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CPO and CTA Annual Reviews and Examinations: Current Trends


Speaker(s): Brian T. Daly, Mark P. Hannafey, Regina G. Thoele
Recorded on: Feb. 9, 2015
PLI Program #: 135381

Brian T. Daly is a partner in the New York office of Schulte Roth & Zabel, where he advises hedge and private equity fund managers and commodity pool operators on regulatory, compliance and operational matters, including registration and disclosure obligations, trading issues, advertising and marketing, and the establishment of compliance programs. Having spent nearly a decade serving in-house as general counsel and chief compliance officer at several prominent hedge fund management firms, Brian is well versed in a wide range of legal and business challenges facing investment advisers, commodity pool operators and commodity trading advisors and has extensive experience designing and improving compliance processes and organizational systems. Brian has represented clients in proceedings and interactions with regulators in the U.S., the U.K. and Asia.

Brian is well known for his thought leadership in the regulatory and compliance area as it affects alternative investment funds and is a key part of SRZ’s educational outreach. He also teaches legal ethics at Yale Law School, focusing on the challenges faced by in-house counsel. He is a member of the Managed Funds Association’s CTA, CPO & Futures Committee and the CFTC Working Group for the Alternative Investment Management Association, and formerly served as co-chair of the MFA’s General Counsel Forum and as a steering committee member of its Investment Advisory Committee. Brian received his B.A., magna cum laude, from Catholic University of America, his M.A. from the University of Hawaii and his J.D., with distinction, from Stanford Law School.


Regina G. Thoele is Senior Vice President of Compliance at National Futures Association (NFA).  Her current responsibilities include overseeing the Compliance Department's exam, investigation, financial surveillance, and risk management programs; working on enforcement cases; advising Members on compliance issues; assisting NFA Member committees; participating in industry conferences; and developing and monitoring Compliance Department goals.  In addition, Ms. Thoele works with NFA’s Legal Department to develop rules and interpretive guidance, makes presentations to NFA’s Executive Committee and Board of Directors and to other outside organizations, and develops strategic plans and initiatives for NFA’s Compliance Department.  From July 1994 until March 1998, Ms. Thoele held the position of Arbitration Manager and was responsible for supervising staff and helping manage the Arbitration program.  Ms. Thoele has also served as an adjunct faculty member at the Illinois Institute of Technology, where she taught a compliance course.

Ms. Thoele attended Indiana University and received a B.S. degree in finance.  Ms. Thoele also received her designation as a Certified Regulatory and Compliance Professional through the NASD Institute at The Wharton School, as well as her designation as a Certified Fraud Examiner through the Association of Certified Fraud Examiners.