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Michael M. Philipp

Partner

Michael M. Philipp counsels financial services clients in futures and securities transactions. He also advises them in derivatives regulation, legislation, compliance, and enforcement matters. United States and foreign exchanges and clearing organizations, banks, investment managers, proprietary trading firms, brokerage firms, and end users turn to Michael for guidance in connection with exchange-traded and over-the-counter derivative instruments. He also represents foreign exchanges and clearinghouses in their US offerings of futures and equity options products and derivatives clearing activities.

Extended Profile

Michael has experience working with clients on issues related to the Dodd–Frank Wall Street Reform and Consumer Protection Act, as well as US Commodity Futures Trading Commission (CFTC) registration and compliance-related issues. These issues include trade practices, swap reporting and clearing, registration of swap execution facilities (SEFs), futures exchanges, clearing organizations, and swap data repositories (SDRs); retail and eligible contract participant forex (ECP FX) transactions; and futures commission merchant (FCM), swap dealer, commodity pool operator (CPO) and commodity trading advisor (CTA) registrations and compliance. Michael has experience in conducting internal compliance investigations, as well as representing clients in exchange and CFTC inquiries and proceedings, including matters involving allegations relating to disruptive trading practices, such as spoofing and market manipulation. He also provides assistance to firms that are negotiating bilateral and cleared swap documentation.

Before joining Morgan Lewis, Michael worked as an in-house attorney for the Chicago Mercantile Exchange (CME). There he served as counsel to the CME’s regulatory trade practice, compliance, and arbitration committees.

Education

  • DePaul University College of Law, 1992, J.D.
  • University of Chicago, 1981, B.A., With Honors

Admissions

  • Illinois
  • U.S. District Court for the Northern District of Illinois

Awards and Affiliations

Highly Regarded, IFLR1000 Financial and Corporate (2019)

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

Recommended, Finance - Structured finance, The Legal 500 US (2014–2017)

Recommended, Finance: Structured finance: derivatives and structured products, The Legal 500 US (2018)

Recognized, Derivatives and Futures Law, Chicago, The Best Lawyers in America (2007–2012, 2017–2019)

Lawyer of the Year, Derivatives and Futures Law, The Best Lawyers in America (2017, 2018)

Member, Federal Reserve Bank of Chicago's Working Group on Financial Markets

Board Member, The Ark

Former Member, Chicago Mercantile Exchange and Chicago Board of Trade Business Conduct and Probable Cause Committees

Program Chair, American Bar Association, Futures and Derivatives Law Committee Winter Meeting (2005)

Former Chair, Chicago Bar Association, Futures and Derivatives Law Committee

Former Member, Executive Committee of the Futures Industry Association Law and Compliance Division

Publications

3/11/2019 - CFTC Announces Self-Reporting Guidance on Foreign Corrupt Practices

2/21/2019 - SEC Proposes Risk Mitigation Rules for Uncleared Security-Based Swaps

12/14/2018 - NFA Issues Internal Controls Guidance for Commodity Pool Operators

12/7/2018 - NFA Members: Will You Need to Update Your Cybersecurity Policy?

10/12/2018 - Court: Cryptocurrencies Are Commodities Even Without Futures, All Things FinReg

10/11/2018 - A Light Lift: CFTC Proposes to Codify Existing No-Action Relief and Other Relief Applicable to CPOs and CTAs

7/17/2018 - CFTC, SEC Sign New Memorandum of Understanding on Information Sharing

3/7/2018 - Recordkeeping: Recent Rule Amendments and Other Developments

3/7/2018 - The Review of Securities & Commodities Regulation, RSCR Publications

1/25/2018 - SEC’s New Message to the Cryptocurrency Market: Take the Lead, but Proceed with Caution, All Things FinReg

12/19/2017 - National Futures Association Issues New Virtual Currency Notification and Reporting Requirements

7/28/2017 - SEC Speaks Traditionally on FinTech Capital Raising, All Things FinReg

6/13/2017 - Tenth Annual Advanced Topics in Hedge Fund Practices, Part 13: Derivatives Update

2/6/2017 - President Trump’s Financial Reform Executive Order Provides Few Specifics, All Things FinReg

January 2017 - Trading and Markets Enforcement Report

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

9/15/2016 - NFA Proposal Would Require CFTC-Registered Asset Managers to Report on Financial Condition

8/3/2016 - CFTC Proposes Permanent Registration Relief to Certain Non-US Asset Managers

7/15/2016 - North Carolina Captures Bitcoin Custodians in New Money Transmitter Law, All Things FinReg

7/14/2016 - Elizabeth Warren’s Latest Proposal Is Unfailingly Tough on Banks, All Things FinReg

6/9/2016 - Ninth Annual Advanced Topics in Hedge Fund Practices, Part 9: Dodd-Frank Developments and Derivatives

5/23/2016 - Surprise! No More Retail Forex for Broker-Dealers, All Things FinReg

2015-2016 - Hedge Fund Deskbook

2/22/2016 - CFTC Staff Clarifies Registration Relief Available to Non-US Asset Managers

1/12/2016 - Deadline Approaches for Annual CPO/CTA Exemption Filings

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

11/9/2015 - Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

9/8/2015 - National Futures Association Proposes Cybersecurity Guidance for NFA Member Firms

