James R. Burns is a partner in the firm’s Asset Management Group, focusing on counseling investment managers, broker-dealers, self-regulatory organizations, and other registered entities on regulatory, compliance and enforcement matters. Prior to joining Willkie, Jim served as Deputy Director of the SEC’s Division of Trading and Markets.
Jim has significant experience in both the trading and markets and investment management areas. He provides clients with insights into current issues in SEC examination and enforcement contexts as well as strategic advice on the effects of SEC initiatives on the business operations and compliance programs of registrants overseen by the Division of Trading and Markets and the Division of Investment Management.
Jim brings well-respected knowledge and understanding of the equity, fixed income, and derivatives markets, having played an integral role in the development of current SEC positions and regulatory initiatives affecting those markets, their intermediaries and sell-side and buy-side participants. This includes trading, cybersecurity issues and the use of complex financial products. He played a central role in the development and execution of significant rules under the Dodd-Frank Act, including the Volcker Rule and the SEC’s security-based swap regulatory regime.
Jim has wide-ranging SEC and private practice experience across broad areas of the asset management industry, covering investment managers and fiduciaries for registered investment companies, private funds and other types of clients. He has extensive experience counseling advisers to registered and private funds, advising fund boards and addressing various governance, risk, compliance and disclosure-related matters of concern to the asset management industry. He also has represented investment advisers, broker-dealers, mutual funds, and hedge funds in various examination and enforcement-related inquiries by self-regulatory organizations and the SEC.
Jim served as the Deputy Director of the SEC’s Division of Trading and Markets from 2012 to 2014 and oversaw several core regulatory functions, including market supervision and operations, analytics and research, derivatives policy and trading practices, and the chief counsel and enforcement liaison offices. In addition to focusing on market supervisory issues, he participated in the Division’s implementation of key provisions of the Dodd-Frank and JOBS Acts, coordinated international regulatory efforts for the Division, and liaised closely with other operating divisions of the agency, principally the Division of Investment Management, Office of Compliance Inspections and Examinations, and Division of Enforcement.
Prior to joining the Division of Trading and Markets, Jim was a member of Chairman Mary Schapiro’s staff, including serving as the agency’s Deputy Chief of Staff, in which capacity he advised Chairman Schapiro on the development and execution of the agency’s broader rulemaking and policy agenda as well as other key agency initiatives. He also served as counsel to Chairman Schapiro on issues involving the Division of Trading and Markets, including the agency’s analysis and response to the Flash Crash on May 6, 2010, and numerous other market structure and Dodd-Frank related rulemakings, studies and programs. Before joining Chairman Schapiro’s staff, Jim served as counsel to SEC Commissioner Kathleen Casey and previously worked for five years in private practice on investment management and broker dealer regulatory, compliance and enforcement matters.
While at the SEC, Jim led teams that won the Chairman’s Award for Excellence for drafting the Consolidated Audit Trail, and the Law and Policy Award for implementing the Volcker Rule.
Jim previously served as a law clerk to Judge William B. Traxler on the U.S. Court of Appeals for the Fourth Circuit.
Selected Publications and Lectures
Selected Speaking Engagements
Georgetown University Law Center, (cum laude), 2001 Oxford University, Dphil, 1997Oxford University, MPhil, 1994
Harvard College, A.B. (magna cum laude), 1991
District of Columbia
William B. Traxler, United States Court of Appeals, 4th Circuit
Kenneth Raisler is head of Sullivan & Cromwell’s Commodities, Futures and Derivatives Group. The Group is responsible for a full range of regulatory, transactional and litigation advice in the commodities, securities and banking areas to its brokerage, investment banking, banking and commercial clients.
Mr. Raisler was an assistant U.S. attorney for the District of Columbia from 1977 to 1982 in the Criminal and Civil Divisions. He then joined the Commodity Futures Trading Commission and was the general counsel of the Commission from 1983 to 1987.
He currently is chairman of the ABA Derivatives and Futures Law Committee. Mr. Raisler was the chairman of the New York City Bar Committee on Futures Regulation from 1988 to 1991. He was a member of the Working Group of The Group of Thirty Derivatives Project. Since 1992, he has been a member of the board of directors of the Futures Industry Association. He also served as a member of the board of directors of the Managed Funds Association. Mr. Raisler is a member of the executive committee of the board of trustees of NYU School of Law and chair of the board’s Development Committee.
Mr. Raisler has extensive experience representing the energy industry and in particular providing advice on energy trading. . He has advised a number of other electronic trading platforms for energy. In addition, Mr. Raisler has worked with energy trading companies developing compliance and trading standards manuals, preparing and conducting training sessions and undertaking audits of compliance programs. He also has represented companies in CFTC, SEC, FERC, FTC, Department of Justice and NYMEX and ICE investigations of energy trading activities.
1976, New York University School of Law, J.D.
1973, Yale University, B.S.
Prior to joining Mayer Brown, Mark was a shareholder at another international law firm, and a Managing Director and Senior Tax Counsel with Deutsche Bank AG in New York. At Deutsche Bank, Mark led the Tax Counsel function within Group Tax of the Americas. Mark is also the editor-in-chief of Derivatives: Financial Products Report, a Thomson/RIA monthly publication.
Prior to joining Deutsche Bank, Mark served as the general counsel of a credit derivative company and, prior to that, Mark was a partner at Deloitte & Touche where he led the Capital Markets Tax Practice. Mark began his professional career as a tax associate, first at Skadden Arps, and then at Weil Gotshal. Mark is a graduate, magna cum laude, of the Boston University School of Law (1984), and holds a Bachelor of Arts, cum laude, from Binghamton University, in Economics (1981). Mark also holds an LLM in taxation from New York University (1990).
