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.
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.
Member, Practice Group of the Year, Asset Management, Law360 (2017)
Recommended, Finance - Structured finance, The Legal 500 US (2014-2017)
Listed, The Best Lawyers in America (2007–2012, 2017)
Listed, "Lawyer of the Year" for Derivatives and Futures Law by 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
7/28/2017 - SEC Speaks Traditionally on FinTech Capital Raising
6/13/2017 - Tenth Annual Advanced Topics in Hedge Fund Practices, Part 13: Derivatives Update
January 2017 - Trading and Markets Enforcement Report
1/1/2017 - Funds’ Derivatives Rule Still Looms – Uncertainty Prevails, Futures & Derivatives Law
8/3/2016 - CFTC Proposes Permanent Registration Relief to Certain Non-US Asset Managers
7/14/2016 - Elizabeth Warren’s Latest Proposal Is Unfailingly Tough on Banks
5/23/2016 - Surprise! No More Retail Forex for Broker-Dealers
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
9/8/2015 - National Futures Association Proposes Cybersecurity Guidance for NFA Member Firms
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)
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
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
9/14/2012 - Dodd-Frank Act: Are You Ready?
9/13/2012 - Dodd-Frank Act: Are You Ready?
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
12/14/2017 - Asset Managers: A New Era of Regulation?
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
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
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