Commodity, Currency & Crypto Investors
We assist investment managers pursuing varied investment programs focused on trading futures, forex, swaps, digital assets, and related derivatives.
Trading programs designed to invest in these markets can implicate complex regulatory considerations and must be structured carefully to reduce regulatory risk and permit operational flexibility.
Our attorneys routinely advise investment management clients that employ:
- Crypto and digital asset trading strategies
- Managed futures strategies
- Investment programs that utilize swaps and other derivatives
- FX strategies and forex trading programs
- Crypto mining strategies
- Overlay and hedge programs that utilize futures and other derivatives
Crypto & Digital Assets
Our clients invest on the cutting edge of decentralized digital assets and cryptographic tokens. Doing so means operating in an uncertain and ever-changing regulatory environment and often utilizing entrepreneurial service partners that may have limited track records.
We have represented investment managers utilizing crypto investment strategies focused on the following:
- Bitcoin and other established digital assets
- Alt-coins and emerging tokens
- Venture capital investing into emerging blockchain and peer-to-peer technology companies
- Bitcoin and crypto mining
- Crypto derivative trading programs
- Quant programs focused on digital assets
- Strategies that utilize established crypto trusts and related vehicles
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We routinely support clients with the following services in relation to investment programs that include digital assets, crypto and related derivatives:
- Analyzing the regulatory landscape for specific trading programs and assisting to create structures that enable compliance and flexibility
- Establishing investment management and fund entities in the U.S. and abroad (with the assistance of local partners in various jurisdictions)
- Developing structures to invest in and trade liquid and illiquid instruments
- Preparing the definitive offering and governance documents for the offering of interests in a private fund vehicle
Managed Futures and OTC Derivatives
We assist sophisticated investors as they trade index futures, commodity futures, swaps, and over-the-counter derivatives. Our clients apply proprietary strategies across these markets as they seek to generate returns for investors that are minimally correlated to traditional equity markets.
Our attorneys assess the regulatory considerations associated with the objectives of our clients and implement structures designed to achieve our client’s goals with tax-efficiency and the greatest possible operational flexibility.
We provide the services described below to investment managers focused on futures, swaps, and derivatives:
- Advising clients on fund structures, registration issues and available exemptions from registration
- Preparing the core offering, disclosure and governance documents to raise investor capital
- Handling registration matters with the CFTC and NFA, when required
- Reviewing marketing and promotional materials
- Assisting in the selection of key service providers and functionaries
- Filing federal and state securities law notice filings for commodity pools and forex funds
- Assisting clients to negotiate terms for sub-advisory, managed account and CTA programs
- Advising on regulatory requirements and available exemptions from registration
- Preparing tailored investment management agreements and advisory engagements
FX Trading Strategies
Investment managers that deploy FX (i.e., forex) trading strategies operate in the world’s most liquid markets and apply highly-varied investment programs to generate returns. However, regulations that apply to FX traders and fund managers are complex and have become more restrictive since 2010.
Our attorneys have been working with FX managers since the early 2000’s and can assist to structure pooled investment vehicles, managed account structures, sub-advisory relationships, and other products focused on trading in the global forex markets.