Mark is a frequent writer on tax topics affecting the Capital Markets. Some of his recent articles include: Author, The New Deal: Hedge Fund Management Fees are Subject to Social Security Taxes; Author, Do What I Say, Not What I Do: The US IRS Finalizes Changes to the Mixed Straddle Rules; Co-Author, Process Is Its own Reward: The IRS Modifies FATCA Effective Dates and Interim Compliance Standards; The Harder They Come: An Overview of Financial Instrument and Institution Provisions in the Ways & Means 2014 Tax Reform Proposals; Author, Holiday Party: The IRS Releases Final Regulations on Cross-Border Dividend Equivalents Paid on Swaps and in Security Lending Transactions; Co-Author, “It’s Always a Day Away: The IRS Postpones FATCA Withholding;” Author, “Fractional Taxation: The IRS Releases Technical Advice Addressing 10% Securities Rule Applicable to Foreign Bank Branches;” Author, The 7% Solution: Structured Dividend Received Deduction Transactions Face Internal Revenue Service Audit Scrutiny;” Author, Holiday Party: The IRS Releases Final Regulations on Cross-Border Dividend Equivalents Paid on Swaps and in Security Lending Transactions; Author, “Everyone There Will Have Moved Here!: An Overivew of US and Puerto Rican Tax Benefits for Bona Fide Residents of Puerto Rico;” Co- Author, “’Tis a Gift to Be Simple: The IRS Releases Final FATCA Regulations,” Author, “Historic Boardwalk Hall v. Commissioner: The IRS Dissolves a Partnership Between Pitney Bowes and the NJSEA,” Co-Author, “Fiscal Cliffhanger: Congress Passes Federal Tax & Healthcare Legislation for 2013,” "Private Virtue and Public Vice: FATCA Draft Intergovernmental Agreements Released," Daily Tax Report, August 2012; Co-Author, "The Lady, or the Tiger: Making Informed Choices in 2013’s Uncertain Federal Income Tax Environment," Daily Tax Report, July 2012; "New U.S. Tax Regulations Change The Rules for Dividend Equivalents," Tax Notes, February 2012; Author, Difficulty in Every Opportunity: TAM 201142020 Provides Insights on Deemed Exchanges and Hedging, Daily Tax Report, November 2011; Co-author, "Sometimes a Vague Notion: The IRS Proposes to Update the Tax Rules for Swaps and Futures," Tax Notes, September 2011; "Mañana Is Good Enough for Me: IRS Staggers the Dates for FATCA Implementation," July 2011; "Train Kept A-Rollin': Notice 2011-34 Provides Second Set of Rules Under FATCA," May 2011; "Dealer's Choice: AM 2010-005 Pierces Option Contract to Find Ownership of Referenced Managed Account by Optionee," November 2010; "U.S. Internal Revenue Service's Initial Guidance on Financial Accounting Tax Compliance Act Rules," BNA International World Securities Law Report, October 2010; Passive-Aggressive: IRS Releases Initial Guidance on FATCA Rules (September 2010); When the Other Shoe Falls: IRS Notice 2010-46 Restricts The Application of Notice 97-66 for Cross-Border Securities Loans (June 2010); It's only Lunch; The IRS Moves One Step Closer to Requiring Narrative Tax Returns (February 2010); New IRS Audit Guidelines Target Equity Swaps with Non-U.S. Counterparties (January 2010).
Recent speaking engagements have included: Conference Co-Chair and Speaker, Cross-Border Equity Swaps and Equity- Linked Instruments,” BNA Hot Issues in Financial Products and Institutions, November 2014; “Taxation of Swap Contracts Option Contracts,” FRA Effective Hedge Fund Tax Practice Conference, November 2014; “Tax Issues Associated with Financial Products used in the Energy Industry,” BNA Energy Tax Conference, November 2014; “Recent Developments in the Taxation of Financial Products and Transactions,” Wall Street Tax Association Seminar, November 2014; “Tax and Accounting Issues,” PLI Advanced Swaps and Other Derivatives, October 2014; Taxation of Debt Instruments, OID, AHYDO Rules, Distressed Debt, Contingent Capital and the Final Cost Basis Regulations, Strafford Publication Taxation of Debt Instruments Webinar, July 2014; “the 871(m) Regulations on Dividend Equivalent Payments,” 29th Annual CBIT Spring Tax Day, June 2014; Institute of International Bankers Annual Seminar on U.S. Taxation of International Banks, June 2014; “Derivatives Tax Challenges: Navigating the Changing Tax Rules for Swaps and Futures,” Strafford Webinar, January 2014; Speaker, “Structured Dividend Received Deduction Transactions,” N.Y. State Society of Certified Public Accounts Annual Tax Conference, January 2014; Conference Co-Chair, “Panelist Derivatives Tax Challenges: Navigating the Changing Tax Rules for Swaps and Futures,” Strafford Webinar, January 2014; Speaker, “Structured Dividend Received Deduction Transactions,” Conference Co-Chair, “Hot Issues in the U.S. Taxation of Financial Products and Financial Institutions,” BNA/Bloomberg, November 2013; Panelist, “Recent Developments in the Taxation of Foreign Currency Transactions,” International Fiscal Association Annual Meeting (New York), February 2013; “The Rep. Camp Bill Affecting Financial Products,” American Bar Association Tax Section Annual Meeting; "FATCA Issues for Derivatives and Capital Markets, US Withholding Agents and US Branches of FFIs," Institute of International Bankers Tax Seminar, June 2012; "Highlights of the Newly-Proposed FATCA Due Diligence & Withholding Regulations," American Bar Association Tax Section Annual Meeting, May 2012; "The New Proposed and Temporary Regulations Affecting Dividend Equivalents," New York State Society of Certified Public Accountants Financial Instruments Section, May 2012; "Monetize Now, Pay Taxes Later?," American Bar Association Tax Section Webinar, April 2012; "Is It Treated as a Sale, Lease, Financing, Constructive Sale or Option?," American Bar Association Tax Section Annual Meeting, Sales, Exchanges and Basis Committee, February 2012; "Selected Issues Presented by the Proposed Dividend Equivalent Withholding Rules," Wall Street Tax Association Special Seminar, February 2012; "The New Withholding Tax Regulations for Dividend Equivalents," Committee of Banking Institutions on Taxation Special Presentation, February 2012; "Structures for In-Bound Real Estate Investments by Individuals," International Wealth Advisors Conference, January 2012; "Hot Issues in the Taxation of Financial Products" (Panels on hedging and equity derivatives).
