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Stacy L. Fuller

Partner
+1.202.778.9475
Fax +1.202.778.9100

Ms. Fuller is a partner in the Investment Management practice group, who regularly represents mutual funds and exchange-traded funds (ETFs), as well as their sponsors and boards of directors, and provides counseling on a variety of regulatory, compliance and operational issues. Since 2013,

Ms. Fuller has been voted one of the leading U.S. lawyers for investment management by Chambers USA, based on the views of clients, peers and other industry professionals.

Ms. Fuller joined the firm from the SEC, where she was actively involved in reviewing ETF structures. At the firm, her ETF practice is particularly active, and she has experience with all types of ETFs, including non-transparent actively managed ETFs, transparent actively managed ETFs, index-based ETFs, leveraged ETFs, closed-end fund conversions to ETFs and funds of ETFs. In this regard, Ms. Fuller has advised multiple clients on novel SEC exemptive applications, including for non-transparent actively managed ETF relief. She also has significant experience representing “umbrella” trusts, “liquid alt” mutual funds and funds that invest in China per QFII/RQFII quotas and/or Stock Connect programs.

Ms. Fuller routinely advises clients on a broad range of issues, including:

  • investments in derivatives, including the potential senior security and CFTC issues raised by such investments, and the segregation requirements related to them;
  • the ability of funds to invest in other funds -- whether private or registered, foreign and domestic;
  • changes of control at investment advisers;
  • the restrictions on affiliated transactions by funds;
  • the “bad boy” provisions in all of the federal securities laws that may be triggered by certain administrative and court orders (such as SEC enforcement actions) and, absent a waiver, necessitate the closure of a line of business;
  • compliance policies and procedures appropriate to various types of fund operations, including ETF operations;
  • performance presentations, including the ability to “port” performance; and
  • the negotiation of service provider contracts for funds, including ETFs.

Ms. Fuller also advises clients on the auditor independence requirements in Regulation S-X, having worked on the auditor independence rule while at the SEC.

Speaking Engagements

  • “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
  • Changing Tax Laws and SEC Developments – Impact on Products, 4th Annual Global ETF Workshop, April 17, 2008
  • 40 Act Product Distribution, Broker-Dealer Regulation (Part 2), ALI-ABA, January 10, 2008
  • Roundtable: An Overview of the Current ETF Landscape and What We Can Expect in the Near Future, World Series of Exchange Traded Funds, Scottsdale, AZ, April 14-16, 2007