Craig Stein is co-head of the Structured Finance & Derivatives Group. His practice focuses on swaps and other derivative products, including credit- and fund-linked derivatives, prime brokerage and customer trading agreements, and structured finance and asset-backed transactions. He represents issuers, underwriters, collateral managers and portfolio purchasers in public and private structured financings, including collateralized loan obligations (CLOs). Craig has been recognized in this area by the prestigious legal directory Chambers USA: America’s Leading Lawyers for Business, which noted that satisfied clients praised him for his “very broad knowledge of the markets” and for being “incredibly responsive and helpful in thinking through issues” and “very thoughtful about the market.” Chambers also stated: “He is known for his work in derivative products, representing issuers, underwriters and portfolio purchasers in CLOs. Peers find his work in structured products and derivatives impressive.” The Legal 500 United States has noted that Craig is “recognized for his thought leadership on regulatory issues affecting both the securitization and derivatives markets.”

Craig is a member of the American Bar Association, the New York City Bar Association, the New York State Bar Association, the Loan Syndications and Trading Association, the International Swaps and Derivatives Association and the Structured Finance Industry Group. He is a much sought-after speaker for hedge fund industry conferences and webinars and the author of numerous articles on advanced financial products. He recently co-authored “Current Issues in the CLO Market: As of February 2017” for The International Comparative Legal Guide to: Securitisation 2017 and “U.S. Regulators Adopt Final Rule on Margin Requirements for Non-Cleared Swaps” in The Hedge Fund Journal. Craig earned his undergraduate degree, cum laude, from Colgate University in 1989 and his J.D., cum laude, from the University of Pennsylvania Law School in 1992.

Publications

“What is Magic Johnson Doing With These Chicago Investors?,” Crain’s Chicago Business, Sept. 16, 2017 (quoted)

“Current Issues in the CLO Market: As of February 2017,” The International Comparative Legal Guide to: Securitisation 2017 (Global Legal Group) (co-author)

“New EMIR Variation Margin Requirements,” SRZ Client Alert, Feb. 28, 2017 (co-author)

“U.S. CLOs: Past and Present,” The Journal of Structured Finance, Summer 2016

“CLOs and Risk Retention in the U.S. and EU: Complying with the Rules,” The International Comparative Legal Guide to: Securitisation 2016 (Global Legal Group) (co-author)

“U.S. Regulators Adopt Final Rule on Margin Requirements for Non-Cleared Swaps,” The Hedge Fund Journal, November 2015 (co-author)

“U.S. Regulators Adopt Final Rule on Margin Requirements for Non-Cleared Swaps — What Investment Managers Need to Know,” SRZ Client Alert, Nov. 9, 2015 (co-author)

“New Margin Requirements for Uncleared Swaps,” Harvard Business Law Review Online, Vol. 5, 2015 (co-author)

“CLOs and Risk Retention,” The International Comparative Legal Guide to: Securitisation 2015 (Global Legal Group) (co-author)

“New 2014 ISDA Credit Derivatives Definitions to Go into Effect — Protocol Adherence Period Open,” SRZ Client Alert, Sept. 8, 2014 (co-author)

“CLO 3.0: The Impact of Regulations,” The International Comparative Legal Guide to: Securitisation 2014 (Global Legal Group) (co-author)

“Swaps Update: Packaged Transaction Relief Extended for Certain Transactions,” SRZ Client Alert, May 5, 2014 (co-author)

“Swaps Update: ‘Triangular Setoff’ Held Unenforceable in Bankruptcy Cases,” SRZ Client Alert, Feb. 13, 2014 (co-author)

“CFTC SEF Update,” SRZ Client Alert, Feb. 11, 2014 (co-author)

“Swaps Update: Mandatory Trading on SEFs Commences February 15 for Certain Interest Rate Swaps,” SRZ Client Alert, Jan. 28, 2014 (co-author)

Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press), 2013-2014 (co-author)

“CFTC Defers Effectiveness of Oral Recording Requirements for Registered Commodity Trading Advisors Holding SEF Memberships,” SRZ Client Alert, Dec. 23, 2013 (co-author)

“Derivatives Update: ESMA Announces the Approval of Trade Repositories and Central Reporting Obligation Date,” SRZ Client Alert, Nov. 13, 2013 (co-author)

“The New ISDA Protocol: What Investment Managers Need to Know,” The Hedge Fund Journal, June 2013 (co-author)

“CFTC Update: Certain Equity Total Return Swaps to Count Toward De Minimis Exemption Starting July 1,” SRZ Client Alert, June 18, 2013 (co-author)