Don Thompson is Managing Director and Associate General Counsel at JPMorgan Chase & Co. He is Co-Head of JPM's Regulatory Reform Practice Group in the Legal Department and Co-Chair of the ISDA Documentation Committee. Since 1985, he has represented JPM in its full range of derivatives activities, with a focus on regulatory, documentation and litigation matters. He is a frequent speaker at industry conferences and other forums on derivatives documentation and regulatory issues. He has testified before numerous Congressional Committees on the OTC swaps market and derivatives regulation and is leading the process of implementing Title VII of Dodd-Frank at JPMorgan. Don is on the Board of Directors of the National Futures Association, the self regulatory association for the futures and OTC swaps markets. Don is a graduate of Harvard Law School.
Jamila Piracci joined NFA in 2011 from the Federal Reserve Bank of New York, where she was an attorney with a primary focus on orderly liquidation authority and resolution planning under the Dodd-Frank Act, as well as on market and other developments pertaining to OTC derivatives. Prior to joining the Reserve Bank, Jamila spent nearly a decade advising a range of OTC derivatives market participants, including dealer banks, investment managers and energy firms. The focus of her transactional and advisory work was in the interest rate, commodity and credit derivatives areas, and she acted as deal counsel for structured derivative programs, including cash and synthetic CDOs and CLOs. Jamila also was an Assistant General Counsel at ISDA, where she chaired working groups developing market documentation and best practices primarily in the credit derivatives area. Jamila received her bachelor's degree from Harvard-Radcliffe College at Harvard University. She received her MBA from the S.C. Johnson Graduate School of Management at Cornell University and her JD from Cornell Law School. Jamila has written a number of articles and has spoken frequently on issues pertaining to OTC derivatives.
Kathryn M. Trkla is a partner at Foley & Lardner LLP. She works on a variety of matters for futures commission merchants and securities brokerage firms, institutional investors, professional trading firms, commercial hedgers, domestic and foreign exchanges, clearing houses, and other clients. Ms. Trkla has over 30 years’ experience in the derivatives and securities industries, including 11 years with the Chicago Board of Trade (CBOT) where she was senior vice president and associate general counsel before joining Foley in 2000. She is a member of the firm’s Securities, Commodities & Exchange Regulation Practice within the Securities Enforcement & Litigation Practice, and the firm’s Business Law Department and Energy Industry Team.
Ms. Trkla’s experience ranges from representing clients on matters before the Commodity Futures Trading Commission, Securities and Exchange Commission and self-regulatory organizations; analyzing regulatory proposals; counseling clients on the implications of legislative and rule changes; and providing general regulatory counsel. Her deep experience and background qualify her to provide a broad and unique perspective on the issues and regulations facing the financial markets and market participants.
Ms. Trkla is a Vice Chair of the ABA Derivatives & Futures Law Committee and Co-Chair of the ABA Part 190 Subcommittee, and a member of the FIA Law & Compliance Division Executive Committee.
Ms. Trkla received her J.D. from Northwestern University School of Law and her B.A. from the University of Chicago.
Kathryn M. Trkla
Foley & Lardner LLP
321 North Clark Street
Chicago, IL 60654-5313
Mary P. Johannes is the Senior Director and Head of the WGMR Implementation Initiative for the International Swaps and Derivatives Association, Inc. (ISDA) in Washington, D.C. and is responsible for the working groups tasked with the development of an industry standard initial margin model and the necessary documentation, infrastructure and market practices to implement the margin rules across jurisdictions. Prior to her work with the implementation of the margin rules, Ms. Johannes led ISDA's legislative advocacy and regulatory initiatives related to the Dodd –Frank Act.
Ms. Johannes has extensive experience representing financial services companies in Washington. She began her career as a regulatory counsel for the American Bankers Association and served as an enforcement attorney for the Federal Reserve Board. Ms. Johannes also served as the legislative manager for financial services at Ford Motor Credit Company, responsible for the development and implementation of federal and state legislative strategies. Prior to joining ISDA, Ms. Johannes was the director of federal agencies relations for Freddie Mac.
Ms. Johannes is a graduate of Hope College and received her JD from the Washington College of Law, American University.
Bill Curran works in Morgan Stanley's Institutional Compliance Department covering portions of the firm's Fixed Income, Repurchase and OTC Clearing businesses. Bill began his career at Morgan Stanley in 2005 and previously covered prime brokerage and securities lending. Prior to joining Morgan Stanley, Bill served as regulatory counsel for the American Stock Exchange and was in private practice as an attorney before that. Bill received his law degree from Seton Hall University School of law and his Bachelor of Arts in Political Science and Economics from Rutgers College.
