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John J. O'Brien

John J. O'Brien

Partner

john.obrien@morganlewis.com

Philadelphia Phone +1.215.963.4969 Fax +1.215.963.5001

1701 Market St.//Philadelphia, PA 19103-2921//United States

John J. “Jack” O’Brien counsels registered and private funds and fund managers in connection with organizational, offering, transactional, and compliance matters. He regularly works with a variety of different fund structures, including open-end and closed-end funds, exchange-traded funds, and hedge funds. He also counsels investment adviser and broker-dealer clients on various matters, particularly with respect to registration and disclosure, marketing regulations, pay-to-play issues, and transactions in exchange-traded funds.

Awards and Affiliations

Named, Rising Star of Mutual Funds, Mutual Fund Industry Awards 2019

Member, ETF Law Firm of the Year, ETF.com (2019)

Member, Best ETF Legal & Compliance Firm, ETFexpress (2019)

Member, Practice Group of the Year, Asset Management, Law360 (2017)

Member, Philadelphia Bar Association

Associate, Villanova Law J. Willard O'Brien American Inn of Court (2010–2014)

Director and Treasurer, Philadelphia VIP, Inc. (2011–2016)

Arthur J. Kania Prize in Professional Ethics, Villanova School of Law (2008)

Dorothy Day Service Award, Villanova School of Law (2008)

Next Generation Lawyer, Investment fund formation and management: Mutual/registered/exchange-traded funds, The Legal 500 US (2018)

Recommended, The Legal 500 US (2016)

Named, Lawyers on the Fast Track, The Legal Intelligencer (2017)

Named, On the Rise – Top 40 Young Lawyer, American Bar Association (2017)

Admissions

New Jersey
Pennsylvania

Education

University of Illinois, 2005, B.S.
University of Illinois, 2005, B.A.
Villanova University, 2008, M.B.A.
Villanova University School of Law, 2008, J.D., Cum Laude

Sectors

Financial Services
Technology
Investment Funds
Banking

Services

Capital Markets and Public Companies
Investment Management
Registered Funds

Regions

North America

Trending Topics

MiFID II Resource Center

Events

2/24/2021 - Morgan Lewis Hedge Fund University™ and the Global Sponsor Forum – The SEC’s New Marketing Rule: Private Fund Perspectives

1/7/2021 - Fund Derivatives Rule: What Boards and Managers Need to Know

1/5/2021 - The SEC's New Marketing Rule

12/18/2020 - Registered Funds Trends and Developments Quarter in Review Series – Dec 2020

9/24/2020 - Recent Innovations in Registered Fund Products

9/23/2020 - Registered Funds Trends and Developments: Quarter in Review Series

4/30/2020 - Registered Funds Trends and Developments: Quarter in Review Series

4/30/2020 - Registered Funds Trends and Developments: Quarter in Review Series

3/10/2020 - 2020 SEC and FINRA Enforcement and Examination Trends

12/16/2019 - Major (Potential) Changes to the Regulation of US Private Fund Marketing – Webinar

12/5/2019 - Major (Potential) Changes for Marketing Advisory Products and Services

10/30/2019 - The New ETF Rule

10/8/2019 - The New ETF Rule and its Impact on APs and Market Makers

9/20/2019 - 2020 Global Investment Performance Standards: What You Need to Know

6/26/2019 - Current Legal and Compliance Issues Affecting ETF APs and Market Markers

2/8/2019 - Advertising Investment Products and Services

1/31/2019 - Advertising: Advisers, Broker-Dealers, and Funds

1/31/2019 - The Custody Rule

3/19/2018 - The Changing Landscape of Exchange-Traded Products

1/30/2018 - Advertising: Advisers, Broker-Dealers, and Funds

12/14/2017 - Asset Managers: A New Era of Regulation?

10/5/2017 - 2017 Annual Private Fund Investors Roundtable

4/4/2017 - 2017 SEC Examination and Enforcement Trends Webinar

3/16/2017 - 2017 SEC Examination & Enforcement Trends Road Show – Chicago

9/21/2016 - 2016 Annual Private Fund Investors Roundtable

7/14/2016 - Brexit: Implications for US Asset Managers (with MMI)

7/8/2016 - Brexit Implications for US Asset Managers (with IAA)

6/9/2016 - Ninth Annual Advanced Topics in Hedge Fund Practices: Manager and Investor Perspectives

3/3/2016 - 2016 SEC Examination and Enforcement Trends Roundtable Road Show – Philadelphia

3/1/2016 - 2016 SEC Examination and Enforcement Trends Roundtable Road Show – Boston

7/10/2015 - New Reporting on Form ADV Part 1A: What You Need to Know about the SEC’s Proposed Changes

4/30/2015 - Money Market Reform: Four Key Questions for Plan Sponsors

4/7/2015 - Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements

12/4/2014 - Are Non-Transparent ETFs and ETMFs the “Next Big Thing”?

