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Bus: Derivatives & Structured Products Law

The mission of the Derivatives and Structured Products Law Committee is to apprise members of developments in laws relating to the futures and derivatives markets and to maintain liaisons with trade associations, industry leaders, and representatives of governmental and regulatory bodies, such as the SEC, the CFTC, and the Federal Reserve System. Over the past year, the Committee has hosted meetings that brought the membership valuable information and interaction with important figures directly or indirectly involved in the futures and derivatives markets. Based on their positive experiences to date, members are seeking to expand membership by continuing to refine this mission and by sharing their experience with colleagues and contacts.

Our Committee meets one day each month, typically around lunchtime, during which time we have presentations by members and guest speakers covering a variety of intriguing topics relating to the futures and derivatives markets. We also seek out opportunities to prepare comment letters and articles.

Committee Activity in Review

As published in the NY Business Law Journal


The Derivatives and Structured Products Committee has held five CLE seminars since this summer. They were: (i) Legal Technology in the Derivatives and Structured Products Markets: Current State and Where We Are Headed—A Discussion Through the Lens of Margin Reform, hosted by Mayer Brown; (ii) Update on the Hague Securities Convention and recent CFTC initiatives, in particular Project KISS, hosted by Morgan Lewis; (iii) An examination of the Final QFC Rules from a Derivatives and Structured Products Perspective, hosted by Sullivan & Cromwell; (iv) MiFID II, current state and cross-border implications, hosted by Linklaters; and (v) CFTC enforcement developments, including the new advisory on self-reporting and CFTC regulation of virtual currencies, hosted by Skadden Arps.

As with all our recent meetings, members who cannot attend in person are able to participate for CLE credits via teleconference. Lunch was also provided, compliments of each firm. The meetings continue to be well-attended with very active participation by our members, and our topic selections are based on current issues and market trends. We have also chosen topics by popular demand as we try to make the committee user friendly and accessible.

We want to take this opportunity to thank all the firms that have volunteered to host us throughout 2017 and to once again thank them for the effort they exert in the preparation for our meetings, including conference calls, developing the topic for the program as well as the issuing of CLE credits and logistical items such as obtaining security clearance for each attendee to their respective facility. Much appreciation for all the hands that help make our meetings popular and successful.

– Rhona Ramsay, Chair- Ruth Arnould, Vice-Chair


The Derivatives and Structured Products Committee has held four meetings so far this year. The meetings were hosted by Cleary Gottlieb Steen Hamilton (Cleary), Sidley Austin (Sidley), Willkie Farr & Gallagher (Willkie) and Blake, Cassels & Graydon LLP (Blake). As with all our recent meetings, members who could not attend in person were welcomed to participate for CLE credit via telecon­ference. To date, the topics that have been covered are: (i) Derivative Transactions: Guarantees and Other Forms of Third Party Credit Support (Cleary), (ii) Financial Devel­opments under the Trump Administration (Sidley), (iii) a fireside chat with Eileen Flaherty, Director of the CFTC’s Division of Swap Dealer and Intermediary Oversight, which was hosted by Willkie, and (iv) the current regula­tory framework for cross-border trading of derivatives with Canadian entities, the status of G20 regulatory re­forms in Canada (including uncleared margin rules) and the recent proposal by Canadian regulators to introduce new external business conduct standards for derivatives dealers and advisers (Blake). CLE credit was provided for the Sidley, Cleary and Blake seminars. The meetings con­tinue to be well attended with very active participation by our members, and our topic selections have been largely based on current issues and market practices.

– Rhona Ramsay, Chair


The Derivatives and Structured Products Law Com-mittee has had an active Winter/Spring season with respect to keeping up with the changing regulatory environment by arranging many opportune meetings for its members.  The Committee has facilitated CLE pro-grams in the areas of Cross-border Derivatives from a U.S. Law Perspective (hosted by Morrison & Foerster), the Evolving Professional Responsibility Issues Confronting Derivatives Lawyers (hosted by Sidley & Austin), the EU Rules on Margin for Non-cleared derivatives (hosted by Reed Smith), Security-Based Swaps and Beyond (hosted by Alston & Bird), an Update on Canadian Regulation on Derivatives and Futures (hosted by Stikeman El-liot)  and  most recently the Development of Blockchain Technology for Derivatives and other Financial Transactions (hosted by Stroock & Stroock & Lavan).  All of these meetings have been well attended by enthusiastic participants.

– Ilene K. Froom, Chair


The Derivatives and Structured Products Law Committee meets on a monthly basis from September through June of each year. The committee’s members are diverse and include lawyers from law firms, banks and hedge funds. The committee’s monthly meetings are generally hosted by law fi rms. The host firm provides a presentation, which usually includes CLE credit, on an area in derivatives. Past meeting topics include the 2014 Credit Derivatives Definitions, UCC and bankruptcy issues that relate to cleared derivatives, position limits, SEFs and the Volcker rule. In addition to being a source of education for current topics in the derivatives industry, these meetings provide a forum for dialogue on the changing legal landscape of derivatives. As many of those who attend these meetings are experienced derivatives attorneys, participants often raise thought-provoking questions and comments with the panelists. As new rules and regulations pertaining to derivatives continue to be issued, the Derivatives and Structured Products Law Committee continues to be an important resource for its members.

