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Ruth S. Epstein | Partner
 

CONTACT INFORMATION

202.292.4522
repstein@stradley.com
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  Office(s):
Washington, D.C.

Ruth Epstein has more than 30 years of corporate, securities and financial services experience, including five years with the Securities and Exchange Commission in the Division of Enforcement and the Office of General Counsel. She concentrates on complex issues faced by participants in the investment management and variable insurance products industries and counsels financial services clients on a broad range of regulatory, governance, product development and enforcement issues. Recently she has focused on assisting clients in responding and adapting to expanded regulation of their industry by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

Ms. Epstein is a frequent author and lecturer on topics affecting her clients. In recent years, she has co-authored four “friend of the Court briefs” in matters of critical importance to the industry, including two in the U.S. Supreme Court – Jones v. Harris Associates LP (standard for review of advisory fees) and Janus Capital Group, Inc., et al. v. First Derivative Traders (responsibility for statements in mutual fund prospectuses). As co-chair of the American Bar Association’s Sub-Committee on Securities Activities of Insurance Companies, Ms. Epstein took an active role in the debate surrounding a number of important regulatory initiatives affecting funds and variable products, including the SEC’s summary prospectus and XBRL proposals. Currently she is actively involved with clients and industry groups in dialogue with the CFTC regarding the CFTC’s regulation of funds and advisers, in connection with related rulemaking proposals and issuance of interpretative guidance.

Since 2007, Ms. Epstein has been recognized as a leading lawyer for investment funds: registered funds by Chambers USA, which praised her as “one of the most knowledgeable experts in the funds industry, which is no easy feat.” She has also been included in Best Lawyers in America for her work in mutual funds law. Best Lawyers is regarded as a definitive guide to legal excellence in the United States; selection for Best Lawyers is based on a peer-review survey in which more than 1.8 million individual evaluations are reviewed.

Some of the matters on which Ms. Epstein has recently assisted clients and addressed audiences are:

  • application of the Dodd-Frank Wall Street Reform and Consumer Protection Act to investment advisers, broker dealers, funds and insurance companies

  • evaluation of commodity pool operator and commodity trading advisor status of financial services clients; identification of available exemptions; CFTC and NFA registration and compliance

  • preparation for central clearance of over-the-counter derivatives; participation in key CFTC rulemakings affecting funds and advisers (e.g. cross border regulation and protection of customer assets); monitoring and developing appropriate responses to regulatory developments and trends

  • "de-risking" initiatives for variable products issuers and related

  • product development

  • valuation of complex instruments

  • developing compliance programs in response to new regulations and product initiatives

 

 
PRACTICE AREAS
Investment Management/Mutual Funds
Securities Litigation & Enforcement
 
BAR ADMISSIONS
District of Columbia
 
EDUCATION
J.D., cum laude, Harvard Law School, 1977
B.A., with distinction, Cornell University, Phi Beta Kappa, 1974
 
MEMBERSHIPS
Co-Chair, Sub-Committee on Securities Activities of Insurance Companies, Business Law Section, American Bar Association
Board of Governors, Association of Life Insurance Counsel
 
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