“The New ISDA Protocol: What Investment Managers Need to Know,” SRZ Client Alert, June 12, 2013 (co-author)

“Reminder: Swaps Compliance Dates for Commodity Pool Operators and Investment Fund Managers,” SRZ Client Alert, May 31, 2013 (co-author)

“CFTC Grants Temporary Relief for FX and Swaps Prime Brokerage Arrangements: Context for Private Fund Managers and Other Investment Advisers,” SRZ Client Alert, May 6, 2013 (co-author)

“Margin Costs of OTC Swap Clearing Rules,” 3 Harv. Bus. L. Rev. Online 152 (2013) (co-author)

“CLOs: An Expanding Platform,” The International Comparative Legal Guide to: Securitisation 2013 (Global Legal Group) (co-author)

“Collateralized Loan Obligations: What to Expect When You Are Expecting Your First CLO,” The Hedge Fund Journal, March 2013 (co-author)

“SWAPS UPDATE: Investment Fund Deadline for Swap Data Reporting, Recordkeeping and CICIs Is April 10,” SRZ Client Alert, March 21, 2013 (co-author)

“ISDA to Publish Second Addendum to the August 2012 Protocol,” SRZ Client Alert, Feb. 28, 2013 (co-author)

“Update for Swap Counterparties: ISDA's Dodd-Frank Protocol – Addition of Addendum I,” SRZ Client Alert, Oct. 5, 2012 (co-author)

“ISDA Publishes Tri-party IA Notices for the Custody of Collateral for OTC Swap Counterparties,” SRZ Client Alert, Sept. 4, 2012 (co-author)

“Update for Swap Counterparties: New Web Portal Launched to Assign CFTC Interim Compliant Identifiers,” SRZ Client Alert, Aug. 23, 2012 (co-author)

“The New Derivatives Definitions — What Fund Managers Need to Know,” SRZ Client Memorandum, Aug. 21, 2012 (co-author)

“Eurozone Crisis: ISDA Publishes the Illegality/Force Majeure Protocol,” SRZ Client Alert, July 12, 2012 (co-author)

“SEC and CFTC Publish Entity Rule Definitions: Impact on Private Investment Funds,” SRZ Client Alert, May 22, 2012 (co-author)

“New Structural Features for Collateralised Loan Obligations,” The International Comparative Legal Guide to: Securitisation 2012 (Global Legal Group) (co-author)

“CFTC Publishes Final Rule on Collateral Segregation for Cleared Swaps,” SRZ Client Alert, March 8, 2012 (co-author)

“CFTC Publishes Final Swap Data Rules and Real-Time Reporting Rule,” SRZ Client Alert, Feb. 1, 2012 (co-author)

“Case Study: ZING VII,” Law360, Jan. 26, 2012 (co-author)

“Bankruptcy Court Approves Plan to Liquidate CDO,” SRZ Client Alert, Jan. 19, 2012 (co-author)

“Zais Investment Grade Limited VII — CDO Noteholders Take Advantage of Chapter 11,” SRZ Client Alert, Oct. 3, 2011 (co-author)

“SEC Proposal on Prohibition Against Conflicts of Interest in Certain Securitizations,” SRZ Client Alert, Sept. 22, 2011 (co-author)

“Dodd Frank — One Year On,” VC Experts, September 2011 (co-author)

“Dodd Frank — One Year On,” International Financial Law Review, August 2011 (co-author)

“On the CLO Horizon — Regulations Expected to Impact CLOs,” The International Comparative Legal Guide to: Securitisation 2011 (Global Legal Group) (co-author)

“CFTC Proposes to Discontinue Widely-Used Registration Exemptions,” SRZ Client Alert, March 10, 2011 (co-author)

“Swap Market Regulation: New Rules for Dealers and Major Participants Proposed by CFTC and SEC,” SRZ Client Memorandum, Jan. 7, 2011 (co-author)

“Dodd-Frank Becomes Law: Key Issues for Private Fund Managers,” The Hedge Fund Journal,September 2010 (co-author)

“What the Changes Really Mean,” International Financial Law Review Derivatives Guide, July/August 2010 (co-author)

“New Bullet LCDS Contract Replaces Cancellable Contract,” Pratt’s Journal of Bankruptcy Law, Volume 6, No. 4, June 2010 (co-author)

“Lehman Brothers Court: Waterfall Subordination Provisions Unenforceable in Bankruptcy,” Pratt’s Journal of Bankruptcy Law, Vol. 6 No. 2, February/March 2010