— Ilene K. Froom, Chair 

Summer 2012 NY Business Law JournalDerivatives and Structured Products Law Committee

The Derivatives and Structured Products Law Committee kept its members informed of the constantly changing Dodd-Frank regulatory proposals to reshape the industry’s structure, eligible participants, trading, clearing and valuation. The committee heard from Securities and Exchange Commission staff members on securities-based swaps and clearing issues and from leading attorneys on netting arrangements on changes overseas and segregation and posting of customer swaps collateral under Dodd-Frank, and the committee provided robust opportunities for members to share ideas amongst themselves. In this more participatory forum, constituent input helped shape the direction of this valuable committee on a variety of other relevant topics, including the proposed 871(m) regulations from the Treasury regarding dividend payments, as well as the Foreign Account Tax Compliance Act.

— Daniel N. Budofsky, Chair

Winter 2011 NY Business Law JournalDerivatives and Structured Products Law Committee

The Derivatives and Structured Products Law Committee has held several meetings on the ways in which the Wall Street Reform and Consumer Protection (“Dodd- Frank”) Act and the regulations promulgated under it have affected practice. The most recent meeting of the committee considered recent regulatory developments affecting structured products, fiduciary standards proposed for broker dealers, and the backtesting of data on customer indexes and client communications under FINRA’s recent rule proposals. The committee had a meeting at which members of the Securities and Exchange Commission staff discussed these developments. The meeting prior to that heard from Securities and Exchange Commission staff members on that agency’s considerations under Dodd-Frank. The committee is looking to invite representatives of the Commodity Futures Trading Commission to discuss its regulations and releases.

—Daniel Budofsky, Chair

Links to Agencies and Resources

Online Community

Committee Roster

Daniel Emil Bang

Mr. Joseph Aaron Jacobson, Esq.

Mr. Scot J. Halvorsen

Mr. Lawrence Steven Block, Esq.

Ms. Jamila Smoot Burrell

Mr. Douglas E. Harris, Esq.

Mr. Guy C. Dempsey Jr.

Mr. Joseph E. Suh

Ms. Eileen Bannon, Esq.

Mr. Kimmo Juhani Mettala

Ms. Sherri Venokur, Esq.

Mr. Peter W. LaVigne, Esq.

Listserve Only

Mr. Thomas M. Pitegoff

Listserve Only

Mr. Jay L. Hack, Esq.

Ms. Kathleen A. Scott, Esq.

Ms. Anastasia T. Rockas, Esq.

Listserve Only

Mr. Andre R. Jaglom

Listserve Only

Mr. Anthony Q. Fletcher, Esq.

Listserve Only

Ms. Gina C. Bartosiewicz

Nysba Staff Liaison


Mr. Jeffrey W. Cameron, Esq.

Mr. Lawrence A. Darby III, Esq.

Ms. Christine Rock Freeman

Ms. Sabra Martha Baum

Mr. Christopher Olive, Esq.

Diona Narae Park

Naffie Lamin, Esq.

Mr. David Buchalter, Esq.

Mr. Daniel James King, Esq.

Ms. Lori Gayle Nuckolls

Mr. John J. Magovern, Esq.

Ms. Adele Hogan, Esq.

Mr. Morris N. Simkin, Esq.

Mr. Steven Wayne Schuster

Ms. Rita M. Molesworth, Esq.

Mr. Joseph Vebman, Esq.

Ms. Allison C. Yacker, Esq.

Mr. Manuel Stefan Frey, Esq.

Mr. David G. Lucking, Esq.

Justin Pierre-louis, Esq.

Mr. David Gasper Buffa, Esq.

Sun A Park, Esq.

Ms. Yuliya Goptarenko

Mr. Laurence D. Dobosh, Esq.

Mr. Laurence Stein, Esq.

Mr. Edwin Eric Smith, Esq.

Morgan Lewis & Bockius, LLP

Mr. Matthew J. Hooper, Esq.

Mr. Richard M. Gray

Mr. John Stuart Servidio

Ms. Diana Milanesi, Esq.

Mr. Sol W. Bernstein, Esq.

Ms. Jennifer Bryant, Esq.

Mr. Steve Milankov, Esq.

Mr. David Boyd Booker, Esq.

Mr. Jerome Yannick Poitou, Esq.

Ms. Diana Trotsenko, Esq.

Mr. Douglas Cherno, Esq.

Mr. Vladimir Maly, Esq.

Mrs. Deanna Masters, Esq.

Ms. Alayne F. Serle, Esq.

Dr. Carlos Mauricio Sakata Mirandola

Ms. Myriam Deborah Hirsch North, Esq.

Ms. Laura Harper Powell, Esq.

Mr. Todd Kornfeld, Esq.

Pepper Hamilton LLP

Mr. Alex Van Voorhees, Esq.

Mr. Joel Telpner

Mr. Joseph F. Danowsky, Esq.

Mr. Valery Eduardovich Vanin

Mr. Ralph Humphrey

Mr. Andrew Howard Seiden, Esq.

Curtis Mallet-Prevost Colt & Mosle LLP

Mr. Harry Jho, Esq.

Ms. Brenda Hinton, Esq.

Ms. Kathleen Gleason Cully

Ms. GuyLaine Charles

Mr. Mark E. Ruddy, Esq.

Mr. Glen A. Rae, Esq.

Mr. Ricardo Salaman, Esq.

Prof. Ronald H. Filler

Mr. Anthony J. Leitner, Esq.

Mr. Anthony J. Costantini, Esq.

Duane Morris LLP

Wa Yang

Mr. Samuel F. Abernethy, Esq.

Ms. Rebecca J. Simmons, Esq.

Sullivan & Cromwell LLP

Ms. Ruth Wang Arnould, Esq.


Mr. Steven T. Cummings, Esq.

Christopher Adams, Esq.

Giancarlo Romano M. Leuterio

Mr. Jason Edward Marett, Esq.

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