9/3/2015 - CFTC/SEC Jurisdictional Battle Heats Up Over Dividend Indices, Westlaw Journal: Securities Litigation & Regulation, Volume 21 Issue 9

8/19/2015 - CFTC/SEC Jurisdictional Battle Heats Up Over Dividend Indices

7/27/2015 - CFTC Staff Exempts Certain Commodity Trading Advisors from Form CTA-PR Reporting

6/9/2015 - NYDFS Releases Final Rules for Licensing Virtual Currency Businesses in New York

12/5/2014 - CFTC Releases No-Action Letter 14-144

11/7/2014 - CFTC Proposes Amendments to Recordkeeping Rules

6/12/2014 - First Swap Dealer Exams Expected To Probe Compliance Chiefs, Law360

6/10/2014 - Challenges in Requiring High-Frequency Traders to Register as Dealers

6/7/2014 - Citadel Builds Swaps Unit to Repeat Market-Making Triumph, Bloomberg (read the article)

5/7/2014 - Panelist, Compliance Rapid Fire Panel, presented at the 36th Annual Futures Industry Association Law and Compliance Division Conference on the Regulation of Futures, Derivatives and OTC Products, Baltimore, MD

5/1/2014 - Seventh Annual Advanced Topics in Hedge Fund Practices, Part 5: Dodd Frank Developments: Documentation and Clearing

3/20/2014 - SEC Proposes Enhanced Regulatory Framework for Certain Registered Clearing Agencies

7/18/2013 - SEC Provides Relief for Familiarization Activities of Foreign Options Markets

July 2013 - Portfolio Margining of Cleared Credit Default Swaps, Journal of Investment Compliance

5/14/2013 - Virtual Asset Management Roundtable Series: Advertising and Social Media

5/2/2013 - Sixth Annual Advanced Topics in Hedge Fund Practices, Part 5: Swaps Regulation is Here

4/25/2013 - Federal Reserve Adopts Retail Forex Rules

3/6/2013 - Morgan Lewis Hedge Fund University™ Commodity Pool Regulatory Update

2/11/2013 - CFTC Provides Family Offices with Certainty and Fund of Fund’s with a Temporary Reprieve, BNA's Securities Regulation & Law Report

1/3/2013 - CFTC Adopts Tape-Recording and Recordkeeping Rules

12/28/2012 - SEC Permits Portfolio Margining of Credit Default Swaps

12/5/2012 - CFTC Staff No-Action Relief for Family Offices and Fund of Funds Operators

10/15/2012 - Temporary Relief from Registration for Swaps Intermediaries

10/5/2012 - Fifth Annual Advanced Topics in Hedge Fund Practices, Part 4: Dodd-Frank Regulatory Changes As They Unfold

9/14/2012 - Dodd-Frank Act: Are You Ready?, Power & Pipes

9/13/2012 - Dodd-Frank Act: Are You Ready?

8/28/2012 - NFA Proposes New Swap Entity Identification Requirement and Waives Series 3 Exam for APs Engaged Only in Swap Activity

6/11/2012 - Pushing For Stricter FCM Controls Post MF Global, Law360

6/1/2012 - NFA Proposes FCM Financial Requirements in the Wake of MF Global

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

4/3/2012 - Co-presenter, Recent Developments for Investment Advisers and Broker-Dealers/FCMs Roundtable

3/29/2012 - Morgan Lewis ICI Conference Breakfast Briefing

2/9/2011 - CFTC Proposed Rules on Position Limits, presented at the Managed Funds Association's OTC Derivatives Forum, New York

10/19/2010 - Panelist, Clearing and Trading of Swaps panel, presented at the 2010 PLI Advanced Swaps and Derivatives Program, New York

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News

1/1/2019 - Swaps-Trading Rules Top Agenda for CFTC in 2019, Law360

12/19/2018 - Digital Assets and ICOs to Get More Clarity, Face More Rules in 2019, Think Advisor

2/13/2012 - Morgan Lewis Picks Up Dodd-Frank Pro, ERISA Partners, Law360

2/6/2012 - Morgan Lewis Expands Existing Derivatives and Commodity Futures Platform with Addition of Leading Chicago-based Partner

Events

6/14/2018 - 2018 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives – Boston

6/12/2018 - 2018 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives

5/22/2018 - 2018 Technology May-rathon: Disruptive Technologies In Investment Management Session 2: The Regulatory Landscape for Asset Managers

5/8/2018 - 2018 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives – Chicago

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

6/13/2017 - 2017 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives

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

3/2/2016 - 2016 SEC Examination and Enforcement Trends Roundtable Road Show – Chicago

10/20/2014 - CFTC/Chicago Fed Joint Plenary Sessions on Current Global Issues and Financial Regulatory Reform

3/11/2014 - CFTC International Regulators Meeting

3/6/2013 - Morgan Lewis Hedge Fund University™: Commodity Pool Regulatory Update

10/16/2012 - Customer Protection Initiatives: The Good, the Bad and the Unintended Consequences

9/13/2012 - Dodd-Frank Act: Are You Ready?

4/3/2012 - Recent Developments for Investment Advisers and Broker-Dealers/FCMs Roundtable

3/19/2012 - Morgan Lewis ICI Conference Breakfast Briefing

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