Michael M. Philipp

Michael has also been involved in a number of first-of-their-kind regulatory developments, including obtaining regulatory permission for the first swaps clearing house—well in advance of the Dodd-Frank swaps clearing mandate—and obtaining US Commodity Futures Trading Commission (CFTC) and US Securities and Exchange Commission (SEC) approval of a portfolio margining program involving SEC and CFTC products. He works with clients on matters related to Commodity Exchange Act, Securities Act, CFTC, SEC, National Futures Association (NFA), and exchange regulatory and enforcement-related issues. These issues include trade practices, swap clearing and reporting, registration of swap execution facilities (SEFs), futures exchanges, clearing organizations, and swap data repositories (SDRs); retail commodity and FX transactions; and futures commission merchant (FCM), introducing broker, swap dealer, commodity pool operator (CPO), and commodity trading advisor (CTA) registration and compliance, as well as regulation and licensing issues relating to digital assets. Michael conducts internal compliance investigations and represents clients in exchange, CFTC, NFA, and state inquiries, examinations, and proceedings, including matters involving allegations relating to disruptive trading practices, such as spoofing and market manipulation.

Michael advises clients on establishing or investing in funds or operating companies focused on commodities such as gold; energy, agricultural, and environmental products; and virtual currencies and other digital assets. He also helps clients maximize their opportunities and limit their legal risks in a frequently shifting regulatory environment, develops legally compliant structures, and provides counsel to anticipate and prepare for potential compliance requirements and legal and regulatory changes.