An increasing number of financial firms (including hedge funds, private equity funds, mutual funds, fund-of-funds, real estate funds, endowments, foundations, family offices, insurance companies, operating companies and investment advisers) use commodity interests (futures, options and swaps) in connection with their business activities. Doing so, whether for speculative or hedging purposes, may result in the firm becoming subject to regulation by the Commodity Futures Trading Commission, the National Futures Association and/or the applicable derivatives Exchange. This area is difficult to navigate because much of it is not intuitive and if interpretations are memorialized in writing, they may appear in separate places that need to be pieced together. Traps for the unwary abound.
This program, taught by Deborah Monson, Partner, and Jeremy Liabo, Associate at Ropes & Gray, will explore hot topics for firms using commodity interests under CFTC, NFA and Exchange regulations, and focus on the regulatory framework, recent trends, and impending regulatory actions and focuses.
Deborah is a partner in the asset management group and head of the firm’s derivatives and commodities practice. Debbie serves as a trusted advisor to clients, providing pro-active advice and proposing practical solutions to issues confronting asset managers in today’s commercial and regulatory environment. Debbie has represented registered and exempt commodity pool operators and commodity trading advisors for over 30 years and also regularly advises private investment funds, mutual funds, endowments, foundations, family offices, and sovereign wealth funds on futures and commodities law matters. Debbie represents U.S. and offshore private investment funds, fund sponsors and investment advisers. She has a wealth of experience with registration, regulation and compliance issues, as well with counseling clients on fund formation, structuring and operational matters, separately managed accounts, marketing, and negotiations and documentation with service providers. This experience includes working with regulators on behalf of clients, assisting with regulatory exams and inquiries, and obtaining exemptive and no-action relief. Debbie also provides compliance and ethics training for CFTC registrants. For institutional investors, Debbie concentrates on reviewing and negotiating the terms of their investments in private funds and managed accounts.
Jeremy Liabo joined Ropes & Gray in 2013. Jeremy focuses his practice on hedge funds, derivatives and commodities. Prior to joining Ropes & Gray Jeremy was in-house counsel at Eris Exchange, a CFTC regulated futures exchange (DCM).
While in law school, Jeremy was a legal intern with the Commodity Futures Trading Commission Division of Enforcement and United States Senate Assistant Majority Leader Richard Durbin.