Stacy Fuller is a partner in the investment management practice group and is one of the founding members of the ETF team. She regularly represents exchange-traded funds (ETFs), their sponsors and boards of directors or trustees, providing counseling on a broad swath of regulatory, compliance and operational issues. Since 2013, Stacy has been voted one of the leading U.S. lawyers for investment management by U.S. Best Lawyers, based on the views of peers. In 2018, she served as co-chair of the Drafting Committee responsible for the comment letter of the American Bar Association (ABA) Subcommittee on Investment Companies and Investment Advisers, part of the Committee on the Federal Regulation of Securities within the Business Law Section of the ABA, on the ETF rule then-proposed by the U.S. Securities and Exchange Commission (SEC).
Stacy worked at the SEC from 1999 to 2007, where she oversaw a variety of ETF regulatory developments. Upon joining the firm in 2008, her ETF practice became particularly active, given her broad experience with all types of ETFs, including transparent actively managed and index-based ETFs, leveraged and inverse ETFs, closed-end fund conversions to ETFs, funds of ETFs, and proposals for non-transparent actively managed ETFs. Today, Stacy routinely counsels clients on seminal SEC developments and meets with the SEC Staff and Commissioners on fund-of-funds and ETF-related matters.
In addition, Stacy routinely advises clients on the following issues:
- the ability of funds to invest in other funds -- whether private or registered, foreign or domestic;
- registered fund investments in derivatives, including the potential senior security and CFTC issues raised by such investments;
- changes of control at investment advisers;
- the restrictions on affiliated transactions with funds;
- the role of the board of directors or trustees in fund oversight;
- transactional structuring matters, including related to ETF operations;
- the statutory disqualifications provisions in the federal securities laws; and
- the auditor independence requirements in Regulation S-X, having worked on the auditor independence rules while at the SEC.
Stacy also has significant experience representing mutual funds, including “umbrella” or “turnkey” trusts and funds that invest in mainland China.
- Co-Leader: K&L Gates’ ETF Think Tank, 2017, 2018 and 2019
- Legal Issues and Board Considerations in ETF Conversions, MFDF Webinar, May 2019
- “ETFs & Regulation: What We Can Expect in the Coming Months,” Inside Smart Beta & Active ETFs Summit, June 7, 2018
- NYSE ETF Summit, Non-Transparent Active ETFs, 2017
- “Impact of Regulatory Developments on ETFs," 2017 ETF Trading and Market Structure Conference Sponsored by ETFGI and Kreab, June 7, 2017
- “Big Data: Are You Ready for the SEC’s New Fund Reporting Rules?,” 2016 Securities Law Developments Conference Sponsored by ICI Education Foundation, December 6, 2016
- “ETF Continued Listing Standards: Stepping into the Vacuum of Index Regulation,” The Investment Lawyer, Vol. 25, No.1, January 2018