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Cheryl L. Isaac

Cheryl Isaac is a partner and a member of the Asset Management and Investment Funds practice, where she concentrates on derivatives and commodities law. Cheryl advises a broad range of derivatives market participants – energy and commodity traders, financial institutions, brokers, asset managers, and derivatives exchanges, among others – on legal and regulatory matters under the Commodity Exchange Act, the Dodd-Frank Act, and related US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) rules and regulations. She works with clients to apply for registration with the CFTC and NFA, or to determine if there are any applicable exemptions from registration. She also advises clients on security-based swaps and applicable US Securities and Exchange Commission (SEC) regulations.

In addition to traditional finance, she also counsels derivatives and commodities market participants on a variety of emerging asset classes with evolving regulatory frameworks, including digital assets, decentralized finance (DeFi), and voluntary carbon credits.

Cheryl has significant experience negotiating bespoke derivatives transactions in a variety of asset classes (interest rates, FX, digital assets, and commodities), including ISDA Master Agreements and related documentation. 

Prior to joining the firm, Cheryl practiced law at other US and international law firms, where she represented clients in a variety of complex financial transactions, including interest rate swaps and other derivatives products, venture debt financings, digital asset transactions, and also advised on compliance with related derivatives laws and regulations.

  • DC Bar Foundation, Advisory Committee
  • DC Bar Association, Derivatives and Futures Law Committee
  • American Bar Association, Securities, Capital Markets, and Derivatives Subcommittee, Banking Law Committee
  • 100 Women in Finance, DC Education Committee
  • Anti-Defamation League (ADL), Washington DC Region, Executive Committee and Board Member
  • Moderator, Futures Industry Association Law and Compliance Conference, “Buy Side Hot Topics,” 25 April 2024
  • Panelist, K&L Gates LLP Webinar, "Artificial Intelligence for Asset Managers," 10 April 2024
  • Panelist, “Understanding Core ISDA Documentation; the Variation Margin Credit Support Documents,” ISDA Virtual Conference, 6 March 2024
  • Panelist, American Bar Association Derivatives and Futures Law Committee Winter Meeting, “Artificial Intelligence and Legal Ethics,” 27 January 2024
  • Panelist, Strafford CLE webinar, “Swaps in Commercial Finance Transactions,” 9 November 2023
  • Panelist, Strafford CLE webinar, "Life After LIBOR: Amending Existing Mortgage Instruments, Fallback Language, SOFR and Spread Adjustments," 8 August 2023
  • Panelist, Futures Industry Association Law and Compliance Conference, “Crypto Regulation and Enforcement,” 28 April 2023
  • Panelist, New York State Bar Association Derivatives and Structured Products Committee, “Emerging Issues in Derivatives Regulation: DeFi and Beyond,” 12 April 2023
  • Panelist, Investment Advisor Association Compliance Conference, “Considerations for Investing in Digital Assets for Clients,” 14 March 2023
  • Speaker, "Digital Assets Regulation: Where We Are Today" Financial Markets Association: Securities Compliance Webinar, 5 May 2022
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