David Z. Moss joined Purrington Moody Weil LLP as a Partner in March 2012. Prior to joining the firm, Mr. Moss was Senior Vice President & Counsel at D. E. Shaw & Co., L.P., where he managed the documentation group and for more than ten years handled a range of hedge fund and asset management trading agreements as well as regulatory matters relating to OTC derivatives.
Purrington Moody Weil is a boutique law firm representing primarily buy-side clients on investment management, corporate, regulatory and transactional matters. Mr. Moss' practice is primarily in OTC derivatives, prime brokerage, and futures; he handles both trading agreements and regulatory compliance matters in each of those areas. His OTC derivatives experience includes having represented the D. E. Shaw group on ISDA's Equity Steering Committee and as a voting member of the ISDA Credit Derivatives Determinations Committee. He acted as co-chair of the ISDA working group responsible for the Equity Derivatives Determinations Committee and was one of the primary buy-side negotiators in the 2011 ISDA Equity Derivatives Definitions project. He was also a member of the MFA's OTC Derivatives Regulatory Subcommittee as well as the FIA working group that drafted the OTC clearing addendum.
Mr. Moss received his J.D. from the UC Berkeley School of Law in 1994, where he was a member of the Order of the Coif, and his B.A. in economics from the University of California, Berkeley in 1991, where he graduated magna cum laude.
Harold S. Novikoff focuses on creditors' rights, bankruptcy, debt restructurings and financial market transactions, and is Chair of the Restructuring and Finance Department at Wachtell, Lipton, Rosen & Katz. Mr. Novikoff has more than 37 years of professional experience in repre-senting the principal creditors in major Chapter 11 cases and out-of-court debt restructurings; purchasers of financially distressed companies; and dealers and other market participants in connection with derivatives, repurchase agreements and other financial market transactions.
Mr. Novikoff has chaired and taught numerous continuing legal education and professional pro-grams on a broad spectrum of financial, creditors' rights and bankruptcy-related topics. He is a co-author of Collier on Bankruptcy, and an author of numerous published articles and outlines on bankruptcy-related topics.
Mr. Novikoff is a former chair of the Committee on Bankruptcy and Corporate Reorganization of the Association of the Bar of the City of New York, co-chair of the Capital Markets Committee of the National Bankruptcy Conference, a Commissioner of the ABI Commission to Study Chapter 11 Reform, a Fellow of the American College of Bankruptcy, and a member of the Steering Committee of the Board of Visitors of Columbia Law School.
Recent representations include the United States Treasury in the rescues of Fannie Mae and Freddie Mac, JPMorgan (the largest secured creditor) in the Lehman Brothers and MF Global bankruptcies, and major creditors of Collins & Aikman, KKR Atlantic and Pacific, Axon Financial, Victoria Finance, Northwest Airlines, HealthSouth, 360networks, Thornburg Mortgage, American Home Mortgage, GMAC Mortgage, Independent Wireless One, Looking Glass Networks, National Century Financial Enterprises, American Business Financial Services and Navigator Gas.
Mr. Novikoff received his bachelor's degree with Distinction from Cornell University. He received his Juris Doctor from Columbia University School of Law, where he was a member of the Columbia Law Review.
Sarah J. Lee is a Managing Director and Associate General Counsel at Bank of America Merrill Lynch in New York and is Global Head of Fixed Income Derivatives and Regulatory Reform in the Legal Department. Ms. Lee has been with Bank of America Merrill Lynch since 1996, spending six years in the London office and moving to New York in January 2003. Ms. Lee has very broad derivatives and regulatory experience and has worked most recently in the US and Europe on regulatory reform initiatives working with policymakers and regulators in Washington DC and Brussels. Ms. Lee is also an active member of many ISDA working groups for derivative products including credit, interest rates, FX and property derivatives. As an experienced industry practitioner, Ms. Lee is currently serving as one of the members of the ISDA Advisory Board to the ISDA Documentation Committee.
Ms Lee has been recognised in the industry for her leadership in her field of expertise winning the Global Counsel Award Individual of the Year 2011 for Regulatory Financial Services and most recently International Financial Law Review In-House Award at the Americas Women in Business Law Awards 2012. Ms Lee was also one of the 3 solicitors shortlisted in England and Wales as In House Solicitor of the Year 2011.
Prior to joining Bank of America Merrill Lynch, Ms. Lee was a solicitor at Denton Wilde Sapte during which time she spent eight months in their Tokyo office.
Ms. Lee received an LL.B. degree with honors from Kingston University, London, England.
Christine Trent Parker
Christine Parker is an associate in the Financial Institutions Group and the Commodities, Futures & Derivatives Group. Her practice involves a broad range of securities and derivatives-related regulatory and transactional matters. She regularly advises commercial banks, hedge funds, investment banks, trading companies, trading advisers, corporations and other types of clients on a variety of trading and regulatory issues relating to the implementation of Title VII of Dodd-Frank. Before joining Sullivan & Cromwell, she was legislative counsel to U.S. Senator Charles E. Schumer, where she focused on defense, energy and foreign policy issues. Christine is a graduate of Yale College and Yale Law School.
