Michael Loesch
Partner
D: +1 202 662 4552
Washington, D.C.
Market Square
801 Pennsylvania Avenue, N.W.
Washington, DC 20004-2623
T: +1 202 662 0200
F: +1 202 662 4643
AREAS OF CONCENTRATION
EXPERIENCE
Michael Loesch works with the firm's Energy and Securities Litigation and Enforcement practice groups. He focuses his practice on advising corporations and individuals on matters related to commodities and securities litigation and enforcement, corporate internal investigations and regulatory compliance. He counsels clients with respect to CFTC and SEC enforcement investigations and compliance matters, including those involving energy trading and derivatives market activity.
Michael has extensive enforcement and compliance experience that stems from his private practice and more than 14 years of federal regulatory and legislative service. He previously served in senior leadership positions at the CFTC and the SEC, including:
- Chief of Staff and Chief Operating Officer, U.S. Commodity Futures Trading Commission: As Chief of Staff under CFTC Acting Chairman Walter Lukken, Michael provided counsel regarding the full range of legal, regulatory and policy matters before the CFTC, including energy market oversight, enforcement investigations, futures market surveillance, derivatives clearing, and litigation. In that role, Michael also served as the primary CFTC staff representative to the President's Working Group on Financial Markets.
- Counsel to the Chairman, U.S. Securities and Exchange Commission: Michael served for 7 years at the SEC in various roles, including Counsel to the Chairman for enforcement matters. He provided legal advice to the SEC Chairman regarding many of the highest profile SEC enforcement proceedings at the time.
- Branch Chief, U.S. Securities and Exchange Commission: As a supervisor in the SEC's Enforcement Division, Michael supervised investigations of federal securities law violations including matters involving market manipulation, insider trading, accounting fraud and broker dealer conduct.
- Extensive Investigation Experience: Michael obtained extensive investigation experience as a Senior Counsel in the SEC's Enforcement Division, where he handled several complex investigations that resulted in SEC enforcement actions involving broker dealer fraud and accounting fraud.
Before joining the SEC, Michael served in various roles as a staffer in the U.S. Senate, including:
- Counsel, U.S. Senate's Committee on Governmental Affairs, Subcommittee on International Security, Proliferation and Federal Services: In that capacity, Michael worked on the Committee's year-long investigation of campaign finance abuse and foreign influence in the 1996 federal elections. He also staffed U.S. Senator Thad Cochran of Mississippi during hearings and investigations conducted by the Senate's Permanent Subcommittee on Investigations.
- Legislative Aide, U.S. Senator Thad Cochran.
REPRESENTATIVE EXPERIENCE
Recent and notable work as lead or co-counsel includes:
- Representation of energy companies in Dodd-Frank derivatives reform implementation and compliance
- Representation of global medical device company in connection with SEC enforcement investigation regarding FCPA matters
- Representation of global energy trading firm in connection with trading compliance matter
- Representation of energy company Audit Committee in connection with whistleblower internal investigation
- Representation of public company in connection with SEC enforcement inquiry regarding insider trading
- Development of CFTC anti-market manipulation compliance and training programs
- Representation of a corporate CFO in an SEC enforcement investigation
- Representation of energy companies and financial services firms in connection with response to CFTC requests for public comment concerning Dodd-Frank rulemaking
- Representation of national financial services company in connection with internal review of investment advisory programs
- Representation of a corporate director and CEO in an SEC enforcement investigation
- Representation of securities exchange in connection with response to SEC request for public comment concerning equity market regulatory issues
- Representation of public company in connection with SEC enforcement investigation regarding accounting matters
PROFESSIONAL ACTIVITIES and MEMBERSHIPS
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Energy Bar Association
- Compliance & Enforcement Committee, Vice-Chair (May 2010 - May 2012)
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Futures Industry Association
- Law and Compliance Division
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American Bar Association
- Derivatives and Futures Law Committee
PUBLICATIONS
Michael writes and speaks frequently, primarily on issues concerning Dodd-Frank derivatives reform, energy trading, CFTC regulatory compliance, and SEC and CFTC enforcement actions.