“Negative Basis Trade Basics,” Derivatives Week, November 2006

“Credit Default Swaps on Asset-Backed Securities,” Credit, November 2002

“CDOs 101: Everything You Wanted to Know But Were Afraid to Ask,” Loan Market Week, Nov. 18, 2002

“Structured Hedge Fund Products,” SRZ Investment Management Developments, Summer 2002

“Four Forms of Synthetic CDOs,” Derivatives Week, June 10, 2002

Speaking Engagements

“U.S. Versus Europe: Risk Retention as a Political Football, and the Impact of Brexit,” IMN 6th Annual Investors’ Conference on CLOs and Leveraged Loans, New York, May 2017

“CLOs and Leveraged Loans 101,” SFIG & IMN ABS Vegas, Las Vegas, February/March 2017

“Financing for Funds and Managers,” SRZ 26th Annual Private Investment Funds Seminar, New York, January 2017

“Collateralized Loan Obligations, A ‘101,’” IMN 5th Annual Investors Conference on CLOs & Leveraged Loans, New York, May 2016

“CLOs and Leveraged Loans 101,” SFIG & IMN ABS Vegas, Las Vegas, February/March 2016

“Trading Compliance: Managing Regulatory Risk,” SRZ 25th Annual Private Investment Funds Seminar, New York, January 2016

“CLO Markets in a Regulated Environment,” Opal Financial Group 3rd Annual CLO Summit, Carlsbad, Calif., December 2015

“Changes in the Legal Documents/Terms/Negotiations,” How Banks and Alternative Asset Managers Need to Work Together to Manage Changes Post Basel III, Wells Fargo Seminar, New York, September 2015

“Launching a CLO Platform: Assessing Strategy and Challenges,” IMN 4th Annual Investors’ Conference on CLOs and Leveraged Loans, New York, April 2015

“Derivatives in Securitization,” NYCBA Current Issues in Securitization, New York, April 2015

“Trading Compliance,” SRZ 24th Annual Private Investment Funds Seminar, New York, January 2015

“Legal and Regulatory,” Opal Financial Group CLO Summit, Dana Point, Calif., December 2014

“Navigating Buy-side Risks and Best Practices for SEFs and Clearing,” Risk.net Derivatives OTC Clearing, New York, April 2014

“Swaps Update: Segregation of Initial Margin for Uncleared Swaps,” SRZ Webinar, April 2014

“Legal and Structural Considerations: How to Effectively Analyze a CLO,” IMN 3rd Annual Investors’ Conference on CLOs and Leveraged Loans, New York, April 2014

“Collateral Management and Margining,” ISDA OTC Derivatives Clearing Risk and Capital Conference, New York, March 2014

FEA Swaps Execution in the New Regulatory Environment, New York, March 2014

“Swap Execution Facilities: The Onboarding Process,” SRZ Webinar, February 2014

“CLO and Leveraged Loan Overview/CLOs — 101,” SFIG & IMN ABS Vegas, January 2014

“CFTC and Derivatives Update,” SRZ 23rd Annual Private Investment Funds Seminar, New York, January 2014

“Legal and Regulatory,” Opal Financial Group CLO Summit, Dana Point, Calif., December 2013

“Collateral Management and Margining,” ISDA OTC Derivatives Clearing Risk and Capital Conference, New York, November 2013

“SEFs and Clearing in the US and EU: How to Prepare,” SRZ What the Buy-Side Needs to Know About Dodd-Frank Webinar Series, November 2013

“Trading Documentation: You Are Only as Strong as Your Weakest Link,” SRZ What the Buy-Side Needs to Know About Dodd-Frank Webinar Series, October 2013

“Documenting and Negotiating Prime Brokerage Agreements,” Financial Executives Alliance, New York, September 2013

“CFTC U.S. Person Definition and the Scope of EMIR: The Impact on Hedge Fund Managers,” SRZ What the Buy-Side Needs to Know About Dodd-Frank Webinar Series, September 2013

“Trading and Finance,” Eze Castle Integration & KPMG Hedge Fund Launch 2.0: Navigating the New Environment, New York, May 2013

“What Private Funds Need to Know About the Swap Rules,” SRZ Webinar, April 2013

“Regulatory and Accounting Challenges and Hurdles,” IMN 2nd Annual Investors’ Conference on CLOs and Leveraged Loans, New York, April 2013

“Investing in Corporate Credit,” SRZ 22nd Annual Private Investment Funds Seminar, New York, January 2013

