Ruth S. Epstein

Ruth Epstein

Overview

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. Ruth 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. She assists clients in responding and adapting to expanded regulation of their industry by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

Ruth 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, Ruth 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. 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.

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Results

Representative Matters

Some of the matters on which Ruth has 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
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Credentials

Bar Admissions
  • District of Columbia
Education
  • J.D., cum laude, Harvard Law School
  • B.A., with distinction, Cornell University

Recognition

  • Chambers USA, recognized as a leading lawyer for investment funds
    • Chambers stated that Ruth is "singled out for her expertise in issues concerning the Commodity Futures Trading Commission (CFTC). She counsels investment funds and insurance companies and is described as 'smart, highly analytical and thorough'"
  • The Best Lawyers in America
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