- Co-author, "CFTC Chairman Gary Gensler Testifies Before House Committee That Most Swaps End-Users Will Not Be Swap Dealers and That Rural Electric Co-Ops, Munis, and RTOs May Be Exempted From Dodd-Frank," Fulbright Alert, March 2, 2012
- Co-author, "CFTC Publishes Final Rules on Position Limits: Limited Comment Period Closes on January 17, 2012," Fulbright Briefing, December 8, 2011
- Co-author, "Large Swaps Trader Reporting Rules Become Effective and CFTC Grants Temporary Relief from Certain Obligations," Fulbright Alert, September 20, 2011
- Co-author, "CFTC Outlines Derivatives Reform Agenda and Proposes Rules Phasing in Clearing, Trade Execution, Swap Trading Documentation, and Margin Requirements," Fulbright Briefing, September 14, 2011
- Co-author, "CFTC Adopts Final and Proposed Rules Implementing Dodd-Frank – Addresses Challenges and Timing of Dodd-Frank Implementation," Fulbright Briefing, July 25, 2011
- Co-author, "CFTC Issues Final Order Granting Temporary Relief from Dodd-Frank Swaps Regulation," Fulbright Briefing, July 19, 2011
- Co-author, "CFTC Adopts Final Anti-Manipulation and Anti-Fraud Rules & Begins Final Rulemaking Phase Implementing Dodd-Frank," Fulbright Briefing, July 11, 2011
- Co-author, "CFTC Issues Proposed Rules Defining Swaps and Swap Dealer Capital Requirements, Winds down Rule-Writing Proposal Phase of Derivatives Reform and Reopens Public Comment Period," Fulbright Briefing, April 29, 2011
- Co-author, "Increased Federal Scrutiny of Energy Traders," Fulbright Alert, April 23, 2011
- Co-author, "In Tenth Dodd-Frank Meeting, CFTC Proposes Subjecting Agricultural Swaps and Commodity Options to Swaps Regulatory Framework," Fulbright Briefing, January 25, 2011
- Co-author, "CFTC Adopts Position Limit Proposal at Ninth Open Meeting Implementing Dodd-Frank," Fulbright Briefing, January 19, 2011
- Co-author, "CFTC Approves Proposed Rulemaking Providing for Broad 'End-User' Exemption from Mandatory Clearing of Swaps," Fulbright Briefing, December 13, 2010
- Co-author, "CFTC Approves Proposed Rulemaking Defining Key Terms During Sixth Meeting on Dodd-Frank Implementation," Fulbright Briefing, December 3, 2010
- Co-author, "CFTC Holds Open Meeting on Fifth Series of Proposed Rules Under the Dodd–Frank Act," Fulbright Briefing, November 23, 2010
- Co-author, "Update on CFTC’s Fourth Series of Proposed Rules Under Dodd–Frank," Fulbright Briefing, November 23, 2010
- Co-author, "Fulbright Update on CFTC's 3rd Series of Proposed Rules Under Dodd-Frank," Fulbright Briefing, November 16, 2010
- Co-author, "CFTC Issues Four Proposed Rules," The International Law Firm of Fulbright & Jaworski - Financial Reform Task Force, October 20, 2010
- Co-author, "CFTC Issues Interim Final Rule Establishing Swap Reporting and Record Retention Obligations," The International Law Firm of Fulbright & Jaworski - Financial Reform Task Force, October 15, 2010
- Co-author, "CFTC Directs Retention of Records Relating to Swaps Entered Into Prior to July 21, 2010 and Delays Deadline For Reporting Transactions," Fulbright Alert, October 1, 2010
- Co-author, "What Does a New Era in Swaps Regulation Mean for You?," The International Law Firm of Fulbright & Jaworski - Dodd-Frank Task Force, August 19, 2010
- Co-author, "Top Ten Considerations For Energy Companies In Financial Reform Legislation," Financial Reform Task Force, July 23, 2010