10/2/2014 - SEC Overhauls Money Market Fund Regulations

2/20/2014 - Impact of the Volcker Rule

9/26/2013 - The JOBS Act: What Does it Mean for Your Business?, presented by P&I Custom Media Group

7/25/2012 - Morgan Lewis Hedge Fund University™ Webinar Series: Form PF: What You Need to Know

News

8/17/2020 - SEC Proposes Prospectus and Fund Doc Reforms, Ignites

4/16/2019 - Morgan Lewis Partners Named Mutual Fund Industry Rising Stars

4/25/2017 - Morgan Lewis Partner Named to The Legal Intelligencer’s Lawyers on the Fast Track

7/30/2015 - Morgan Lewis Elects 24 Lawyers to the Partnership

Publications

February 2021 - Modernizing Regulation of Performance Advertising: SEC’s New Marketing Rule Provides Greater Leeway and Transparency But Potential Traps Remain, Wall Street Lawyer

1/4/2021 - The SEC’s New Marketing Rule: Key Takeaways for Advisers

12/14/2020 - SEC Modernizes Framework for Fund Valuation Practices

11/4/2020 - New SEC Rule Will Regulate Registered Fund Investments in Derivatives

10/15/2020 - SEC Adopts Comprehensive Framework for Fund of Funds Arrangements

10/2/2020 - Deadline for Filing BE-180 Approaches for US Financial Service Providers

8/13/2020 - SEC Proposes Substantial Disclosure Reforms for Registered Funds

2016–2020 - ETF Roundup

May 2020 - ETF Roundup – Issue 6

4/24/2020 - SEC Proposes New Regulation of Fund Valuation

December 2019 - In Focus: Analysis of SEC Proposals to Modernize Advertising and Solicitation Rules

June 2019 - ETF Roundup – Issue 5

August 2018 - ETF Roundup – Issue 4

6/13/2018 - SEC Approves E-Delivery of Shareholder Reports, Requests Comments on Other Areas

November 2017 - ETF Roundup – Issue 3

April 2017 - ETF Roundup – Issue 2

2/6/2017 - Executive Order Could Lead to Changes in the Regulation of US Financial Markets

February 2017 - 2017 Brings New “Pay to Play” Rule to FINRA Members, Wall Street Lawyer, Vol. 21 Issue 2

1/1/2017 - Funds’ Derivatives Rule Still Looms – Uncertainty Prevails, Futures & Derivatives Law

January 2017 - EU Update: The Latest Developments on Brexit, MAR, and MiFID II, The Investment Lawyer, Vol. 24, No. 1

December 2016 - ETF Roundup – Issue 1

9/9/2016 - In Eagerly Awaited Ruling, AXA Beats Excessive Fee Claim

August 2016 - SEC Proposes Business Continuity and Transition Plan Requirements for Investment Advisers; Staff Issues Guidance for Registered Funds

7/25/2016 - SEC Examiners Focused on Fund Share Class Conflicts of Interest

6/9/2016 - Ninth Annual Advanced Topics in Hedge Fund Practices, Part 11: Nontransparent Actively Managed ETFs, Smart Beta ETFs, and the SEC’s Derivatives Proposal

5/13/2016 - Sub-Advisers Get Relief from Custody Rule’s Surprise Exam Requirement

3/28/2016 - Key Takeaways From SEC's Fund Disclosure Guidance, Law360

March 2016 - Understanding The SEC’s Proposal on Funds’ Use of Derivatives and Other Financial Transactions

3/22/2016 - SEC Staff Publishes Guidance on Fund Disclosure of Current Market Conditions

2015-2016 - Hedge Fund Deskbook

1/28/2016 - SEC Staff Issues Guidance on Mutual Fund Distribution Arrangements

1/14/2016 - SEC Requests Public Comment on Transfer Agent Regulation Proposal and Concept Release

12/14/2015 - SEC Proposes Requirements for Funds’ Use of Derivatives and Other Financial Transactions

12/2/2015 - NYSE Arca Proposes to Flag ETP Trades that Deviate Significantly from Prevailing Market Prices

11/19/2015 - SEC Exam Staff Shares Observations on Outsourced Chief Compliance Officers

10/29/2015 - SEC Proposes Liquidity Risk Management Rules for Open-End Funds, Westlaw Journal

10/27/2015 - NYSE Arca Withdraws Active ETF Generic Listing Standards Proposal as SEC Focus on ETFs Continues

9/28/2015 - SEC Proposes Liquidity Risk Management Rules for Open-End Funds

9/18/2015 - BE-180 Deadline Approaching: Fund Managers, Private Funds, and Registered Investment Companies May Be Required to File

9/10/2015 - Update on Proposed Listing Standards for Active ETFs

7/28/2015 - “Pay to Play” Developments

7/2/2015 - SEC Seeks Public Input on Exchange-Traded Product Trading Issues

6/15/2015 - Update on Proposed Listing Standards for Active ETFs

5/21/2015 - SEC Proposes Rules Affecting Funds and Advisers

May 2015 - A Director’s Guide to Understanding Liquidity Fee and Redemption Gate Responsibilities, The Investment Lawyer

3/19/2015 - SEC Considers Active ETF Listing Standards, Approves Paired Class ETP

2/1/2015 - The Non-Transparent Future of ETPs, The Investment Lawyer

December 2014 - Exchange-Traded Managed Funds and What They Mean for APs, Wall Street Lawyer

12/4/2014 - Are Non-Transparent ETFs and ETMFs the “Next Big Things”?

