Futures and Derivatives SECURITIES

WilmerHale’s futures and derivatives practice focuses on advising firm clients on rulemaking, compliance and enforcement regarding futures and derivatives, including advising clients with respect to the recent regulatory reform mandates which provide for extensive new regulations of the swaps and over-the-counter derivatives markets.

Our practice provides advice on all facets of US commodity futures and securities regulatory issues, including the regulation of futures exchanges and clearinghouses, commodity pools and commodity trading advisors, and futures commission merchants. We also advise our clients with respect to the clearing and trading of over-the-counter derivatives, including advising investment banks on the margin of capital effects of different types of derivatives, and market end-users with respect to issues they face in the markets.

Our team—led by the former General Counsel and Chief Counsel, Division of Economic Analysis at the Commodity Futures Trading Commission (CFTC)—handles complex matters involving the overlapping jurisdiction of securities and futures regulations, as well as compliance issues facing financial market participants. Partnering with our enforcement and litigation colleagues, we are well positioned to handle a wide variety of enforcement matters and practice actively before the CFTC and the Securities and Exchange Commission (SEC). We also work with clients to facilitate cross-border transactions and assist clients in complying with, or gaining exemption from, US commodity futures and securities requirements.

WilmerHale represents many of the largest domestic and international banks, broker-dealers, private equity, hedge funds and end users in a wide variety of legal, compliance and regulatory matters involving derivatives. The futures and derivatives practice focuses primarily on the regulatory needs of financial market participants and their dealings with the CFTC, National Futures Association, SEC, Financial Industry Regulatory Authority and other regulators. We have advised on many areas relating to derivatives and other complex products, including information barriers/conflicts of interest, sales practice, trading issues, margin, and net capital requirements.

In addition, we represent a wide variety of clients, including banks, hedge funds, mutual funds, insurance companies and corporations in the structuring, negotiation and documentation of a broad range of equity, fixed income, currency, commodity and credit derivatives. This practice includes the negotiation of International Swaps and Derivatives Association master agreements, trade confirmations and custody and account control arrangements to protect end-user assets in the event of a dealer insolvency. We represent hedge funds in the negotiation of the full range of trading agreements, including prime brokerage, term financing, securities lending and repurchase agreements. We also assist clients with respect to brokerage arrangements, compliance programs, disclosure requirements and fund management.

WilmerHale’s futures and derivatives practice focuses on advising firm clients on rulemaking, compliance and enforcement regarding futures and derivatives, including advising clients with respect to the recent regulatory reform mandates which provide for extensive new regulations of the swaps and over-the-counter derivatives markets.

Our practice provides advice on all facets of US commodity futures and securities regulatory issues, including the regulation of futures exchanges and clearinghouses, commodity pools and commodity trading advisors, and futures commission merchants. We also advise our clients with respect to the clearing and trading of over-the-counter derivatives, including advising investment banks on the margin of capital effects of different types of derivatives, and market end-users with respect to issues they face in the markets.

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Publications & News

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May 3, 2018

WilmerHale Lawyers and Practices Recognized in 2018 Edition of Chambers USA

Chambers and Partners announced its rankings for the 2018 edition of Chambers USA: America's Leading Lawyers for Business, with WilmerHale listed among the nation's best in 50 practice area categories. Chambers also ranked 95 WilmerHale lawyers as leaders in their respective fields.

April 17, 2018

VIDEO: Talking Cryptocurrency and the CFTC With WilmerHale’s Paul Architzel

Paul Architzel, co-chair of WilmerHale's Futures and Derivatives Group, was interviewed by Bloomberg Law regarding the US Commodity Futures Trading Commission's proposed plans for oversight of cryptocurrency technologies.

February 20, 2018

OCIE Examination Priorities 2018

This Client Alert examines the recently released 2018 examination priorities issued by the SEC's Office of Compliance Inspections and Examinations.

February 6, 2018

2017 CFTC Year-in-Review and a Look Forward

In 2017, under the leadership of new Chairman J. Christopher Giancarlo, the Commodity Futures Trading Commission (CFTC or Commission) adopted a notable shift in its enforcement priorities and regulatory agenda.

January 17, 2018

SEC's Fixed Income Market Structure Advisory Committee Discusses Bond Market Liquidity in Its Inaugural Meeting

On January 11, 2018, the Securities and Exchange Commission's (SEC) Fixed Income Market Structure Advisory Committee (FIMSAC) held its inaugural meeting.

November 29, 2017

US Department of the Treasury: A Financial System That Creates Economic Opportunities—Capital Markets

In October 2017, the US Department of the Treasury (Treasury) published a report titled “A Financial System That Creates Economic Opportunities” (Treasury Report). Treasury, under the direction of Secretary Steven T. Mnuchin, prepared the Treasury Report in response to Executive Order 13772 (Executive Order). The Executive Order established a set of Core Principles consistent with which the financial markets should be regulated.

October 3, 2017

Former CFTC Chief Counsel Petal Walker to Rejoin WilmerHale

Ms. Walker's practice will focus on advising companies on futures and swaps compliance and regulation in addition to other policy matters overseen by the CFTC.

September 27, 2017

New CFTC Enforcement Policy Encourages Self-Reporting

In January of this year, the Commodity Futures Trading Commission's (CFTC or Commission) Division of Enforcement (the Division) issued revised cooperation credit guidelines for companies, and its first-ever cooperation guidelines for individuals (together, the January 2017 Advisories).

August 28, 2017

New Sanctions Prohibit US Firms From Wide Range of Dealings With Venezuelan Government and PdVSA

On August 24, the Trump Administration significantly expanded sanctions against the Government of Venezuela, including state-owned oil company Petroleos de Venezuela, S.A.

June 1, 2017

CFTC Rewrites Recordkeeping Requirements

The Commodity Futures Trading Commission (CFTC or Commission) has significantly amended its recordkeeping requirements, a change that will affect all entities and individuals who are required to maintain books and records under the Commission's rules.