Derivatives + Commodities Regulation


Derivatives and commodities markets are subject to a new multifaceted regulatory regime that is vast in scope and daunting in its complexity. Its multiple sources – such as the Dodd-Frank Act (including Title VII, the Volcker rule, SIFI regulation and new capital requirements), the EU EMIR regime (and related MiFID regulations), new BASEL III requirements and heightened enforcement by the FERC and CFTC – present market participants with immense challenges. Financial institutions (whether global, national or regional), commodities dealers, FCMs and broker-dealers, fund sponsors, traders and commercial end-users are all affected in different, often unanticipated, ways.

Through our integrated Derivatives and Commodities Regulatory practice, Morrison & Foerster offers our clients a comprehensive approach to address this entangled regulatory universe. Assisting our clients with regulatory compliance and registration is a core focus for the diverse team of expert lawyers in this practice, including practitioners with expertise in all segments of the U.S. bank regulatory regime, the Commodity Exchange Act and related CFTC practice and FERC regulation and compliance. Our European offices, through our derivatives regulatory team headquartered in London, afford our clients full capabilities to address concerns under EMIR and MiFID. Given the parallel CFTC-SEC regulatory regimes established by Title VII of the Dodd-Frank Act, our prominent SEC regulatory practice group works in tandem with the Derivatives and Commodities Regulatory team to ensure coverage of the entire Title VII landscape.

Beyond its work on compliance and registration, our Derivatives and Commodities Regulatory team functions as a critical component in many transactions vital to our clients' businesses. The expanded regulatory universe heightens the need for transactional lawyers to coordinate with regulatory experts in structuring and negotiating deals. The Derivatives and Commodities Regulatory team members are regular and essential participants in a broad spectrum of our work, ranging from loan transactions, project financings, fund formations and investments and acquisitions (particularly in the energy and renewable space) to physical commodity supply, offtake and hedging arrangements. Equally important is the critical support that our Derivatives and Commodities Regulatory team provides to our litigation and enforcement colleagues, whose work ranges from FERC, CFTC and/or SEC enforcement actions and investigations to civil and criminal litigation with a particular focus on the financial services and energy industries. Whether the focus is compliance with the new regulations; assisting on transactions; or working on enforcement, compliance or litigation matters, our Derivatives and Commodities Regulatory team provides our clients with a distinct, comprehensive and integrated skill set critical to the challenges they now confront.

Chambers Asia-Pacific 2017 
Asia-Pacific: Capital Markets: Equity
China: Capital Markets: Equity: International Firms
Japan: Banking & Finance: International Firms
Japan: Capital Markets: Domestic
Japan: Capital Markets: International: US Law


Chambers Global 2017
Global-wide: Capital Markets: Equity
Asia-Pacific: Capital Markets: Equity
China: Capital Markets: Equity: International firms
Japan: Capital Markets: Domestic
Japan: Banking & Finance: International Firms
Japan: Capital Markets: International: US Law
United States: Capital Markets: Debt & Equity
United States: Capital Markets: Derivatives


Chambers UK 2017
Debt Capital Markets


Chambers USA 2016
National: Capital Markets: Debt & Equity
National: Capital Markets: Derivatives
National: Capital Markets: REITS
National: Capital Markets: Securitization (Individual Partners Ranked)


Derivatives Week 2013
European Law Firm of the Year


EQDerivatives Awards 2016
Equity Derivatives Law Firm of the Year


Euromoney: The Cover Awards 2012
Editor’s choice for most innovative deal – First SEC-registered Covered Bond (Royal Bank of Canada)


Financial Times: US Innovative Lawyers
Overall winner of the Innovation in Social Responsibility category, 2016
One of four firms ranked “Standout” in the category of New Products and Techniques, 2016
One of four firms ranked “Standout” in the category of Enabling Clients Business, 2015
One of five firms ranked “Standout” in the category of Finance, 2012


GlobalCapital Americas Derivatives Awards 2015, 2016
Americas Law Firm of the Year


GlobalCapital Global Derivatives Awards 2016
Global Law Firm of the Year


GlobalCapital Syndicated Loan, Leveraged Finance and Private Placement Awards 2015
Private Placements Law Firm of the Year


IFLR1000 2017
China: Private Equity – Foreign Firms
Hong Kong: Capital Markets: Equity
Hong Kong: Capital Markets: Debt
Japan: Capital Markets: Equity
Japan: Capital Markets: Equity Foreign Firms
Japan: Capital Markets: Debt
Japan: Capital Markets: Debt Foreign Firms
United States: Capital Markets: Debt
United States: Capital Markets: Equity
United States: Capital Markets: Derivatives
United States: Capital Markets: Structured Finance and Securitisation
United Kingdom: Capital Markets: Debt
United Kingdom: Capital Markets: Derivatives


IFLR Americas Awards
Structured Finance and Securitisation Deal of the Year, 2013
Structured Finance and Securitisation Team of the Year, 2015


Legal 500 Asia-Pacific 2015
Japan: Capital markets: International firms and joint ventures
Hong Kong: Capital markets (debt)
Hong Kong: Capital markets (equity)


Legal 500 UK 2016
Debt Capital Markets
Derivatives and Structured Products


Legal 500 US 2016
National: Capital Markets: Debt Offerings: Advice to Issuers
National: Capital Markets: Debt Offerings: Advice to Managers
National: Capital Markets: Equity Offerings: Advice to Issuers
National: Capital Markets: Equity Offerings: Advice to Managers
National: Capital Markets: Global Offerings: Advice to Financial Institutions
National: Capital Markets: Global Offerings: Advice to Corporates
National: Structured Finance


M&A Advisors Awards 2012
Debt Financing Deal of the Year – First-ever U.S. Registered Covered Bond (Royal Bank of Canada)


mtn-i Americas Awards 2013
Legal Leader


Operational Risk & Regulation Awards 2013
Law Firm of the Year


StructuredRetailProducts.com 2012, 2013, 2014, 2015
Best Law Firm in the Americas


Structured Products magazine 2006, 2007, 2009, 2011, 2012, 2014, 2016
Law Firm of the Year, Americas


Thomson Reuters Accelus Compliance Awards 2012, 2014
One of Five Firms Shortlisted for Best Regulatory Law Firm of the Year


U.S. News – Best Lawyers® Best Law Firms 2017
National: Derivatives and Futures Law (Tier 1)
National: Securities/Capital Markets Law (Tier 1)
National: Securitization/Structured Finance Law 
National: Securities Regulation (Tier 1)
National: Banking and Finance Law (Tier 1)

Robert S. Fleishman
Senior Of Counsel
Washington D.C.
(202) 887-8768

Julian E. Hammar
Of Counsel
Washington D.C.
(202) 887-1679

David H. Kaufman
Partner
New York
(212) 468-8237

GlobalCapital Derivatives Awards
Global Law Firm of the Year, 2016

Americas Law Firm of the Year, 2015 and 2016



"Innovative derivatives products and transactions, in addition to its ability to restructure complex structured product transactions..."
(Derivatives Week 2013)


The 2013 Global Derivatives Awards - European Law Firm of the Year - Morrison & Foerster


IFLR1000 2016 ranks MoFo's derivatives practice as a leading national practice


U.S. News Best Law Firms: Tier 1 national practice in Derivatives and Futures Law

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