Douglas E. Harris is a Managing Director in the New York office of Promontory Financial Group, L.L.C., where he advises on derivatives and capital markets regulatory, compliance, and risk management issues. Formerly, he was the General Counsel and Chief Operating Officer of BrokerTec Futures Exchange, L.L.C. and BrokerTec Clearing Company, L.L.C. Before joining BrokerTec, Mr. Harris was a partner in the Regulatory Risk Services and Derivatives and Treasury Risk Management Groups at Arthur Andersen LLP. From 1993 to 1996, he held the position of Senior Deputy Comptroller for Capital Markets at the Office of the Comptroller of the Currency. Previously, Mr. Harris served as Assistant General Counsel of JPMorgan and General Counsel of JPMorgan Futures, Inc.
Mr. Harris is a Director of the National Futures Association, the self-regulatory organization for the U.S. derivatives industry, where he serves on the Executive Committee, the Audit Committee and the Compliance and Risk Committee. He is also a member of the Bar Association of the City of New York; the New York State Bar Association (Structured Products and Derivatives Law Committee); the American Bar Association (Derivatives & Futures Law Committee); the Law & Compliance Division of the Futures Industry Association; and the Financial Markets Association. He recently served on the CFTC’s Technology Advisory Committee.
Mr. Harris is a former Chairman of Career Gear, a not-for-profit organization that provides work and interview-appropriate clothing for low-income men entering the workforce, and a current director of SAGE (Services and Advocacy for GLBT Elders).
Mr. Harris earned a J.D. from Harvard Law School and an A.B. (with honors) from Harvard College.
Gary Barnett is a Deputy Director in the Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), where he is responsible for broker dealer and security based swap dealer oversight, including capital, margin and segregation rules, governance and risk management; derivatives policy; certain trading practices; and Volcker.
Prior to joining the SEC, Mr. Barnett was the Commodity Futures Trading Commission's Director of the Division of Swap Dealer and Intermediary Oversight. There he established the swap dealer registration and compliance programs, led the responses to the FCM and RFED crises following MF Global, including the reorientation of the exam program and the creation and adoption of the FCM customer protection rules, and formed DSIO's funds team and led many of its key initiatives.
Before joining the CFTC in 2011, he was a partner and head of the U.S. Derivatives and Structured Finance Practice Group at Linklaters LLP. Prior to Linklaters, he was a partner and co-head of the Securitization and Derivatives Practice at Shearman & Sterling LLP.
Mr. Barnett was an adjunct professor of law and taught Derivatives Regulation at Cornell Law School from 2012 through 2015, chaired PLl's annual conference on New Developments in Securitization from 1995 through 2010, and is a member of the New York, California and Oklahoma bars.
Geoffrey B. Goldman is a partner in the New York office of Shearman & Sterling LLP. Mr. Goldman’s practice focuses on derivatives, structured products and financial regulation. He has extensive experience with structuring and documenting over-the-counter derivatives transactions, particularly credit and equity derivatives. He has represented clearinghouses, trading facilities, repositories and other infrastructure providers for derivatives transactions and has advised industry groups in developing industry-standard documentation for derivative products. He regularly provides advice with respect to commodities, securities and other regulatory issues related to derivatives and other financial products.
Mr. Goldman also has broad experience representing issuers and underwriters of synthetic and cash-flow collateralized debt obligation transactions. He has advised clients on structuring public and private commodity pools. Clients include major U.S. and foreign financial institutions, clearing organizations and trading facilities, derivatives infrastructure providers, corporate users of derivatives, hedge funds and industry groups.
Columbia Law School, J.D., 1996
Stanford University, A.B., 1993
Laura Schisgall is General Counsel at Societe Generale Americas in New York City. In this role, she is responsible for the legal and compliance teams. She has been with SG since 2008. Prior to being appointed as General Counsel, Laura managed the legal team that covered the derivatives, structured products and sales and trading businesses at SG. Laura is also in charge of the legal aspects of Dodd-Frank implementation at SG. Before joining SG, Laura was General Counsel of the New York legal department at ABN AMRO, where she spent seven years in a variety of roles. Prior to her time at ABN AMRO, Laura was in the Legal Department of Chase Bank, where she worked mainly on equity derivatives transactions. Laura commenced her legal practice at the law firm of Debevoise & Plimpton years, where she spent six years doing securities and M&A work. Laura is a graduate of Columbia University School of Law and a Phi Beta Kappa graduate of Vassar College.
Lauren Teigland-Hunt is Managing Partner at Teigland-Hunt LLP. Her practice focuses on both OTC and listed derivative transactions as well as physical commodity and securities trading. She has extensive experience representing hedge funds, asset managers, multinational corporations and financial institutions, exchanges and clearinghouses, swap data repositories and trade associations in a wide range of trading matters and products, including fixed income, credit, equity, foreign exchange and commodity instruments.
Having advised on the development of some of the first clearing platforms for swaps, she is one of the industry’s leading experts in swap clearing. She also actively advises and advocates for clients with respect to rules promulgated under the Dodd-Frank Act and other matters related to derivatives reform and U.S. commodities law and regulation. In recent years she has acted as counsel to several ISDA drafting committees and served as chair of the OTC Derivatives Subcommittee of the American Bar Association.
Prior to founding Teigland-Hunt LLP in 2002, Lauren was an attorney at Sullivan & Cromwell LLP in the firm’s Commodities, Futures and Derivatives Group (1996-2002) and worked as a futures trader and banker in New York and Paris (1986-1993). She graduated with honors from both Stanford Law School (J.D. 1996) and Georgetown University (A.B. 1986).
Locke McMurray's practice is focused on complex financial products across their entire life-cycle, including product development, transaction structuring, documentation, regulatory advice, pre-litigation counseling, dispute resolution and bankruptcy.
