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Hot Topics in Derivatives Regulation for Investment Managers using Commodity Interests (Futures, Options and Swaps)

(172 reviews)

Produced on November 08, 2019

$ 89 Banking and Business, Corporate, & Securities In Stock
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Course Information

Time 1h 1m
Difficulty Intermediate
Topics covered in this course: Banking Business, Corporate, & Securities

Course Description

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.

Learning Objectives:

  1. Examine the regulatory framework for commodity interests
  2. Identify common traps for unwary market participants and their attorneys
  3. Explore recent enforcement trends, and discuss the future of commodities regulation

Credit Information

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Deborah A. Monson

Ropes & Gray

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 A. Liabo

Ropes & Gray

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.


Michael L.

excellent presentation

Brian H.

Outstanding. Timely and very helpful.

Joseph C.

Excellent explanation of a complex practice area.

Karen T.

This is not an area in which I have practiced, but have a personal interest. I found the program well done and very informative.

Clarence S.

Excellent presentation of complex area of financial/commodity law and regulation.

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