Lawyers & Professionals

Firm Overview

Instead of trying to be everything to everybody, we’ve made a name for ourselves by delivering what our clients need most: in-depth, hands-on legal counsel throughout the financial services sector — and beyond.

Get to know us

Firm News

There’s a lot going on at Schulte — we’re wrapping up high-profile matters, welcoming talented new lawyers, speaking on issues that affect our clients, and more.

Read all about it

Pro Bono

Throughout our history, Schulte has provided comprehensive pro bono services to local and national nonprofit organizations. Today, we serve more than 50 nonprofits and work to advance a variety of social justice causes.

Learn more

Diversity and Inclusion

Inside the firm, we work hard to attract diverse, talented lawyers and encourage their career growth and advancement. And outside the office, we’re active in volunteer drives and local initiatives that support women and minorities’ professional success.

See what we’re up to

Alumni

If you’re a current or former Schulte lawyer, join our Alumni Network on LinkedIn to stay connected with old friends, make new contacts, and share your successes, ideas and insights.

Stay in touch

Social Responsibility

We take doing “good work” seriously — whether we’re talking about our high ethical standards or the way in which we foster a positive and inclusive culture for our personnel and support local communities.

See how we work

Offices

  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
  • Washington, DC

    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
      • +1 202.729.7470 Phone
      • +1 202.730.4520 Fax
  • London

    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
      • +44 (0) 20 7081 8010 Fax

On Oct. 30, 2019, Joshua B. Sterling, the Director of the U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (“DSIO”), spoke about DSIO’s new “thematic review” initiative, which is slated to commence in 2020.[1] The discussion was held at Schulte Roth & Zabel and was cohosted by the firm and the Alternative Investment Management Association.

Director Sterling summarized several aspects of the examination initiative that will be applicable to private fund managers registered with the CFTC. The director emphasized that the examinations are intended to allow DSIO staff and the CFTC to better understand the environment in which their registrants operate. He stated that, “We are looking to gather information from individual firms, assess that information on an individual basis and compare our assessments across firms to identify potential better ways of doing things.” As a corollary to that point, he emphasized that “we will not be issuing deficiency letters.”

The director discussed how “thematic reviews” will be focused on a small number of issues DSIO may consider recommending to the CFTC for rulemaking or other action. In other words, they should be shorter and more focused than examinations carried out by other regulators and self-regulatory organizations.

At some point, the results of the 2020 examination effort will be summarized in a general report that will disclose:

  • The scope of the review initiative;
  • The types of firms selected; and
  • A summary of different ways firms address certain compliance issues.

Although the examinations, in general, will remain confidential, DSIO also intends to share findings about “good practices” to serve as guidance for all registrants. The director noted that they “will be unlikely to fit every firm because firms have different businesses and structures … firms will have flexibility to decide whether or how to implement our guidance as [a] result. To insist otherwise would not promote smart, effective and practical regulation of our registrants.”

Authored by Brian T. Daly and Joshua B. Wright.

 If you have any questions concerning this Alert, please contact your attorney at Schulte Roth & Zabel or one of the authors.


[1] The full text of Director Sterling’s comments are here.


This communication is issued by Schulte Roth & Zabel LLP for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. ©2019 Schulte Roth & Zabel LLP.

All rights reserved. SCHULTE ROTH & ZABEL is the registered trademark of Schulte Roth & Zabel LLP.