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

In an SRZ Alert sent yesterday and during an SRZ webinar on March 5, 2020, we discussed various considerations for fund managers to take into account when preparing for business interruptions that may be associated with the coronavirus outbreak.[1] Registered commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”), however, should consider the following points in addition to the overall guidance applicable for all fund managers.

Talk to your auditors to confirm audit timing. CPOs must distribute an annual report for each commodity pool (i.e., private fund), certified by an independent public accountant, to pool participants within 90 days of the pool’s fiscal year-end. For many CPOs, that means distributing audited financial statements by the end of March. All registered CPOs should confirm with their auditors, as soon as possible, that they will be able to meet this deadline.

In addition to consulting best practices, remember to benchmark your business continuity plan (“BCP”) against the specific NFA guidance. NFA Compliance Rule 2-38[2] and Interpretive Notice 9052[3] require all members to establish a BCP for use in the event of an emergency or significant business disruption. The NFA observed that “many NFA members” already contemplate pandemic scenarios in their BCPs.

Provide contact information to the NFA. NFA members are required to submit the name and contact information of their designated disaster recovery contacts so that the NFA may contact such persons in the event of an emergency.

Save your self-assessment. Your coronavirus response may well be reviewed on a future NFA exam, so you should be prepared to discuss your experiences.

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] See Coronavirus Update for Fund Managers (March 10, 2020), available here. Webinar materials are available upon request by contacting [email protected].

[2] See NFA Compliance Rule 2-38, available here.

[3] See NFA Interpretive Notice 9052, available 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. ©2020 Schulte Roth & Zabel LLP.

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