11/13/2014 - Selected Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements, presented for a National Regulatory Services Webinar

11/12/2014 - SEC to Approve “Exchange-Traded Managed Funds”

November 2014 - SEC’s Denial of Non-Transparent ETFs Means APs Can Rest Easy – For Now, Wall Street Lawyer

10/2/2014 - SEC Overhauls Money Market Fund Regulations

September 2014 - The New Era of Money Market Fund Regulation

4/29/2014 - The ETF Authorized Participant Agreement: Key Issues and Negotiating Points

4/10/2014 - Impact of the Volcker Rule on ETFs and Authorized Participants Roundtable

4/3/2014 - SEC Regulatory and Enforcement Roundup, presented at the ALI-CLE Investment Adviser Regulation: Legal and Compliance Forum on Institutional Advisory Services

3/7/2014 - ETFs: Past, Present and Future, presented the at the ALPS 9th Annual Client Forum, Denver, Colorado

11/14/2013 - Selected Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements, presented for a National Regulatory Services webinar

8/28/2013 - Investment Adviser Codes of Ethics: The Rule, Plus Pay to Play, Gifts and Whistleblowers

7/24/2013 - SEC Approves General Solicitation in Private Offerings and Proposes Further Regulation D Amendments

5/17/2013 - SEC Warns About Exemptive Order Compliance

5/10/2013 - SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

5/7/2013 - FINRA's Position On Pre-Inception Index Performance Data, Law360

4/26/2013 - FINRA Formalizes Position on Pre-Inception Index Performance Data

11/13/2012 - Custody and Pay to Play Rules Plus Solicitors and Proxy Voting Requirements, presented for a National Regulatory Services Webinar

10/2/2012 - Books and Records Requirements for Investment Advisers, presented for a National Regulatory Services Webinar

7/25/2012 - Morgan Lewis Hedge Fund University™ Webinar Series: Form PF: What You Need to Know

May 2012 - What the CFTC Rule Revisions Mean for Registered Investment Companies and Their Investment Advisers

2/28/2012 - Hedge Funds in Transition: SEC Examination Priorities and Strategies for Building an Advisers Act Compliance Program (a National Regulatory Services webinar)

January 2012 - Political Contributions and State Lobbyist Registration

11/15/2011 - Custody and Pay to Play Rules Plus Solicitors and Proxy Voting Requirements for Investment Advisers (a National Regulatory Services webinar)

11/8/2011 - Form PF Will Result in Substantial Reporting Requirements for Registered Advisers to Private Funds

10/31/2011 - Federal Agencies Propose Implementation of Volcker Rule

10/24/2011 - Panelist, “Serving as a Director,” presented for the Pennsylvania Bar Institute’s “The Nuts and Bolts of Board Service: An Introduction to Legal Issues for Nonprofits and their Directors,” Philadelphia

9/27/2011 - Research, Marketing, Financing and Selling Restrictions Relating to ETFs, presented for Morgan Lewis's ETF Breakfast Roundtable, Session II

9/20/2011 - Issues for Broker-Dealers acting as APs or LMMs for ETFs, presented for Morgan Lewis's ETF Breakfast Roundtable, Session I

August 2011 - Broker-Dealers Will Shoulder Bulk of Responsibility under SEC’s New “Large Trader” Reporting System, Wall Street Lawyer

9/2/2011 - SEC Concept Release Requests Industry Comments on Funds’ Use of Derivatives

8/2/2011 - SEC Adopts Large Trader Reporting System

7/7/2011 - SEC Adopts Rules Exempting Venture Capital Fund Advisers from SEC Registration and Setting Forth Reporting Regime

6/29/2011 - SEC Adopts Exemptions for Certain Private Fund Advisers and Other Dodd-Frank Implementing Rules

4/19/2011 - ETFs 360° - Formation, Regulation and Trading

3/28/2011 - SEC Staff Issues Guidance on “Pay-to-Play” Rule

3/22/2011 - Pay-to-Play – Employment Law Implications presented at the 2011 Insurance Industry Roundtable

3/4/2011 - Pay-to-Play: Countdown to Compliance

1/10/2011 - SEC Proposes Exemptions for Certain Private Fund Advisers

9/1/2010 - SEC Proposes Revisions to Mutual Fund Distribution Fees (Rule 12b-1) and Disclosure

August 2010/October 2010 - Legal Considerations for Registered Investment Companies Investing in Derivatives

7/9/2010 - SEC Adopts Pay-to-Play Rule Under Investment Advisers Act

5/24/2010 - Impact of Senate Financial Reform Bill on Retail Brokerage and Private Client Services

4/29/2010 - SEC’s Large Trader Reporting System Proposal Would Affect Large-Volume, High-Frequency Traders and Their Broker-Dealers

1/12/2010 - Floor Amendments to House Legislation Clarify Small Fund Adviser Exception and Increase Protection of Proprietary Information