Prior to joining Jones Day, Locke spent fifteen years in-house at a number of prominent financial institutions. Most recently, Locke served as the lead bankruptcy lawyer for derivatives at the Lehman Brothers Chapter 11 estates, where he spear-headed the development of novel legal strategies concerning the resolution of derivatives transactions in bankruptcy. Previously, Locke was the global head lawyer at Merrill Lynch for fixed income and equity derivatives as well as for a variety of other product areas, including rates, repurchase transactions, securitization, asset-backed lending, commercial and residential real estate, principal investments and physical commodity trading. He also served as head of Capital Markets Legal at BNP Paribas in New York, where he held regional legal responsibility for sales and trading and investment banking.
Locke spent the first part of his career practicing bankruptcy and commercial law in Boston and New York, where he worked on bankruptcies in the health care, steel, natural gas distribution, real estate, insurance, retail, financial services, telecommunications, municipal and aviation sectors. He has substantial experience in rendering legal opinions on close-out netting, security interest perfection, “true sale” and substantive consolidation. He has documented secured loan facilities in multiple industries, and has represented the United States in global commercial law reform initiatives.
Matthew Stevens, a principal in the Capital Market group within International Tax Services at Ernst & Young LLP, handles planning and controversy matters regarding the U.S. federal income tax consequences of transactions, specializing in the design, structuring and implementation of domestic and international financial transactions. He advises commercial banks, hedge funds, life settlement funds, high net worth individuals (both U.S. and non-U.S.) and foreign and domestic multinational corporations.
Matthew serves as chair of the annual Practicing Law Institute program “Taxation of Financial Products and Transactions.” He has served as chair of the Financial Transactions Committee of the Tax Section of the District of Columbia Bar, and as the chair of the Financial Transactions Committee of the Tax Section of the American Bar Association. He has co-taught the Georgetown University Law Center class entitled “United States Taxation of International Income – II.” He has published a number of articles dealing with international aspects of U.S. income tax and with the taxation of financial products and transactions. Matthew is listed in Chambers USA: America’s Leading Lawyers for Business. From 2002 to 2004, Matthew served as special counsel to the Chief Counsel for the Internal Revenue Service. There, he advised the Chief Counsel regarding published guidance on a wide range of tax issues involving financial products and cross border transactions.
Harvard University (J.D., 1990)
University of Kansas (B.A., 1987)
Michael Bopp is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher. He is Co-Chair of the Public Policy Practice Group and chairs the firm’s Financial Markets Crisis Group. Mr. Bopp’s practice focuses on public policy and regulatory consulting, particularly in the financial institutions field, and congressional, internal corporate, and other government investigations.
Mr. Bopp engages in high-level, strategic policy and related regulatory work on a variety of issues. He has focused significantly over the past 5 years on the financial markets crisis and financial regulatory reform issues. He has helped numerous clients navigate through the crisis, working with Congress and the Administration on regulatory reform legislation and helping to shape new regulatory requirements promulgated as a result of the Dodd-Frank Act. Mr. Bopp also has counseled numerous companies in complying with Dodd-Frank Act requirements.
Mr. Bopp helped to create and run the Coalition for Derivatives End-Users, which has approximately 300 active company and trade association members. The Coalition works on both legislative and regulatory fronts to help protect interests of end-user companies in the debate over appropriate regulation of derivatives and has been an influential participant in these processes.
From 2006-2008, Mr. Bopp served as Associate Director of the Office of Management and Budget in the White House, and was responsible for overseeing budgets and coordinating regulatory, legislative, and other policy for approximately $150 billion worth of spending for various government agencies, including the Departments of Treasury, Homeland Security, Transportation, Justice, Housing and Urban Development, and Commerce, the General Services Administration, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
From 2003 to 2006, he served as Staff Director and Chief Counsel of the Committee of Homeland Security and Governmental Affairs, one of the Senate’s largest committees and most expansive in terms of jurisdiction. He oversaw more than 100 hearings, led numerous investigations and was a primary drafter of key legislation, including the Intelligence Reform and Terrorism Prevention Act of 2004, the most significant reform of the intelligence community in more than 50 years, and 2006 legislation strengthening port security and overhauling the Federal Emergency Management Agency. He also directed a 50-person investigation of the failure of preparations and response to Hurricane Katrina. The investigation included 22 hearings, 325 witnesses, more than 800,000 pages of documents and an 800 page report.
Mr. Bopp served as Legislative Director and General Counsel to Senator Susan Collins of Maine from 1999 to 2003. He was Chief Counsel to the Subcommittee on Oversight and Investigations of the Committee on Education and the Workforce in the U.S. House of Representatives from 1998 to 1999, where he investigated alleged improper activities undertaken by Teamsters’ officials. Before that, he worked on the Congressional investigation of campaign finance abuses as senior investigative counsel to the House Committee on Government Reform and Oversight and as counsel for the Senate Committee on Governmental Affairs. He also previously served as counsel on the Senate Permanent Subcommittee on Investigations. Mr. Bopp served as outside general counsel to the campaign to re-elect Senator Susan Collins.
Mr. Bopp received his law degree cum laude in 1992 from Harvard Law School where he was Articles Editor on the Journal of Law and Public Policy. He graduated magna cum laude, with honors, in public policy from Brown University in 1987.
Rick Ostrander is a Managing Director in BlackRock’s Legal and Compliance Department. Rick is the global head of legal coverage for Trading and Investments. He has responsibility for legal coverage and documentation of OTC derivatives, cleared derivatives, futures, repo, prime brokerage and securities lending, as well as legal coverage of trading in equities, bonds, loans and structured products. Rick is actively involved in the Firm’s advocacy, assessment and implementation of regulatory changes affecting trading and derivatives. Rick joined BlackRock in the Fall of 2011.