“CFTC Update: What Fund Managers Need to Know,” SRZ Investment Management Hot Topics, New York, October 2012 

“ISDA’s Dodd-Frank Protocol: What the Buy-Side Needs to Know,” SRZ Webinar, August 2012

“Regulatory and Accounting Challenges and Hurdles,” IMN 1st Annual CLO and Leveraged Loan Conference, New York, March 2012

“Leverage for Investment Funds” and “Regulatory and Compliance,” SRZ 21st Annual Private Investment Funds Seminar, New York, January 2012

“Counterparty Risk Management,” New York Hedge Fund Networking Group Membership Meeting, New York, December 2011

“The Return of CLOs: Changes That Matter to Managers and Investors,” SRZ Audio Conference Series, July 2011

“The Impact of Derivatives Regulation on Private Funds,” SRZ 20th Annual Private Investment Funds Seminar, New York, January 2011

“ISDA 2010 HIRE Act Protocol: What Fund Managers Need to Understand Before September 14, 2010,” SRZ Audio Conference Series, August 2010

“Central Clearing of Derivatives: What Investment Managers Need to Know,” SRZ Investment Management Hot Topics, New York, June 2010

“New Legislative and Regulatory Initiatives,” SRZ 19th Annual Private Investment Funds Seminar, New York, January 2010

Moderator, “The 5 Most Important Points to Consider When Negotiating Master ISDA Agreements,” GAIM Ops Webinar, December 2009

“How to Find the Right Prime Broker and Get the Most Out of It,” Reuters HedgeWorld Webinar, November 2009

“Update on Regulation of Funds and Fund Managers,” SRZ Audio Conference Series, June 2009

“Participating in Public-Private Investment Funds Sponsored by the U.S. Treasury and Updates on TALF,” SRZ Audio Conference Series, March 2009

“Counterparty Insolvency, Defaults and the Nature of Ownership,” IBA’s 10th Annual International Conference on Private Investment Funds, London, March 2009

“Accessing the Team Asset-Backed Securities Loan Facility (TALF) and the U.S. Treasury Proposal to Create a Public-Private Fund,” SRZ Audio Conference Series, March 2009

“Counterparty Relationships,” SRZ 18th Annual Private Investment Funds Seminar, New York, January 2009

“Loan Total Return Swaps,” SRZ Investment Management Hot Topics Seminar, New York, April 2008

“Credit Default Swaps: Using the ISDA PAUG Dealer Forms for CDO and MBS,” ACA Negotiating and Tailoring ISDA Master Agreements & Confirmations, New York, March 2008

“Developments in Structured Products & Derivatives,” SRZ 17th Annual Private Investment Funds Seminar, New York, January 2008

Opal Financial Group CDO Summit, Dana Point, Calif., December 2007

“CDS of ABS,” 13th Annual ABS East, Orlando, Fla., November 2007

“Brokers, Counterparties and Derivatives: Managing the Risks,” SRZ Investment Management Hot Topics, New York, September 2007

“Permanent Capital Investment Vehicles,” SRZ Cutting Edge Alternative Asset Management Deals Seminar, New York, July 2007

Moderator, “CDS of ABS/MBS,” ABS East, Orlando, Fla., November 2006

Opal Financial Group CDO Summit, Laguna Niguel, Calif., December 2006

Opal Financial Group CDO Summit, Laguna Niguel, Calif., December 2005

“CDOs, Credit Derivatives and Synthetics: An Overview,” ABS East Conference, October 2004

“Emerging Hedge Fund Issues,” SRZ Seminar, London, October 2003

“Principal Protected Funds,” ABS East Conference, Ft. Lauderdale, Fla., October 2003

“Determining the Direction of SWAPS and Other Derivative Products,” Institute for International Research Compliance For Hedge Funds Conference, New York, July 2003

“Legal, Regulatory and Structuring Issues for All Types of Principal Protected Plans,” Innovative Principal Protected Investment Products Conference, Boston, January 2003

“Credit Derivatives and Synthetic Structures,” Opal Financial Group Conference, Laguna Niguel, Calif., December 2002

Memberships

  • American Bar Association
  • International Swaps and Derivatives Association
  • Loan Syndications and Trading Association
  • New York City Bar Association
  • New York State Bar Association
  • Structured Finance Industry Group 

Distinctions

  • Chambers Global
  • Chambers USA
  • Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers (Structured Finance and Securitisation)
  • The Legal 500 United States

Prior Experience

  • Rogers & Wells