- Co-author, "A New Era for Swaps Regulation," The International Law Firm of Fulbright & Jaworski - Financial Reform Task Force, July 21, 2010
SPEECHES
- Co-presenter, "Sweeping Regulation of the Swap Market: Understanding Recently Finalized Definitions," Energy Trading Compliance & Regulatory Enforcement, November 15, 2012
- Co-presenter, "Are you a Swap Dealer?," FIA Dodd-Frank Briefing for Energy & Ag Companies, July 11, 2012
- Co-presenter, "The Dodd-Frank Act: Understanding U.S. Derivatives Reform," LEAP 2011 General Membership Meeting, London, England, September 2011
- "U.S. Derivatives Reform," Fulbright & Jaworski L.L.P. London Energy Conference – Re-Emerging Markets for Upstream Oil & Gas, London, England, May 10, 2011
- Moderator, "The New Fundamentals of Energy Trading Compliance – Effective Compliance Programs in the Wake of Financial Regulatory Reform," Primer on Enforcement and Compliance in Energy Markets, Energy Bar Association, Washington, D.C., December 10, 2010
- Co-presenter, "Energy Trading Compliance: Best Practices and Industry Insights," Nice Actimize Web Seminar, November 18, 2010
- Co-presenter, "Interpreting the Dodd-Frank Wall Street Reform and Consumer Protection Act," National Association of Corporate Directors – Director Program Series, Houston, TX, November 11, 2010
- Co-presenter, "New and Emerging Regulatory Trends for Broker Dealers," Nice Actimize Global Client Forum, New York, NY, October 20, 2010
- Co-presenter, "Dodd-Frank Compliance Issues for Energy Companies," ACI's Energy Trading Compliance Conference, Houston, TX, September 28, 2010
- Co-presenter, "Managing the Compliance Risk of Energy Trading," Conference Sponsored by Fulbright & Jaworski L.L.P. and NICE Actimize, New York, NY, September 16, 2010, and Houston, TX, September 22, 2010
- Co-presenter, "The Financial Reform Bill and What It Means to Energy Companies," Fulbright & Jaworski L.L.P. – Dodd-Frank Task Force Web Seminar, August 26, 2010
- Co-presenter, "What Does a New Era in Swaps Regulation Mean for You?" Fulbright & Jaworski L.L.P. – Dodd-Frank Task Force Web Seminar, August 19, 2010
- "The CFTC: Upcoming Law & Policy Changes," Oil & Gas Summit: Trends & Challenges, Solutions & Opportunities, Hart Energy Conference, Houston, TX, April 22, 2010
- "CFTC Regulatory & Enforcement Trends," Oil & Gas Compliance in a New Era of FERC and CFTC Oversight, Fulbright & Jaworski L.L.P. conference, Houston, TX, March 24, 2010
- Co-panelist, "New Regulation and Enforcement Respecting Derivatives," ACI's Advanced Forum on Securities Regulation & Enforcement, New York, NY, March 22, 2010
- "CFTC Initiatives, Enforcement Activities, and the Evolving Regulatory Environment," Fulbright & Jaworski L.L.P. Seminar, Houston, TX, December 10, 2009
- "Key CFTC Requirements & Enforcement Trends," Gas & Oil Company Compliance in a New Era of Regulatory Oversight, Fulbright & Jaworski L.L.P. conference, Denver, CO, October 15, 2009
EDUCATIONAL BACKGROUND
1993 – J.D., University of San Diego School of Law
1990 – B.A., Pennsylvania State University
At the University of San Diego School of Law, Michael was a member of the Appellate Moot Court Board and the USD National Moot Court Team, 1992-1993.
Michael is admitted to practice in Pennsylvania and the District of Columbia.
BAR AND COURT ADMISSIONS
- District of Columbia
- Pennsylvania