Prior to joining BlackRock, Rick was the global legal coverage head for Morgan Stanley’s Institutional Fixed Income Division. Rick spent over 13 years at Morgan Stanley covering a variety of fixed income structured products, derivatives and cash trading desks. Prior to joining Morgan Stanley, Rick was an associate at Cleary Gottlieb in New York.
Rick received a B.A. from Hamilton College in 1988 and an MBA and JD from Stanford University in 1995.
William C. Thum is a Principal of The Vanguard Group in Valley Forge, PA, and Global Head of the Derivatives Legal and Regulatory Practice Group. He serves on Vanguard’s Culture and Inclusion Committee as well as on the Award for Excellence Crew recognition committee. Mr. Thum chairs the Steering Committee of SIFMA’s Asset Management Group and the Investment Company Institute’s Derivatives Market Advisory Committee and is a contributor to industry initiatives and speaker at ISDA, SIFMA, ICI and other conferences. He has written numerous articles on derivatives issues and works with global regulators, trade associations and service providers in developing the new global architecture and regulatory framework for derivatives.
Prior to joining Vanguard in 2010, Mr. Thum was a partner with Fried, Frank, Harris, Shriver & Jacobson LLP where he concentrated on derivatives regulatory issues and trading agreements. From 1998 to 2007, he was head of institutional securities documentation at Morgan Stanley. Previously, he held similar positions at UBS and BNP Paribas in New York and at Kleinwort Benson in London and was involved in the drafting of the foundational derivatives master agreements and product definitions.
Mr. Thum received his JD from The American University, Washington College of Law and his BA in International Relations and Economics from Bucknell University. He is admitted to the bar in New York and Pennsylvania.
As Deputy Director, Mr. Remmler supervises the CFTC branch responsible for addressing registration and compliance of intermediaries including in particular implementation of swap dealer regulations. Among other activities, his branch provides guidance to the Commission and market participants; drafts regulations, advisories and no action letters; and coordinates the CFTC’s Volcker Rule implementation. Mr. Remmler has also lead or participated in drafting numerous new regulations since the adoption of the Dodd-Frank Act.
Prior to joining the CFTC in 2010, Mr. Remmler practiced law in the capital markets for 18 years at major law firms with a focus on over-the-counter derivatives and structured finance. In that capacity, he structured and negotiated hundreds of swap agreements and developed new derivatives products.
Mr. Sackheim concentrates on derivatives regulatory, transactional and enforcement matters.
Memberships and Affiliations
Past Chair, New York City Bar Derivatives Regulation Committee.
Managing Editor, Futures & Derivatives Law Report (Thomson Reuters, publ.).
Member, Thomson Reuters: Governance, Risk and Compliance, Business Law Partner Advisory Board.
Member, Futures Industry Association, Law & Compliance Division.
**Note – Joshua Cohn retired from partnership at Mayer Brown this summer
Josh Cohn is the head of **Mayer Brown's US Derivatives & Structured Products practice and co-leader of the global Derivatives & Structured Products practice. He concentrates his practice on derivatives and has extensive experience as US counsel to the International Swaps and Derivatives Association (ISDA), and represents dealers and end-users in a wide range of transactions.
Prior to joining Mayer Brown from Allen & Overy, Josh was the Derivatives Counsel at Cravath Swaine & Moore in New York; Senior Vice President and General Counsel at DKB Financial Products, Inc.; First Vice President and Counsel at Security Pacific National Bank; an Associate at LeBoeuf, Lamb, Leiby & Macrae; and a Law Clerk at the US Court of Appeals - Ninth Circuit.
Josh is listed for derivatives law in The Best Lawyers in America while the IFLR 1000 and The Legal 500 list Josh as one of the world’s leading derivatives lawyers. Josh has been ranked in band 1 of Chambers USA since 2008. In 2014, Chambers USA characterized Josh as a "derivatives oracle," and in 2013, as a "luminary." In 2012, Chambers Global published clients describing Josh as having “an almost encyclopedic knowledge of the derivatives market.” In 2010, sources noted his “great depth of experience and understanding of market trends.” In 2008 and 2009, clients noted he “…is one of the greats in derivatives because of his extensive knowledge" and that he is “doubtless one of the best derivatives lawyers in the world.”
Christopher L. Ramsay is Deputy General Counsel and Head of Global Transaction Management at Citadel LLC, headquartered in Chicago, Illinois. Prior to joining Citadel, Mr. Ramsay was Senior Counsel and Head of Compliance at CDC Investment Management Corporation in New York, NY. Mr. Ramsay was previously an Associate General Counsel at Barclays Capital, the investment banking division of Barclays Bank PLC, in New York, NY.
Mr. Gottlieb is Counsel of DDR. He is also Vice President, Senior Counsel of DTCC. Mr. Gottlieb joined the Legal Department of DTCC in 2011. He brings over 30 years of experience in the financial services industry serving in various capacities with several leading firms with subject matter expertise in derivatives and capital markets. Among the positions he has held include: Managing Director and Chief Operating Officer of RBC Capital Markets Corporation, a full service broker-dealer and futures commission merchant; Executive Director of Cleary Gottlieb Steen & Hamilton; Deputy General Counsel of PaineWebber Incorporated; Partner and Chair of the Derivatives Products Practice Group of Seward & Kissel; Special Counsel-Commodities, Futures and Derivative Products of Skadden, Arps, Slate, Meagher & Flom; Commodity Counsel of Morgan Stanley & Co. Incorporated; and Vice President of Market Regulation of the Chicago Mercantile Exchange, where he was responsible for the Exchange's compliance and surveillance activities. Mr. Gottlieb was also a member of the Board of Trade of the City of Chicago where he traded financial futures for his personal account.
