with an emphasis on cryptocurrency regulation. 

Prior to joining Mayer Brown, Matt was a partner at a large law firm and served as associate general counsel of CME Group, Inc., as well as the general counsel of a global high-frequency trading firm. Matt also serves as an adjunct professor at the Northwestern University Pritzker School of Law, where he teaches the course on Derivatives Law and Practice.

Marlon Paz counsels broker-dealers and other financial services firms in matters related to securities regulation, regulatory enforcement, internal investigations and examinations, and compliance. He also helps clients navigate acquisitions of brokers, dealers, and investment advisers.

Mr. Paz combines government service, academia, and industry focus to help brokerage and advisory firms and individual executives as they manage complex securities laws.

Clients turn to Mr. Paz when faced with complex regulatory matters before the SEC or one of the self-regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA).

  • Status and registration requirements, particularly Rule 15a-6
  • Financial responsibility
  • Short-sale regulation 
  • Automated trading 
  • Sales practice rules
  • Privacy
  • Regulation ATS 
  • Regulation M 
  • Research and Soft-dollars 
  • Clearance and settlement 
  • Credit rating agency regulations
  • Insider trading policies and procedures
  • Rules relating to self-regulatory organizations

Mr. Paz brings clients seasoned and insightful advice drawing on his experience as a senior official at the SEC. Mr. Paz contributed significantly to developing the SEC’s positions on many important regulatory and enforcement matters during his six-year tenure with the agency. He then served as the Inter-American Development Bank’s Principal Integrity Officer. In that role he led the development, investigation, and prosecution of fraud and corruption cases and oversaw compliance procedures relating to integrity due diligence, anti-money laundering, offshore financial centers, and the Office of Foreign Assets Control Specially Designated Nationals List.

Mr. Paz is an adjunct faculty member of Georgetown University Law Center and the University of Pennsylvania Carey Law School, where he teaches courses on US regulation of financial institutions and securities markets, securities law and the internet, and international business litigation. 

Mr. Paz serves as the American Bar Association Business Law Section’s International Business Law Committee Chair and as Vice-Chair of the Federal Regulation of Securities Committee. He previously served as the Chair of the Trading and Markets Subcommittee chair. He is the former General Counsel to the District of Columbia Bar, the largest mandatory bar association of lawyers in the United States.

He is also a past president of the Hispanic Bar Association of D.C. and a former national vice president of the Hispanic National Bar Association. He has been honored with the Leadership Award from the Hispanic National Bar Foundation and appointed an ambassador by the American Bar Association Business Law Section.