Hot Topics in National Futures Association Audits 2014

Deborah Monson focuses her practice on commodities law, asset management and private investment funds. Debbie has represented registered and exempt commodity pool operators and commodity trading advisors for nearly 30 years and also regularly advises mutual funds, banks, insurance companies, endowments and foundations on commodities law matters. She represents U.S. and offshore private investment funds, fund sponsors and investment advisers. She has significant experience with registration, regulation and compliance issues, as well with counseling clients on product design, fund formation, securities offerings, marketing, and negotiations and documentation with service providers and trading counterparties. This experience includes working with regulators on behalf of clients, assisting with regulatory audits, and obtaining exemptive and no-action relief. For institutional investors, Debbie concentrates on reviewing and negotiating the terms of their investments in private equity, hedge, managed futures, real estate and infrastructure products. In the past year, various publications recognized Debbie as a leading lawyer in her field, including Best Lawyers in America, which named Debbie “Lawyer of the Year” in Chicago for private funds / hedge funds law; Legal 500 US and The International Who’s Who of Private Fund Lawyers, which listed her as a top lawyer in the funds space; and The Chicago Daily Law Bulletin, which cited Debbie as one of Chicago’s “top hedge funds lawyers.”

Robert V. Cornish Jr. is a partner with Phillips Lytle LLP and focuses his practice on litigation, arbitration, regulatory and compliance matters for broker/dealers, investment advisors, hedge funds, commodity firms, institutional investors and family offices in the U.S. and abroad. He represents clients on FINRA and NFA arbitrations and court proceedings. He also  represents securities and commodities registrants in connection with enforcement and disciplinary proceedings before FINRA, NFA, CFTC, SEC and state securities regulators. Having previously held positions of in-house counsel and Chief Legal & Compliance Officer with prominent investment firms, Mr. Cornish provides valuable insight and counseling for investment management clients with complex business management and marketing matters. Additionally, Mr. Cornish is a member of SIFMA Legal & Compliance Division, a certified speaker for CFA Institute Speaker’s Bureau,  and an industry arbitrator for FINRA and National Futures Association. He graduated with a political science degree from Davidson College in 1989 and received his J.D. from Samford University, Cumberland School of Law in 1993.

Dorothy D. Mehta is Special Counsel in the Firm’s Financial Services Department, concentrating her practice on alternative investment matters.  Ms. Mehta has extensive experience representing investment advisers to hedge funds and managed accounts, commodity pool operators and commodity trading advisors.  Her practice includes the structuring, formation and operation of a variety of alternative investments products, including U.S. and non-U.S. hedge funds, hybrid funds, funds-of-funds, and commodity pools (both privately- and publicly-offered), and the establishment of separately managed account arrangements.

Ms. Mehta also regularly advises clients on CFTC and SEC registration and related compliance requirements (including with the rules and by-laws of the National Futures Association), as well as on matters pertaining to the Dodd-Frank Act, the Commodity Exchange Act and federal securities laws generally.

Because of her work with public commodity pools, Ms. Mehta has significant exposure to securities offerings registered under the Securities Act and the issuers registered under the Exchange Act as well as dealing with the CFTC and NFA rules relating to public and private commodity pools.  Ms. Mehta has also worked extensively with securities-type managers on fund structuring and SEC regulatory compliance matters.  With recent Dodd-Frank amendments to the commodities laws, she has been significantly involved with private equity funds, registered investment companies and structured finance vehicles in their transition to CFTC regulation.

Ms. Mehta is a member of the Managed Fund Association’s CTA/CPO Forum and a member of the Education and Best Practices Committee of the New York Hedge Fund Roundtable.

Ms. Mehta received her J.D. in 2004 from Fordham University School of Law and an A.B. in 1999 from Cornell University.

Heather Wyckoff is Counsel in the Investment Funds and Private Equity Practice Group in the New York office of Haynes and Boone, LLP. Her practice focuses on the formation and ongoing representation of domestic and offshore hedge funds, funds of funds, private equity funds, commodity pools, separate accounts/funds of one, and the managers of/advisers to such products.

Heather has particular experience relating to commodity pool operators and commodity trading advisors, and frequently advises clients with respect to CFTC and NFA rules and regulations, and other CPO/CTA operational matters, including with respect to the preparation and filing of NFA disclosure documents, compliance policies and procedures, and issues relating to financial reporting, exam proficiency requirements, marketing, and periodic audits.

Prior to joining Haynes and Boone, Heather was the general counsel of an asset management firm.