Mr. Gottlieb received his B.A. degree from Hobart College in 1976 and his J.D. and M.B.A. degrees from Washington University in St. Louis in 1980. Mr. Gottlieb is licensed in New York and Illinois, previously held his Series 7,9,10 and 24 security licenses and was formally a member of the NYSE, AMEX, CBOT and CME. Mr. Gottlieb has lectured extensively on derivatives and regulatory matters, has authored 17 publications and served as an Adjunct Professor in the Financial Engineering program at Polytechnic Institute of New York.
Pen Starke is the Assistant General Counsel for Receivership Section in the FDIC's Legal Division. He has worked on receivership operations issues at the FDIC during the past 20 years and specialized in the treatment of qualified financial contracts in FDIC receiverships since FIRREA. In 2010, he worked with congressional staff on the orderly liquidation authority leading up to the passage of the Dodd-Frank Act and is responsible for the ongoing implementing the FDIC's regulations on the OLA.
Kevin is currently Deputy Director of the Examinations Branch of the Division of Swap Dealer and Intermediary Oversight at the Commodity Futures Trading Commission. In this role, Kevin is responsible for examination oversight of all futures and swaps intermediaries and the self-regulatory organizations registered with the CFTC. In addition, Kevin is a member of the customer protection rule team and participates in a number of areas, helping to establish the rules and regulations that govern the financial institutions conducting business in these markets, overseeing the self-regulatory organizations that oversee the markets for these products and assisting in the implementation of certain aspects of the recently legislated Dodd-Frank Act on swap dealers and swap market participants.
Kevin joined Tradeweb in 2009 as its Chief Financial Officer. In his capacity as CFO, Kevin was responsible for Tradeweb’s financial strategy and day-to-day financial and accounting operations. Kevin oversaw the Company’s global finance, treasury, tax, management reporting and regulatory reporting functions. He reported to the CEO and served on the Company’s Executive Committee.
Kevin joined The Bank of New York Mellon Corporation in May 2001 as the Chief Auditor of the Company responsible for the global audit function. He was later promoted to Executive Vice President where he was responsible for managing the Corporate Consulting Group which assisted the businesses enhance revenue, assess strategy and reengineer process flows. The group consists of former senior level consultants and business people who understand the Company’s business and that of its’ competitors. Kevin was a member of the Company’s Operating Committee, Senior Risk Oversight Committee, Capital Allocation Committee, and sensitive Issues Oversight Committee.
Prior to the Bank, Kevin was the Managing Director and Chief Financial Officer of Cantor Fitzgerald, responsible for the Firm’s Global Accounting, Regulatory, Management Reporting and Treasury functions. Kevin was also the Senior Vice President and Chief Financial Officer of eSpeed, Inc. (a majority owned NASDAQ listed subsidiary of Cantor), where, along with the above responsibilities, he was also responsible for Investor Relations. Prior to joining both Cantor and eSpeed in the fall of 1999, Kevin was a Managing Director and Chief Financial Officer at Greenwich Capital Holdings, Inc., a subsidiary of National Westminster Bank. Kevin’s responsibilities included the global accounting, tax, and regulatory reporting areas of the Firm. Prior to joining Greenwich in April 1992, Kevin was an audit partner at Coopers & Lybrand and Co-Head of the Firm’s Derivative Products Practice. He received a BS degree in Accounting from Fairfield University in 1979. Kevin has written numerous books and periodicals on the financial service industry covering topics including risk, accounting issues, and AICPA Accounting and Audit Guides. Kevin is a NASD Series 24 FinOp, was a member of the AICPA Accounting Standards Executive Committee Financial Instruments Task Force, AICPA Stock Brokerage Committee, and the SIA Risk Assessment Committee. He is also on the Fairfield University Dolan School of Business Executive Committee and the Boy Scouts of America Northern NJ Council Executive Committee.
Noah has experience representing leading financial institutions, hedge funds, investment managers, insurers and other large corporates in connection with a wide variety of plain vanilla and exotic derivatives (e.g. IR, FX, commodity, equity, credit, fund-linked, etc.); repos and securities lending arrangements; prime brokerage arrangements and related documentation; CLNs and structured products; securitization (e.g. whole business and receivables), repackaging and related matters.
Noah has provided advice in respect of a variety of asset types, including, commodities (base metals, bullion, grain, oil, natural gas, carbon credits, etc.); fund-linked products; power and energy bonds; airplanes; municipal bonds; credit cards; trade receivables; CDOs (all varieties), CLOs, RMBS and CMBS, and repackaging of same; as well as various other structured finance and derivatives matters.
Noah has acted as deal counsel and review counsel on numerous cash, hybrid and synthetic CDOs (bespoke single tranche, multi-tranche and complex hypothetical capital structures) CDO2s and CLOs.
Noah has advised a wide array of sophisticated multinational clients in respect of risk mitigation, prime broker/counterparty insolvency risk, and various other matters relating to central counterparty clearing, netting and protected contracts and related security arrangements under the U.S. insolvency regime. Recently, Noah advised a consortium of leading OTC derivatives dealers in connection with the structuring of an intermediated client clearing platform for interest rate swaps through one of the world's largest clearinghouses.